Paris Club cancels 45% of $163m Seychelles debt

The Paris Club and the Republic of Seychelles agree on a nominal debt stock cancellation of 45%
April 16, 2009


The representatives of Paris Club creditors and the representatives of the Government of the Republic of Seychelles met on 15 and 16 April 2009 and agreed on a comprehensive treatment of the Seychelles’ public external debt.

The delegation of the Republic of Seychelles described the challenging economic and financial situation faced by its country and presented the main measures for recovery included in the program of the Government of the Republic of Seychelles, supported by the Stand-By Arrangement approved by the International Monetary Fund on 14 November 2008. Paris Club members took note of the strong commitment of the Government of the Republic of Seychelles to implement the economic reforms under this program and reaffirmed their support. They recognized the efforts already made by the Government of the Republic of the Seychelles since the beginning of the IMF supported program.

They also welcomed the comprehensive debt reduction plan that the Government of the Republic of Seychelles is committed to implement with all its external creditors.

The representatives of the Creditor Countries, aware of the exceptional situation of the Republic of Seychelles and of its limited repayment capacity over the coming years, agreed on a debt treatment to ensure its long term debt sustainability. To this end, they recommended that their Governments deliver an exceptional treatment providing a total amount of debt cancellation of 45% in nominal terms in two phases. The remaining amounts will be rescheduled over 18 years, including a 5-year grace period. They also agreed to defer part of payments due in the coming years (moratorium interest).

A comparable treatment from all other bilateral and external commercial creditors of Seychelles will be necessary to ensure debt sustainability. The Republic of Seychelles has committed to seek such a treatment. Paris Club creditors will closely monitor this process.

Background notes

1. The Paris Club was formed in 1956. It is an informal group of creditor governments from major industrialized countries. It meets on a monthly basis in Paris with debtor countries in order to agree with them on restructuring their debts.

2. The members of the Paris Club which participated in the reorganization of Seychelles’ debt were representatives of the governments of Belgium, France, Germany, Italy, Japan, the Russian Federation, Spain and the United Kingdom. Observers at the meeting were representatives of the government of Canada, Finland, the Netherlands, Norway and the United States of America, as well as the International Monetary Fund (IMF), the International Bank for Reconstruction and Development (IBRD), the Secretariat of UNCTAD and the European Commission. South Africa also participated in this reorganization.

3. The delegation of the Republic of Seychelles was headed by Mr. Danny FAURE, Minister of Finance. The meeting was chaired by Mr. Benoît COEURÉ, Co Chairman of the Paris Club, Assistant Secretary at the Treasury and Economic Policy Department of the French Ministry of Economy, Industry and Employment.

Technical notes

1. Seychelles' economic program is supported by a two-year Stand-By Arrangement concluded on 14 November 2008.

2. Seychelles’ public debt was estimated to be USD 760 million as of end 2008. The debt owed to creditor countries participating in this agreement was estimated to be USD 163 million at the same date.

3. The 45% cancellation in nominal terms delivers a 50% cancellation in NPV terms with a discount rate equal to the 6-month CIRR average for the consolidated debt at the time of the negotiation

Paris Club Cancels 45% Of Seychelles' Debt


PARIS (AFP)--The Paris Club group of rich creditor nations said Thursday it had agreed to cancel 45% of the Seychelles' debt of $163 million.

"The representatives of the creditor countries, aware of the exceptional situation of the Republic of Seychelles and of its limited repayment capacity over the coming years, agreed on a debt treatment to ensure its long-term debt sustainability," a statement said from the group.

A total of 45% of the debt would be cancelled, with the remainder to be rescheduled over the next 18 years. The Indian Ocean archipelago also won a five-year grace period.

The Seychelles has a total external debt estimated at $760 million which represents nearly 175% of gross domestic product.

The global financial crisis left the government unable to service this debt pile, leading it to seek emergency loans from the International Monetary Fund and implement deep economic reforms.

The Club of Paris includes major industrialised nations. It said Belgium, France, Germany, Italy, Japan and Russia had taken part in the debt-rescheduling talks.

IOT - Heinz Family - Lehman Brothers (Seychelles Balooned debt) SCB

{ We had written a fairly strong thread and somebody caused the system to crash it did not save and we will attempt to write what we had}

There is a very strong reason we are adding some three links to this year -2009 Good Friday in Jerusalem. The picture of that Cross and the pligrims walking the same raod Christ- Jesus - Javeh took 2000 years ago or more - that/those pictures represent $30 - $50 Trillions of the mega world financial and economic meltdown in relation to Sechelles - Seychelles, their central bank and government the above mentioned families and individuals who got Sechelles - Seychelles in the mega mess in the first instance.

Then there is the issues of the Obama in the White House this Good Friday 2009 - those who do not and will not want to hear or know how and why the Obama really to elected and in the White House this Good Friday.

We then have the Sechelles - Seychelles communities in EU, around the world and the Indian ocean - African Union, those who have been using certain mechanism and telling the people lies about how thing are done. for all the international monitoring and media circus - the Sechelles and many other antions are worked controlled by other very powerful mechanism Those how have /had the power to sway Sechelles - Seychelles Debt rescheduling - reduction outcome and did use it.

Then on the other hand we have those from the G20 who had promised the world of a new monitoring, accountability and better governance and they are still using this system

We trust those in the government,the Oppositions, the media, those from the African Union, those who visit Seychelles, when they start clapping each other on their backs we did this or that by our powers and ability - they think twice.

We had addressed these issues on major USA Affilaite Business and financial Forums one year befor the mega melt down and the Bush Administration who held the openion we know better and have control over the situation.

This mega world financial situation started which the isues of the Heinz family/Lehman Brothers in Seychelles. Now that Sechelles - Seychelles have got the above mention debt reduction. Why we refer to that Cross this Good Friday 2009 - below the links

http://www.jpost.com/servlet/Satellite?pagename=JPost%2FJPArticle%2FShowFull&cid=1238562953370

http://www.foxnews.com/story/0,2933,516950,00.html

http://www.voanews.com/english/2009-04-10-voa29.cfm

On this Sabbath Club of Rome confirmation of 45% Sechelles- Seychelles debts – the painful Reportage by Arte on South Africa White.

Dear President J A Michel, FA Rene, SPPF, Seychelles government and Assembly – the Seychelles community who have lived and worked in South Africa and their friends in Seychelles.

We grew up around the family of former President FA Rene and that of James Michel – indeed very many Seychellois families from our early days of recollection 1953/54 until 1977 when we left Seychelles for exile. Among one of the first second or third to go into exile – our reasons and the reasons. The very many families of white decent be they French, British, other European National – we have never seen, recall and confronted with such terrible TV Documentary reportage of human situation.

{For those of you who will not shut their mouth and suddenly start raving /raging your Satanic puck – shut up and listen – I/we belong to one of those in the world who created the impetus for the First Live Aid by Bob Geldorf to take place and save the millions starving in Ethiopia and since them very – very many such inputs and contribution across the world. Indeed last years situation in Kenya, Zimbabwe, Madagascar and current situation Somalia.}

We challenge FA Rene and JA Michel – the SPPF by the same moral argument they have used the past 35 years to help and better the live of the Black and colored population in Seychelles – the state of things until 1988 and the changes which those of us led/fought that Nelson Mandela gain his freedom and changes come to south Africa. The belief and conviction that in spite of the bloody and terrible history of Independence in Africa - the outcome of the White or Asians, that in the case of South Africa like in Seychelles will lend and make an example of practice.

Like the Seychelles government and the SPPF politic in Seychelles since 1977 to 1991 and after 1993 to date where the government, politicians and party have practice their own brand of Aparthide – that is given business, job, position, support and favors only to those who support them, vote for them , go along their political thinking etc. The situation which began to take place in South Africa as early as 1993 when the exodus began – the mass migration from south Africa, the past and current government of south Africa politic – jobs , favor and support for those who support them and work with them – how the white began to become bystanders, marginalized and when one study and take stock of the situation ins south Africa today the lives and poverty of the whites – those who have build and work for south Africa they are living in slums and squalors just like any squalor and shanty town in South African and very many other parts of the world.

The issues of that mega Financial and economic melt down is badly explained and portraited by they world media and the politicians – two years ago we were asking where has the $500 – 800 billions debt money gone to from Africa. The system in place in USA, Europe, Asia to use their power and resource to create system that overnight swallowed the $500/800 billions African debt money – and those people and nations found them self worse off than they were before the debt Conference – because the infernal system/machine was not in place to turn their lives into hell.

Those big Jewish Multinational that and who had come to Seychelles with the same desire and prospect – how when we first spotted this we began to insult them and threaten to use our French and European archaic/fraternal – Christian mechanism to confront and challenge them. Some of the terrible outcomes. { Then have the arrogance to threaten all those who did not support them or went along their infernal skims as Terrorists and they would send Israeli eliminating Squads anywhere in the world to eliminate them}

We informed the South African government, their Heraldic institutions, Seychelles many officials, France, Britain, Italy – the Vatican, Holland, Portugal, Austria – the European Heraldic colleges and relevant institutions - many of the European archaic/fraternal institutions that we had prior to concepting that coat of arms for our EU community put together a national flag for Seychelles how in 1988/9 this was taken and by what methods and made the flag of south Africa and the original can be seen/vied on our community portal.

How when it came/we came to concept the coat of arms for our Sechelles – Seychelles instead of using a French we used a Dutch Old colonial coat of arms to build, model our Sechelles - Seychelles EU community coat of arms, our reasons.

Those in South Africa, in Europe, in Asia, in Seychelles who were interested in only how big the money from this project and the properties of the heraldic synergies they would and could make the mass fortunes and wealth they have all made, the South African Stock markets, big corporations and property market and the Black politicians those who have benefited very importantly too – we the Sechelles – Seychelles EU community have had crumbs or next to nothing. This in the history and complex archaic, heraldic and fraternal – Christians system and mechanism of heraldry is unheard, intolerable and courting very and very big disaster – in the old days wars or major conflicts.

We have taken extra time to think and visualize the situation of those people in South Africa – meanwhile in the Indian Ocean, from Mauritius, Reunion, Madagascar, Comor, Sir Lanka, Maldive, African Union, the Gulf Region, Indian and Asian countries who have benefited very importantly for that heraldic – coat of arms project of our Sechelles -, Seychelles EYU community in $millions, billions and trillions – the state and fate of those large and growing number of white in South African upon which our Sechelles Seychelles EU Community coat of Arms is build upon – inspired.

Every creature, animals, plants, virus, microbe, organism relate – their brain and thinking mechanism inform them who their species and origins are and what they are all about – we are talking of human here irrespective black or white.

In Sechelles – Seychelles had president FA Rene or JA Michel continued – perused with their terrible one sided politic, Sechelles, Seychelles would have been change by military force and the outcome. This we can say with very great certainty. Because of our important effort to avoid, help avert this outcome. Today as the club of Rome confirm to write off 45% of Seychelles debt those who have swindle, stolen, skimmed of/creamed off a large amount of this money. The standard of living for the Black and colored and what is left of the French and other white settlers – their decent in Seychelles. This is not the case in South Africa a land of very vast riches, economic possibilities, resources, and the state of things in the African Union today – those who aspire for a greater and better African Union.

We had that mega earthquake and Tsunami of 2004/5 the outcome. We have had this mega financial and economic Earthquake and Tsunami of 2008/9 unless those who care about future posterity, the people of the planet earth get together and do something fast – the next event and time round we may be lucky if we even have possibilities and capacity to have a space in a slum to live.

http://www.arte.tv/fr/2561612.html

http://tr.youtube.com/watch?v=SiYwcPQLzmQ

Eine Woche nach den westlichen Kirchen haben 350 Millionen orthodoxe Christen am Wochenende ihr Osterfest gefeiert.
http://diepresse.com/home/panorama/religion/472037/index.do?_vl_backlink=/home/index.do