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| Paris Club Writes Off First Half of Seychelles’ Debts |
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The Paris Club has written off 22.5% of Seychelles’ debts to the Paris Club in line with the agreement signed earlier this year in April. This is half of the total write off of 45%, which would be accorded in the first half of 2009. The confirmation came in via a letter to the Minister of Finance from Delphine D’Amarzit, Co-Chairman of the Paris Club on July 17, 2009.
“This development is an important milestone for Seychelles” says the PS for Finance, “the write off has come following months of negotiations between the Seychelles and the Paris Club as part of its debt reduction strategy.” The agreement of Apr 16th 2009 required that the Government sought similar terms and conditions from other creditors and a requirement for its reform efforts to remain on track. The PS states that negotiations with commercial bond holders is now in advanced stage and that Government will launch an exchange offer before the end of the year. He added that discussions are also being held with all other creditors over similar debt reductions. |
