Seychelles Cautious On Pace Of Economic Reform
Returning from an annual meeting with the International Monetary Fund and the
World Bank, the Seychelles' Minister for Economic Planning & Employment,
Jacquelin Dugasse, indicated that a broad consensus had been reached on the
country's economic reform plans, although differences remain on the desired pace of change. "I think there is a consensus that we can go fast on certain issues, but
on certain issues we have to move cautiously," Dugasse told reporters on
Wednesday after last month's meetings in Washington. One sticking point, according to Dugasse, was the IMF's insistence that the
Seychelles proceed with its programme of privatisation. "We don't believe this would be in the interest of Seychelles, because
if we were to privatise everything tomorrow the minute we start privatising
the loss of employment is inevitable," the minister stated. The Seychelles has also been holding discussions with the African Development
Bank (ADB) on the issue of a non-performing loan and agreed a formula to pay
off the loan over time. However, most of the country's debt with sovereign partners has been frozen
as a result of a one-year moratorium announced by the Paris Club for countries
affected by 2004 tsunami, Dugasse explained. .
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