Minister of National Development Jacqueline Dugasse of Seychelles

Of the $10 million, Minister Dugasse said that $8 million was the amount borrowed and $2 million is due in interest payments.

Minister Dugasse said that for some other country to country loans the Seychelles’ European creditors are insisting that the government go through the Paris Club of donor nations to have the debts rescheduled, a move which, he said, would result in the incorporation of a number of IMF (International Monetary Fund) economic reforms.

Having signed the agreement, which allows companies registered in Belgium or Seychelles to trade in both but only meet the business tax requirements in the country in which they are registered, Minister Dugasse said that he hoped Belgium would now “speak in the name of Seychelles” in the EU.