Saturday, January 2, 2010

Seychelles - IMF Letter of Intent by President James Michel

Complete document at:


Mr. Dominique Strauss-Kahn
Managing Director
International Monetary Fund
December 3, 2009

Dear Mr. Strauss-Kahn:
1. The attached Memorandum of Economic and Financial Policies for 2009–12 (MEFP)
describes Seychelles’ performance in the third quarter of 2009, policies for the remainder
of 2009, as well as our policies for the 3 year period 2010–12.

2. We request completion of the third review under our Stand-By Arrangement
(SBA) and the release of the fourth tranche of SDR 2.2 million (25 percent of quota)
there under. All the quantitative performance criteria (PCs) at end-September 2009 were
met and all three structural benchmarks at end-September were observed.

3. Following completion of the third review, and associated purchase, we request
that the SBA be cancelled and replaced with a 3-year arrangement under the Extended
Fund Facility (EFF) in amount of SDR 19.8 million (225 percent of quota) and
disbursement of the first tranche of SDR 0.88 million (10 percent of quota). We expect to
meet all quantitative PCs and structural benchmarks for end-December 2009.

4. The EFF will support our public debt restructuring process aimed at
reestablishing external sustainability; accompany a comprehensive medium-term
structural reform strategy aimed at securing macroeconomic stability and raising growth
performance; and guide our macroeconomic policies over the next three years.

5. We believe that the economic and financial policies set forth in the MEFP are
sufficient to ensure that the objectives of the program will be met. We stand ready to take
any further measures that may prove necessary to meet our objectives. We will consult with
the Fund on the adoption of these measures, and in advance of revisions to the policies
contained in the MEFP, in accordance with the Fund’s policies on such consultations. We
remain committed to full implementation of the recommendations of the Fund’s safeguards
assessment of the Central Bank of Seychelles (CBS).

6. In line with our commitment to transparency, we request that the IMF publish
this letter, the MEFP, the technical memorandum of understanding (TMU), and the
staff report. We will simultaneously publish these documents in Seychelles.
Sincerely yours,

James Alix Michel
Republic of Seychelles
Attachments: MEFP and TMU


Anonymous said...

But will Ramkalawan attend the next meeting with the IMF?

Patrick X

Anonymous said...

Patrick X, I am tired of you castigating Ramkalawan every time you post. Just give it a break.

The man did not bankrupt Seychelles. Albert Rene, James Michel and their forty thieves did.

Ramkalawan did not have a coup d'etat and put Seychelles where it is today, but those 2 power hungry murderers did.

Ramkalawan has not invited Arabs, South Africans, Mauritians, Russians, French, Indians, Irish and Chinese to Seychelles to take our land, our jobs and our dignity. Rene and Michel did.

So let us serious Seychellois and Seychelloise who by the way LIVE IN SEYCHELLES and not overseas fight to take our country back from these killers and murderers who continue to hide behind an army and their guns.

And by the way, when you learn the difference between "advise" and "advice", come back to this blog and join the real Seychellois men and women who are working day and night to give YOU, your children if you have any, your family in Seychelles if you have any, a chance to taste freedom and an opportunity for a better life.

So wherever you are you coward, think of what the likes of Ramkalawan, Annette and Bernard Georges, Mancienne, Volcere, Mancham, Gill, Gerard Hoareau and others have done for our country. Think of Simon Desnousse and Hassan Ali being tortured and brutally murdered at the hands of Albert and Michel's thugs; think of their families who have suffered. But think more about those martyrs who have died so that a coward like you can taste freedom. And then when it has sunk into your small brain, come back here to tell us that the SPPF-Lepep party is the better evil! Yes, they are EVIL alright, but Michel and Rene are 2 cowards who send murderers into the night to kill for them so that they can stay in power and enjoy the wealth they have both stolen from our country and our children and grandchildren. Is this who you want your children to look up to? Is this the party you really want to vote for?

I am proud that we have Seychellois men and women still willing to fight for a better Seychelles and for democracy. We do not want JJ Evil Spirit, let alone his handouts as we are the workers who keep this country afloat. We do not want one rupee land as the Arabs are enjoying from an idiot President who continues to give away the little land our forefathers left us. We do not want to live by guns and bullets. We do not want Irish people running our Police Department while our own people with experience are getting sacked. And we certainly do not want or need French people to come to Seychelles to run PUC while the average Seychellois bills go up so that we can pay their fat salaries and perks.

Enough is enough and the last thing we need is another sucker called Patrick X licking the SPPF's ass and praising them while kicking others who have moved us closer to a true democracy.

For this reason Patrick X, I will give my support and my vote to anyone who can lead us out of this evil empire of Rene and Michel. I truly hope they both burn in hell for all the pain and misery they have caused to the people of our country. History has proven over and over again that evil empires and their leaders always crumble, and that GOOD prevails every time.

So Patrick X, you can remain a coward and join the evil empire and keep them in power or you can become a hero by helping Ramkalawan, Volcere, Mancham, Gill, Boulle or whoever else sticks their necks out for you so that when you return to Seychelles one day, you can smell the air of freedom. Until then, I urge you to write about the real evil in Seychelles. That is, the SPPF camouflaged as Lepep.

Anonymous said...

We all know about the evil of France Albert Rene, the same evil James Michel took part in. But do we really know if Ramkalawan will do any good? From the democratic sides within his own party and his lack of participation in Seychelles' politics I simply cannot see it.

So please prove me wrong together with all the supporters the SNP has lost since teh last elections. Are they cowards too? Are the others who believe in another system cowards too? Is anyone who doesn't believe in Ramkalawan's bullying and self-digging also a coward?

I respect that you disagree with me, but at least you could come with counter-arguments instead of insults and PL-branding.

What does that say about you and what you represent?

Anonymous said...

Patrick X

Anonymous said...

Patrick X, I would rather vote for a chimpanzee if that was the only alternative to another 5 years of this corrupt, thieving, bunch of crooks. You miss the point every time, this is not just removing a tired government, it is removing a dictatorship!

Anonymous said...

The way I see it, it would be removing a dictatorship only to be replaced by another.

Hey, but no need to vote for a chimp when you can vote for a bad tempered castrated circus bear tied to a flagpost with a red flag.

Again it's your right and privelege, I just disagree that you'll be voting for the better.

Patrick X

Anonymous said...

I believe that maybe amongst the best thing that has happened to Seychelles over the last 30 years is the IMF coming in last year. Now that the SPPF/PL is assured a victory in next elections (unless a miracle happen and the Opposition Leaders come to their senses) they have a golden opportunity to put the foundation for a stable economy.

Vox Dei

Anonymous said...

Even if the LOP comes to their senses it will be too late for 2011, but there will be hope for 2016. They should have come to their senses prior to the financial crunch and united then, stayed united and fight their way upwards through hard work and determination.

But yes, the IMF comin in was a well needed excercise to get rid of the socialist system that has put our country in a mess the last 30 years. Now we've adapted a capitalistic structure and can already see positive changes, minor, but nevertheless changes to the better. With those, PL will stay in power because most people don't give a hoots who is in power as long as their well-being is maintained.

Patrick X

Anonymous said...

You may probably be very interested to know how one can make real money on investments.
There is no initial capital needed.
You may begin to get income with a money that usually is spent
on daily food, that's 20-100 dollars.
I have been participating in one company's work for several years,
and I'll be glad to share my secrets at my blog.

Please visit my pages and send me private message to get the info.

P.S. I earn 1000-2000 per day now.

[url=] Online investment blog[/url]

Anonymous said...

Genial post and this enter helped me alot in my college assignement. Thank you for your information.

Anonymous said...

Thiѕ homemaԁe tantra quality boԁy lotion is applied tο your feеt.
Thе other one locаted here is Buсhingeг Ϲlinic, which has gаrnered ѕeveral аwards
for excellence іn its Τаntra іndustry.
Khadgamala is аbout imagіnіng a garlanԁ of sκulls and carriеs a magic wand.
4 Usе your scrеw-ԁrіving dгill to put the final lοosening touches on your legs аѕ shе sсгubs уou ԁown.
If the body isuncomfоrtable, it maκes the аghori indepеnԁent of аll nеcessities of sustenance.

Also viѕit my web blog try out this erotic massage