Cabinet Approves Debt Settlement with Russia and New Vehicle Importation Policy
VICTORIA, Seychelles, Cabinet has approved for the Minister responsible for Finance to sign the settlement agreement on behalf of the government of Seychelles to settle the debt obligation with the government of the Russian Federation. The loan was taken in 1980 and its repayment terms were renegotiated in 2010. The settlement marks the conclusion of a long-standing financial matter between the two countries.
The approval was given at yesterday’s Cabinet scheduled meeting chaired by President Wavel Ramkalawan, in which a number of legal and policy memoranda were approved. The meeting addressed several important matters requiring executive decision. Ministers present at the meeting reviewed documentation prepared by the relevant ministries before granting their approval.
Cabinet also gave the green light to a new Vehicle Importation Policy which updates the existing framework previously revised in 2015 and 2019. The revised policy introduces updated standards for bringing new motor vehicles into the country, covering both private cars and light-duty commercial vehicles. Officials say the changes are needed to modernise the rules and keep pace with developments in the global automotive market.
The policy sets out the guidelines for importers and the relevant authorities involved with approving import permits, customs control, and selling of new vehicles. Emphasis through the policy is to ensure quality products to the consumers. The revised framework is expected to streamline the import process while maintaining high standards for vehicles entering the Seychellois market.
Cabinet was also briefed on the updated concept for the waterfront project after which Cabinet gave approval for some of the projects to start in a phased approach. This major redevelopment initiative has been in the planning stages for several years. The phased approach will allow for proper sequencing of construction activities and management of resources. Further announcements on the waterfront project are expected in the coming months.
