Category Archives: Seychelles

The United Arab Emirates has recently updated its visa policies to provide a more streamlined entry process for international visitors. Under the new regulations, citizens from 87 nations can obtain a visa on arrival.

According to the updated regulations, countries that have been granted the eligibility for visa on arrival include Argentina, Canada, the United States, China, the Maldives, France, and Russia, among others. Eligible travellers will be granted a 30-day visa on arrival, with a 10-day grace period to extend their stay. Additionally, visitors from certain countries can obtain a 90-day visa at their entry point.

In Africa, Mauritius and Seychelles stand out as the only countries whose citizens can obtain a visa on arrival. Several African nations, including Nigeria, Uganda, Ghana, Sierra Leone, Sudan, Cameroon, Liberia, Burundi, Kenya, Gambia, and Togo, have not been included in this update.

This update from the UAE's Ministry of Foreign Affairs marks a significant development in making the UAE more accessible to international tourists, reflecting its commitment to being a welcoming global hub.

See more here:

Mauritius and Seychelles are the only African countries eligible for visa on arrival to the UAE - Business Insider Africa

Palais de Justice building which houses the Supreme Court. (Seychelles News Agency)

Photo license

(Seychelles News Agency) - The Seychelles Supreme Court has sentenced a 50-year-old Tanzanian national to 12 years in prison for the importation of a controlled drug, the Seychelles Police said on Thursday.

According to the police, ShabaniKizamba Shabani was arrested on September 26 in 2022 upon his arrival in Seychelles on a Qatar Airways flight by police and airport officials. A total of 984.78 grammes of cocaine was found in his possession after he was searched.

Under the Misuse of Drug Act, 2016, the maximum penalty for importing a controlled Class A drug is a term of life imprisonment and a fine of up to SCR 1 million ($74,200).

Seychelles, an archipelago in the Indian Ocean, has a zero-tolerance drug policy and has stepped up measures to combat the trafficking of illicit drugs on its shores.

See the article here:

Tanzanian national sentenced 12 years in prison in Seychelles for importation of cocaine - Seychelles News Agency

In October 2022, the United Arab Emirates (UAE)imposeda visa ban on Nigerians. The UAE authorities issued a notice to trade partners and travel agents, instructing them to reject all applications from Nigeria. While the UAE cited increased criminal activity as a reason, some speculated it stemmed from ongoing diplomatic disputes. Notably, Emirates Airlines suspended flights to Nigeria around the same period. his came amidst a dispute concerning $85 million in revenue allegedly trapped in Nigeria due to currency transfer restrictions.

This incident wasnt isolated. The UAEs visa policy towards several African nations changed in 2022. Citizens from approximately 20 African countries, including Ghana, Uganda, Sierra Leone, Sudan, Cameroon, Liberia, and others, faced similar visa restrictions. While the specific reasons for each restriction were unclear, a correlation between these actions and diplomatic relations was plausible. According to the Fragile States Index, most of the affected countries score high on fragility indicators, which could influence visa policies focused on security concerns.

The pattern from these other African countries contrasts with Mauritius and Seychelles, the only two African countries that are allowed visa-on-arrival access in the UAEs recently updated list. Both Mauritius and Seychelles are renowned for their pristine beaches, luxurious resorts, and political stability. Both Mauritius and Seychelles boasted over 300,000 tourist arrivals in 2022, according to the World Tourism Organization. This aligns with the UAEs goal of attracting high-spending visitors, evident from their tourism industry surpassing 16 million visitors in the same year

Both island nations also boast a reputation for good governance and low crime rates. The Ibrahim Index of African Governance ranks Mauritius and Seychelles in the top 10 for Safety & Security and Rule of Law. This addresses potential security concerns the UAE might have with other African nations. Moreover, strong economic ties between the two countries can potentially influence visa policies. Mauritius, for example, is the UAEs 18th largest trading partner in Africa. Strong economic ties can incentivize the UAE to maintain a smooth flow of visitors for business and investment purposes. These distinctions highlight the UAEs focus on security and economic benefits when tailoring its visa policies.

Why is the UAE visa so notable?

The UAE visa system has garnered significant global attention, making it a notable exception in visa policies for some African nations. The UAEs strategic location positions it as a vital hub for trade, tourism, and investment, connecting the Middle East, Africa, and Asia. This geographical advantage translates to a visa system designed to attract talent and business from across the globe. Dubai International Airport consistently ranks among the busiest airports globally in terms of international passenger traffic. The airport serves over 90 million passengers annually.

A specific aspect that adds to the UAE visas notoriety is the Golden Visa program. This program offers 10 years of residency to investors, entrepreneurs, and individuals with specialized skills and qualifications. According to a report by an investment monitor, this program has been particularly successful in attracting foreign direct investment. A World Bank report ranked the UAE 11th globally in terms of ease of doing business, partly due to its streamlined visa application procedures.

The UAE has made significant efforts to simplify its visa application process in recent years. The most recent is the UAEs updated regulations that grant visa-on-arrival eligibility to citizens of 87 countries. The adjustment grants a 30-day visa on arrival, with a 10-day grace period to extend their stay. Also, visitors from certain countries can obtain a 90-day visa at their entry point. While the UAE has implemented stricter visa requirements for some African nations due to security concerns, they are also engaged in dialogue to address these issues. Positive developments have emerged from countries like Rwanda, a nation recognized for its commitment to sustainable development and technological advancements. This suggests that African nations demonstrating strong governance, economic growth, and a focus on tourism may see future improvements in their visa access to the UAE.

Read more from the original source:

Why Mauritius and Seychelles are the only African countries granted visa-on-arrival access to the UAE - Ventures Africa

the agreement between the two parties was signed in July 2021. (Seychelles Nation)

Photo license

The Seychelles Defence Forces (SDF) and the United States Coast Guard have completed a second bilateral operation within the Exclusive Economic Zone (EEZ) of the island nation under an agreement signed between the two countries in July 2021.

This year is the second such operation conducted since the signing of the agreementon countering illicit transnational maritime activity operations in the Seychelles waters and the Indian Ocean. The first one was held in March last year.

The director of operations for the Seychelles Coast Guard, Major Hans Radegonde, told reporters that the operation lasted seven days at sea with eight boardings conducted.

"Our missions were mainly intelligence-based, we collaborated closely with our maritime operations centre,"he said.

The bilateral agreement between the Seychelles and the United States government came about after both countries saw the need to promote greater cooperation in dealing with illicit transnational maritime activities. It was the first of its kind between the two countries and the first one between the U.S. and an eastern African country.

Such cooperation is achieved through the planning and execution of combined maritime operations where U.S.forces embarked on board the SDF vessels and conducted missions within the Seychelles' waters.

The cooperation allows both states to understand better the challenges that a small country like Seychelles faces to conduct operations over a vast maritime space effectively. It also allows the SDF personnel to operate with and learn from seasoned maritime forces with much more experience.

Apart from operational successes, the bilateral operation also allows the SDF to assess the training its personnel has participated in. This year participants who had just completed training as part of Cutlass Express 2024were deployed and this provided an opportunity to validate everything they had learned.

The U.S. Chargd'Affaires for Seychelles, Adham Loufti, said, "Our cooperation on maritime security is a visible sign of our mutual goal of a more secure and prosperous Indian Ocean region. It gives me great satisfaction to know that Seychelles and the United States continue to work side by side, demonstrating great dedication, courage and sacrifice to ensure the safety and security of our maritime spaces."

Loufti emphasised the importance of protecting the Indian Ocean region, especially considering the resurgence of piracy and the conflict in the Red Sea, which could impact the shipping routes in the area and in return the cost of food, medicine and fuel.

He said that the U.S. will continue to support Seychelles by transferring defence articles and services via the foreign military financing programme, and implementing a significant security cooperation initiative for maritime domain awareness in the western Indian Ocean.

This will also include "conductingassessments and sharing information to support institutional capacity building, sending dozens of students to the United States for professional military education and conducting subject matter expert exchange right here in Seychelles."

See more here:

Seychelles and US complete 2nd bilateral military operation within EEZ - Seychelles News Agency

Ambassador Conrad Mederic, Permanent Representative of the Republic of Seychelles to the African Union represented Mr. Sylvestre Radegonde, Minister for Foreign Affairs and Tourism, at the 22ndExtraordinary Session of the Executive Council held on Friday 15 March 2024 at the African Union Headquarters in Addis Ababa.

The session was tasked with exploring the most suitable ways to elect senior officials within the African Union Commission, additionally, the session had to define the process of selecting the team that will lead the AU in 2025 for four years, by prioritizing considerations of cohesion, equity, rationality, and a spirit of consensus.

In his intervention, Ambassador Mederic recognised the importance of the Agenda item and noted the need for African Union Member States to prioritise the Continents interest in the preparations to elect the next leadership of the Commission. He further emphasized the importance for countries within the eligible regions to have equitable chances to serve the Leadership of the Commission.

The Session, without any objections, endorsed that the next Chairperson of the Commission should be from the Eastern Africa Region, which Seychelles falls into. The position of the Deputy Chairperson of the Commission shall be for the Northern Africa Region. Both the Eastern and Northern Regions are to submit female and male candidates for both positions respectively. The principle of rotational gender parity shall also be applied to the posts of Chairperson and Deputy Chairperson ensuring that if a male is elected as Chairperson, then the Deputy Chairperson shall be a female and vice versa. It was also decided that the three other regions; Central, Southern, and Western, would compete for the six positions of Commissioners, with the principles of gender equality and meritocracy.

Ambassador Mederic was accompanied by Mrs. Patricia Ilunga, Second Secretary at the Embassy of Seychelles in Addis Ababa.

Distributed by APO Group on behalf of Ministry of Foreign Affairs and Tourism Foreign Affairs Department, Republic of Seychelles.

Go here to read the rest:

Seychelles participates in the 22nd Extraordinary Session of the Executive Council - Africa.com

In a proactive move to enhance the relationship between Seychelles and Turkey and to explore new avenues in the tourism sector, a high-level delegation from the Seychelles Tourism Department embarked on a significant work visit to Istanbul, Turkey.

The central focus of the visit was a crucial meeting held on Thursday, March 14, with executives from Turkish Airlines.

The delegation was headed by Minister Sylvestre Radegonde, the Minister for Foreign Affairs and Tourism, accompanied by Mrs. Sherin Francis, Principal Secretary for Tourism, and Mrs. Bernadette Willemin, Director General for Destination Marketing. The Seychelles delegation met with Mr. Bilal Eksi, Chief Executive Officer of Turkish Airlines and members of his team including Mrs. Ozlem Salihoglu, Senior Vice President of International Relations and Alliances and Mr. Hikmet Turkseven, Vice President of Sales.

The meetings discussions centered around optimizing airline routes, improving connectivity, refining promotional strategies, devising collaborative tourism partnerships, and promoting sustainable tourism practices.

Minister Radegonde expressed his optimism about the meetings outcomes, remarking:

This was important to strengthen Seychelles-Turkey ties in tourism.

We are confident that the discussions and collaboration with Turkish Airlines will enrich the overall travel experience for our potential and returning visitors.

Echoing similar sentiments, the Turkish Airlines delegation re-affirmed their dedication to strengthening the relationship with Tourism Seychelles. Both parties shared enthusiasm about the potential growth in tourism traffic and subsequent economic benefits for Seychelles and Turkey that would result from these collaborations.

During their mission in Turkey, the Seychelles delegation also toured the recently inaugurated cruise ship terminal, Galataport in Istanbul, renowned globally for its excellence in facilitating cruise ship operations.

Presently, Turkish Airlines facilitates connections to Seychelles with three weekly flights via its Istanbul hub, providing seamless access for travelers.

Read the original here:

Tourism Seychelles and Turkey Tourism Enhance Relationship - eTurboNews | eTN

The Tourism Seychelles representative office in Middle East organized a strategic Travel Agent Networking Dinner in Bahrain on March 5, 2024. Held at Flavours, Downtown Rotana, the event enhanced Seychelles presence in the Bahraini travel market.

Gathering travel agents from Bahrain, the dinner targeted both budget-conscious travelers and high-profile individuals. With the goal of bridging the gap between the two markets, the event aimed to raise awareness about Seychelles and foster collaborations within the tourism industry.

Ahmed Fathallah, representing Tourism Seychelles in the Middle East, led the initiative, emphasizing the importance of strong ties between Bahrain and Seychelles in tourism.

Our aim was to create an interactive environment where travel agents could connect with Seychelles offerings.

Ahmed Fathallah added, Engaging with key stakeholders in Bahrain can stimulate tourism growth between our regions.

Feedback from attending agents described the event as an intimate gathering with effective interactions, indicating a promising start to strengthening ties with the Bahraini travel trade.

While this event was initiated by the Tourism Seychelles Middle East Office as part of its ongoing efforts to tap into the Bahraini market, it is worth noting the prior memorandum of understanding (MoU) signed between Seychelles and Bahrain on June 19, 2021.

This MoU underscores the importance of travelers from Bahrain and highlights the ongoing collaboration between the two countries in the tourism sector. Furthermore, the MoU reflects the mutual aspiration to revitalize the civil aviation and tourism sectors and to facilitate and enhance safe travel between the two countries as part of economic recovery initiatives following the Covid-19 crisis.

Moving forward, the Tourism Seychelles Middle East Office aims to build on the momentum gained from the Travel Agent Networking dinner by engaging with key stakeholders and exploring further collaboration opportunities.

See more here:

Seychelles and Bahrain Enjoy Tourism Networking Dinner - eTurboNews | eTN

As the DFNS is proposed and implemented against the background of debt crisis and environmental challenge, it, in nature, has dual mandates to address financial problems and protect the environment. First and foremost, the DFNS is designed to provide sustainable and continuous financial support for environmental protection, thus causing environmental impacts. Moreover, as an additional measure to alleviate the unsustainable debt of the debtor country, the DFNS are expected to realize debt reduction, which has multiple impacts on the economy. Besides, the implementation of DFNS is based on debt swap agreements among the debtor countries, creditor countries, and NGOs. In this sense, various legal issues surrounding DFNS influence its performance. Accordingly, the overall evaluation of the performance of DFNS for MPAs is carried out from the perspectives of economic, legal, and environmental impacts.

As the last link of the entire DFNS mechanism chain, the establishment of MPAs also determines the performance of DFNS to some extent. Whether the MPAs are well developed to a certain degree can be assessed from data such as how many MPAs have been built and how many square kilometers the current MPAs have increased. According to the GoS, by March 2020, 13 MPAs had been legally designated, totaling more than 410,000 sq. km (SMSP, 2022). The protected areas are split into two zones. High Biodiversity Protection Areas (Zone 1) allow almost no extractive human activities (SMSP, 2022). Zone 1 areas include one of the worlds most ecologically important habitats, the waters around the Aldabra Group (SMSP, 2022). Medium Biodiversity Protection and Sustainable Use Areas (Zone 2) are also designed to conserve natural ecosystems while allowing some economic activities. Thereinto, there are five Zone 1 areas designated as Marine National Parks totaling 203,071 sq. km and eight Zone 1 areas, totaling 238,442 sq. km, two of which are expanded and redesigned (SMSP, 2022). In addition, the DFNS has provided some funds to support the implementation of the marine spatial plan (MSP), which is a comprehensive, public, and participatory process to plan for sustainable development and integrate large-scale marine conservation in the context of a changing climate that is also likely to ensure ecological protection for years to come, including expanding, designing and redesigning the MPAs (SMSP, 2022).

Like the practice in Seychelles, the progress of Belizes new MPA construction plan under the DFNS is open to the public. The MSP of Belize was launched in 2022, which continues to complement the Belize Blue Economy Development Policy and Strategy (2022-2027) and Maritime Economy Plan and advance other MSP approaches currently used in Belize, such as MPAs (GoB, 2022). According to the situation that the GoB initiated the MSP on time, one year after signing the Conservation Funding Agreement, up to 20.53% of the ocean of Belize has already been designated in Biodiversity Protection as promised (House of Representatives and Senate of Belize, 2021).

As a way to fund marine conservation, DFNS need to be localized in debtor countries. The debtor country tends to coordinate the DFNS with its overall environmental protection strategy to realize the conservation objectives. For example, the GoS first had expansion objectives on MPAs, the MSP, etc., and then sought to use the DFNS to obtain financing through debt conversion (GoS, 2015). In the Belize practice in 2021, the government simultaneously considered protected area planning and debt sustainability. Through the combined use of the DFNS and sovereign blue bond/loan, not only can a considerable amount of financing be obtained, but also the overall environmental protection strategy of the country can be effectively implemented.

The way to provide funding for marine conservation through the DFNS has two steps: the first step is for the debtor country to make marine conservation commitments under the DFNS agreement; the second step is to manage the DFNS transactions through trust funds established under the national laws, which generates incomes to invest in marine conservation. The marine conservation commitments made by the debtor countrys government are reflected in the content of the debtor countrys environmental protection strategy.

Specifically, the debtor country has enacted legislation for issues such as DFNS transactions, fund establishment, and conservation commitments and described in detail the implementation measures of the DFNS at the economic, legal, and policy levels. For instance, the Conservation and Climate Adaption Trust of Seychelles Act 2015 (see National Assembly of Seychelles, 2015) provides that the annual budget of the SeyCCAT sets forth the costs of monitoring and evaluating the Seychelles system of protected areas and that the object of the SeyCCAT shall be to administer the assets of the Trust, intended to provide a sustainable flow of fundsto support the long-term management and expansion of the Seychelles system of protected areas and other activitiesthrough consultations with stakeholders. The Blue Bonds Loan Act 2021 (see House of Representatives and Senate of Belize, 2021) stipulates that the Conservation Fund shall be an entity devoted to support conservation activities in Belize focused on marine and marine-related activities and that the obligations of GoB include to use any grant it may receive from the Conservation Fund to supplement funds allocated by Belize in its budget or otherwise for conservation activities and to complete a legally enforceable MSP and designate up to 30% of its Ocean in Biodiversity Protection Zones. These acts legislated the DFNS transactions into the debtor countrys environmental protection strategy, effectively solving the localization of the DFNS to better promote the environmental protection in debtor countries.

Although its implications for addressing the debt crisis vary according to different conditions, the DFNS plays a decisive role in achieving direct debt relief for debtor countries. Moreover, the DFNS does not change the debt sustainability of debtor countries. As for debt relief, the success of the DFNSs debt relief directly depends on the discount rate of its sovereign debt on the secondary market. The theory of realizing debt reduction of the DFNS is based on the comparatively high discount rate of its sovereign debt in the secondary market. The amount of the reduction increases as the discount rate increases; inversely, the amount decreases as the discount rate falls. In practice, Seychelles debt was discounted at 93.5 cents per dollar in 2015, making the reduction small. Belizes debt was discounted at 55 cents per dollar in 2021, and the overall amount is enormous, making the reduction quite large.

In addition, the DFNS may favorably impact the debt sustainability of debtor countries. A debt is sustainable if it satisfies the present value budget constraint without a major correction in the balance of income and expenditure given the costs of financing it faces in the market (IMF, 2002). Seychelless debt sustainability is unchanged following the implementation of DFNS. While the total external debt has decreased, the overall debt amount has not fundamentally decreased due to the need to pay back the promissory note to SeyCCAT in local currency (IMF, 2015). Belizes practice in 2021 is different. The DFNS is considered one of the two key reasons Belize made significant progress towards restoring debt sustainability in 2021, the debt conversion reduced the public debt by 12% of GDP (IMF, 2022). The debt swap also would reduce Belizes debt service payments to a small extent during Fiscal Year 2022-34 (IMF, 2022). However, according to follow-up data, Belizes debt has become sustainable (IMF, 2023). That should be the favorable impact of the DFNS. So, given the practices of Seychelles and Belize, debt sustainability improves when implementing the DFNS, which may be considered a satisfactory debt instrument for changing the countrys debt sustainability.

The debt buyback between debtor countries and creditor countries generally generates income from DFNS. This income is often used for investment in conservation. From the existing practices and rationale of funding MPAs, DFNS can provide a long-term and stable conservation funding source. Often, debtor countries willing to use DFNS need long-term and stable funding for conservation plans because a comparatively low discount rate indicates that a debtor countrys debt repayment ability is not optimistic, reflecting the economy of the debtor country less stable. Generally, a permanent trust fund is built into the DFNS legal structure to manage the funding. And, in the practices of Seychelles and Belize, whether holding long-term promissory notes or regularly acquiring income under the agreement, the period for which the trust fund gets income is very long. That makes the income long-term available. Moreover, the stability of the income from DFNS often relies on trust funds, mainstream currency bonds with stable yields, and local currency payments. Also, the stability of funds of the DFNS in Belize in 2021 is stronger due to political risk insurance and commercial sovereign debt catastrophe insurance for covering the Blue Loan, so repayment expectations are unaffected even though the country is more vulnerable to natural factors like climate change affecting its economic activities.

Reaching a DFNS agreement tends to encounter challenges in both form and substance. Formally, the DFNS agreement must be agreed upon by all creditors and debtor countries through long-term negotiation, which is time-consuming before the final formation of the DFNS agreement. In essence, the DFNS agreement must be conditioned on the terms of a preexisting loan or bond agreement. This process requires a constant balancing of the interests of various stakeholders.

In the practice of Seychelles, the debts available for transformation are debts that have been restructured under the umbrella of the Paris Club in 2009. The debt swap provision (Paris Club, 2015) of the Paris Club has been included in the debt restructuring agreement since 2015, providing an opportunity to sign the DFNS agreement in Seychelles. The Paris Club has six principles to underlie their work, among which the principles of solidarity and consensus make all members need to act as a group in their dealings with a given debtor country. Because all of Seychelles Paris Club creditors agreed with the debt swap provision, which is stated in the previous debt restructuring agreement, the new debt swap agreement to convert some or all of the debts can be made among all or some of Seychelles creditors. It also means that the debt swap transaction can proceed even if only part of the creditor countries agree to implement the DFNS. Moreover, Seychelles DFNS plan took more than five years from the beginning of the negotiation to its completion (Convergence, 2017).

The 2021 Belize practice differs from Seychelles in that the Belize sovereign bond, or Super Bond, is subject to debt conversion because of the CACs in the prior bond. It requires that the implementation of the sovereign debt restructuring program only needs to be approved by a certain majority of creditors to bind all creditors. All debts were finally restructured after more than 85% of the bondholders agreed to execute debt swap agreements (Chamon et al. 2022). In conclusion, for the DFNS agreement to be signed, it must be done to uphold the conditions of the prior agreement, and a successful consensus between the debtor country and the creditors must be established. Moreover, debt conversion negotiations in Belize took longer than those in Seychelles, and there was a pause around late 2020 (TNC, 2022). To conclude, the DFNS deal does have some challenges. But as far as the practices of Seychelles and Belize are concerned, it only needs the ambition of protection actions and the time cost of negotiations.

A binding force is a force that can bind the agreement to be obeyed or carried out. The DFNS agreement is complex, and its nature is different from a general treaty. In traditional international law governed by the Vienna Convention on the Law of Treaties (VCLT), the DFNS agreement is not a treaty because it involves more than just creditor countries or debtor countries. However, the VCLT governs the content between creditor countries and debtor countries. Nevertheless, it does not mean that the DFNS agreement is not legally binding.

By the nature of the DFNS agreement, it can be considered a contractual approach to sovereign debt restructuring, and its legally binding force may show the same relative weakness as its superordinate concept. The reason is that sovereign states are still effectively free to default if they no longer obtain financing from international capital markets. Moreover, the lessons of the sovereign default cases of Argentina and Greece showed that the possibility of sovereign debt default still exists, and debtor countries can even choose to default on their own. It also showed that the agreement with default clauses is not binding enough in essence. But in the end, debtor countries often choose to get back on track, reach debt restructuring agreements with creditors, and repay the debts. That demonstrates that the legally binding force of the sovereign debt restructuring agreement is relatively weak.

The legally binding force of the DFNS agreement is divided into two levels to discuss: the international level and the domestic level. Internationally, as a kind of credit agreement, the DFNS agreement affects the certainty and predictability of the implementation. Such binding force also has implications for the behaviors of debtor countries and creditors. From the civil law perspective, an agreements binding force requires moral restraints or other forces to guarantee. Nevertheless, for agreements made by countries, the situation is slightly different. The fundamental cause is the absence of a supranational organization to guarantee the agreements execution. Nonetheless, debt agreements are often fulfilled in a timely way when the debtor country can fulfill its obligations or when it has the capability to do so, as there would be a significant cost if the debtor country decided to default.

Although the legally binding force is weak, in practice, such weak force has no impact on its practical execution. In fact, according to the long-term observation of international credit, it can be found that debtor countries rarely defaulted on their own initiative, and they often had the willingness to perform when they were able to perform. Similarly, creditors tended not to break their loans and continued to provide loans to debtor countries for a long time. The deeper reason may require other disciplines theories to answer. From the perspective of the International Political Economy, the structural power (see Strange, 1992; Brown, 1999; Roos, 2019) of finance makes it difficult for both parties to cut off debt repayment or loans easily (Strange, 1992). Other critics also used the repeated prisoners dilemma of Game Theory to explore the reasons for the long-term existence of credit, showing that to international lending, where legal enforcement of loan contracts is impossible, so that implicit-contract enforcement becomes essential, and a party who violates an internal implicit contract typically loses the opportunity to cooperate with its current partner; a party who violates an external implicit contract loses the opportunity to cooperate with some or all potential partners as well (Crawford, 1987). In this way, the loss of current and potential cooperation opportunities makes it lose the opportunity to obtain funds again in the international credit market, creating a quasi-binding force. In fact, this seems as concessions offered by countries that lack access to financing. But now, based on environmental goals, implementing DFNS for MPAs may bring a win-win situation for debtor countries and creditors. To a certain degree, the implementation of DFNS in Seychelles and Belize was initiated by their national governments, which shows a positive attitude of debtor countries towards DFNS.

Moreover, default clauses and the waiver of sovereign immunity clause in Belizes Blue Loan Agreement enhance such binding force. In this way, if the GoB defaults, it can be arbitrated in New York, New York, USA, in accordance with the Rules of Arbitration of the International Chamber of Commerce entered into force on January 1, 2021. The GoB hereby unconditionally and irrevocably waives and agrees not to assertany such immunity from jurisdiction, from suit or arbitration (House of Representatives & Senate of Belize, 2021).

In addition, at the domestic level, surrounding issues of the DFNS agreement, the laws and regulations of the debtor countries also enhance such binding force of the DFNS agreement. At least, in the debtor country, the act can guarantee the fulfillment of the debtor countrys commitments. Both Seychelles and Belize have enacted acts on the DFNS to ensure that the DFNS mechanism can be effectively implemented, which demonstrates the confidence of the two countries in the execution of the DFNS agreement and their ambition to achieve environmental protection goals.

There are many potential barriers to implementing the DFNS agreement because the DFNS agreement has the connotation of imposing responsibilities on other parties. Although the parties of the agreement do not include domestic residents, marine conservation commitments and changes in the countrys external debt are likely to affect domestic residents. Moreover, the rationale basis of the agreement itself may be based on subsidy or aid. Given this, it appears that the DFNS agreement has three problems, including the lack of transparency in the pre-signing consultation procedure, the absence of explicit prior consent from the residents whom the protected areas would impact, and the conformity of the DFNS to the Polluter Pays Principle (PPP).

The first barrier is mainly reflected in the lack of transparency in the negotiations between the debtor and creditor countries. The public is unable to grasp what has been accomplished in these deals and how much money firms are receiving due to this lack of transparency. Some argued it is against the Voluntary Guidelines for Debt Transparency agreed by the Institute for International Finance (IIF) and the OECDs Debt Transparency Initiative (CADTM, 2022). However, this phenomenon was greatly improved in Belizes practice in 2021 because the GoB made all DFNS agreements open to the public in the form of legislation. In this way, although the negotiation stage is not transparent enough, at least the people can know what effect the DFNS transaction can produce.

The second one primarily has a possible negative effect on those whose primary means of life are related to the environment, such as local fishermen. Some critics are concerned that the DFNS may affect the residents and thus believe that the prior consent of the affected residents should be obtained before signing such a debt swap agreement (CADTM, 2022). The reason for thinking this way may be that an agreement that imposes obligations on a third party requires the third partys consent. However, the international agreement signed by states may be another logic; even if it is based on the doctrine of privity of contract, the agreement is established and takes effect. Although the debtor countries commitments were stated in the DFNS agreement, the establishment of MPAs that the debtor country promised to complete is its internal affairs. According to the doctrine of privity of contract, inter-state agreements can be established and take effect without the prior and informed consent of the affected residents. Suppose the government of the debtor country has caused a loss of rights and interests to the residents that may be affected during administration. In that case, the compensation should be made in accordance with its domestic laws.

The last one is about the relationship between the PPP and the DFNS. The establishment of DFNS is based on certain legal and economic relationships. The relationship between its financial support for environmental protection in debtor countries and the connotation of the PPP can lead to the DFNS lack of legally binding force. The reason is that the DFNS is a counterexample of the PPP. Some concluded that DFNS made creditors relieve the debt in exchange for the debtor country agreeing not to engage in environmentally destructive practices (Knicley, 2012). The DFNS is, in fact, a kind of subsidy or international aid for developing countries, thus making creditor countries not responsible for relieving the debt. That also shows, in fact, that the creditors are in the dominant position in the DFNS negotiations.

See more here:

Implementing the debt-for-nature swaps for marine protected areas: case studies from Seychelles and Belize ... - Nature.com

In the wake of the past year, pivotal lessons have surfaced, underscoring the crucial role of stakeholder collaboration, adaptability to shifting travel trends, and in-depth market research in understanding evolving tourist preferences. Bernadette Willemin, Director General, Destination Marketing, Tourism Seychelles, affirms that these insights are the bedrock for refining strategies in 2024 and shaping more precise and tailored marketing campaigns.

Prashant Nayak

Seychelles, an archipelago of 115 islands located in the Indian Ocean, relies on tourism, drawing visitors with pristine beaches, coral reefs, and upscale resorts. Tourism Seychelles globally markets the destination, engaging in strategic planning and campaigns to position Seychelles as a competitive and attractive destination in the global tourism market.

The primary goals and objectives of Tourism Seychelles for 2024 encompass pivotal initiatives aimed at fortifying and diversifying the tourism sector in Seychelles. At present, the European market stands as their primary source, contributing 72 per cent to their overall arrival figures. Recognising the significance of market diversification, their focused ambition is to enhance their global market share, and this entails expanding their reach beyond Europe and cultivating new source markets to attract tourists and visitors from diverse regions across the world.

Our strategy involves an intensified focus on strategic markets, such as India and China, while not neglecting our Middle Eastern markets, the American market, to augment our tourist influx. We are also making a concerted effort to enhance connectivity to facilitate easier access for tourists from these burgeoning markets to and within the Seychelles islands. Furthermore, as a small nation reliant on tourism, we continue to push the incorporation of sustainability and resilience into our tourist economy, emphasising responsible practices to safeguard our pristine natural resources and cultural heritage, says Bernadette.

Tourism Seychelles continues to work on solving any logistical hurdles in connecting to new and existing markets, as well as adapting to varied cultural preferences and travel patterns. Bernadette notes that the organisation has been in discussions with international partners to improve aviation connections, including strategic alliances with airlines. Thorough market studies are underway for a better understanding of the preferences and behavioural patterns of tourists from emerging markets, allowing them to tailor their offerings to suit their needs and highlight the elements of the islands that appeal to the travellers.

While Seychelles is situated among other Indian Ocean Island states that attract a similar tourist demographic, it stands out as a unique gem. Bernadette enthusiastically emphasises, As a tropical vacation destination, our unique qualities distinguish us from the competition. Beyond our incredible biodiversity, pristine natural beauty, and vibrant heritage, Seychelles offers guests the ideal island-hopping experience. Unlike other island nations that limit tourists to one island, we open the door to a world of immersive experiences, offering profound insights into local culture and traditions.

Bernadette observes a clear trend emerging among travellers as they prioritise what is truly important to them while making travel plans. In 2024, the emphasis will shift towards deeper encounters that leave a profound mark long after their visit. This paradigm shift indicates a desire for meaningful and rewarding experiences that go beyond the surface level of tourism. Recognising travellers growing eco-consciousness, we realise the necessity of providing greener options, not only for transportation but also for the sites they choose to visit. In light of this increasing trend, we are committed to positioning ourselves as a sustainable destination. By aligning with these ideals, we want to appeal to the expanding community of ecologically concerned visitors looking for locations that share their dedication to responsible travel practices, explains Bernadette.

She further adds, We will continue to promote our location as an excellent choice for private group travel, wellness, and culinary experiences. By emphasising these aspects, we want to attract people seeking personalised and intimate travel experiences, whether through private group getaways, health retreats, or culinary explorations.

Tourism Seychelles forthcoming marketing campaigns for 2024 will spotlight the destinations unique natural allure, cultural richness, and unwavering dedication to sustainable tourism. With targeted digital marketing initiatives tailored to specific demographics in India, they aim to showcase the distinct offerings of the island paradise to Indian travellers, appealing to their sense of adventure, desire for wellness, and taste for good food. They also plan to invest more efforts in fostering trade relations in the country since India has a lot of untapped potential to become an important source market for the Seychelles Islands.

Excerpt from:

Seychelles introduces world of immersive experiences offering profound insight into local culture - Travel Trade Jouurnal

The Office of the President has today announced the appointment of Mrs Varsha Singh,as the new Commissioner General of the Seychelles Revenue Commission (SRC).

Mrs Singh, a South African national, has over 28 years experience in tax, customs, transfer pricing, trade facilitation international relations, and building organisational excellence and driving sustainable development.

She holds a Master of International Customs Law and Administration from the University of Canberra, Australia, as well as a Master in Business Administration from the Management School of Southern Africa, South Africa.

Mrs Singh has occupied several strategic management positions in the South African Revenue Service (SARS), Organisation for Economic Cooperation and Development (OECD), and the African Tax Administration Forum (ATAF), being instrumental in the establishment of the Forum.

Mrs Varsha Singhs appointment as the new Commissioner General of SRC will take effect from 1st April, 2024.

Go here to read the rest:

Appointment of the new Commissioner General of the Seychelles Revenue Commission - Office of the President of the Republic of Seychelles