THE SPPF Government is finding it impossible to manage the National Debt, which they have inflicted on the people in the 32 years in power. The Seychelles Government headed by President James Michel, Danny Faure as Minister of Finance and Francis Chang Leng as the Governor of the Central Bank have indebted this country from head to toe, locally and internationally.
The Government spends far too much money compared to what it is receiving in revenue creating more debt in the process. President Michel has a duty in fact an obligation to the people of this country to come clean about the National Debt issue.
It is now estimated that our external debt has already reached one billion dollars and there is a strong possibility that it will surpass that figure comes the end of 2008!! Please, Please, Please we implore you Mr. Michel can you please come clean on this issue. This situation is tormenting the population making it impossible to have a good night sleep because the future of an entire nation is being threatened by this sad state of affairs.
DEBT versus DEFICIT
DEBT is NOT the same as DEFICIT
NATIONAL DEBT = how much money our Government (in fact us) owes all its creditors
NATIONAL DEFICIT= how much more money the SPPF Government spends in a year than it takes in. This number varies by year but in Seychelles it has been one deficit after another. While they keep promising us a surplus in each budget speech, they keep spending more and more during the year and end up in deficit.
Remember, LAST YEAR’S DEBT subtract LAST YEARS PAYMENTS plus LAST YEARS INTEREST plus THIS YEARS DEFICIT equals THIS YEARS DEBT!