No change in economic policy, says finance minister Adam
The Seychelles government is not changing its economic policy, the new finance minister Jean-Paul Adam has said,
pledging to continue the macro-economic policy of his predecessor Pierre Laporte.
Mr Adam, who was appointed Minister for Finance, Trade and the Blue Economy by President James Michel in the cabinet reshuffle late last month, made the declaration during a press conference earlier this week.
Minister Adam has replaced Pierre Laporte, an economist by trade who was previously the International Monetary Fund’s representative in Niger and later the governor of the Central Bank of Seychelles before his appointment in March 2012 as finance minister.
Mr Adam said he is pleased to have been given the opportunity to head the Ministry of Finance, Trade and The Blue Economy adding that “the appointment is in the spirit of continuity”.
“I am taking over this new role very much continuing the same policies that have been put in place by the government and by my predecessor, Pierre Laporte,” said Mr Adam, who also expressed confidence in his ability to head the finance portfolio which is a very complex one.
“To look at the question in a direct way: Am I the right man for the job at this time? I feel that the team at the finance ministry is very strong. I am coming into this position to reinforce the work that has already been done and also look at the ways we can create new opportunities for Seychellois businesses,” said Mr Adam, whose first ministerial position was that of foreign affairs.
Emphasising on the fact there will be no change to the country’s macro-economic policy or fiscal policy, Mr Adam said: “I feel that the foundation of the economy of Seychelles has already been established as a part of the reform process that we have put in place over a number of years and began in 2008. This reform was not implemented by just one person. President Michel himself initiated the reform, and during that time Vice-President Danny Faure took on the role of Finance Minister. Minister Laporte travelled in the same direction and I will also be looking for a continuation of this.”
Mr Adam, who was appointed Minister for Finance, Trade and the Blue Economy by President James Michel in the cabinet reshuffle late last month, made the declaration during a press conference earlier this week.
Minister Adam has replaced Pierre Laporte, an economist by trade who was previously the International Monetary Fund’s representative in Niger and later the governor of the Central Bank of Seychelles before his appointment in March 2012 as finance minister.
Mr Adam said he is pleased to have been given the opportunity to head the Ministry of Finance, Trade and The Blue Economy adding that “the appointment is in the spirit of continuity”.
“I am taking over this new role very much continuing the same policies that have been put in place by the government and by my predecessor, Pierre Laporte,” said Mr Adam, who also expressed confidence in his ability to head the finance portfolio which is a very complex one.
“To look at the question in a direct way: Am I the right man for the job at this time? I feel that the team at the finance ministry is very strong. I am coming into this position to reinforce the work that has already been done and also look at the ways we can create new opportunities for Seychellois businesses,” said Mr Adam, whose first ministerial position was that of foreign affairs.
Emphasising on the fact there will be no change to the country’s macro-economic policy or fiscal policy, Mr Adam said: “I feel that the foundation of the economy of Seychelles has already been established as a part of the reform process that we have put in place over a number of years and began in 2008. This reform was not implemented by just one person. President Michel himself initiated the reform, and during that time Vice-President Danny Faure took on the role of Finance Minister. Minister Laporte travelled in the same direction and I will also be looking for a continuation of this.”
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Minister Adam added that he would be placing greater emphasis on revitalising the country’s main sources of foreign exchange, mainly the tourism sector and the newly-created blue economy department. A series of in-depth consultations with the tourism sector will be made in order to address problems and identify possible solutions so as to increase the yield across the industry.
“We depend on tourism almost completely, and we need to make sure it works even better than it is working right now. We feel that there are a lot more opportunities, so we will work with the Ministry of Investment, Entrepreneurship Development and Business Innovation and with the private sector to look for other opportunities and innovative ways to bring us forward,” remarked Minister Adam.
Speaking about the offshore banking and international financial services sector in Seychelles, Minister Adam said it is at a critical juncture, adding that this year they will consolidate the legal reforms done, but also build capacity within the sector – both within the private sector and the regulatory functions that are held by government entities – to ensure that they can properly develop this sector so that it can fully reach its potential.
The minister said more diversification in the types of products offered is necessary as “it is not enough to merely register companies, but we need to work with the private sector to offer more services for all of these types of services to create more opportunities”.
Minister Adam also explained that although many have said that the national budget for 2015 is the worst the country has seen for many years, it would be adjusted only where necessary in light of the government’s re-structuring.
“There are certain elements that will need to be adjusted, for example the creation of new posts, the devaluation of the rupee, but all in all when we speak of the budget that we as government, under Minister Laporte, presented to the National Assembly, we support this budget and we will implement it,” stated Minister Adam.
Responding to a question about misuse of public funds, Minister Adam said he believed the Office of the Auditor General is “doing its job”.
He also noted that there must be a greater effort to raise questions related to mismanagement of taxpayers’ money and address them directly with the ministries concerned.
The minister added that the audit system in Seychelles is strong, and it includes not only the Auditor General’s external audits but also recently-implemented internal audit procedures in the finance ministry and individual ministry put in place with the help of the IMF and the World Bank.
“If tomorrow you get a report from the Auditor General that has nothing inside it, you would say that Audit is not doing its job properly,” noted the minister.
Minister Adam added that he would be placing greater emphasis on revitalising the country’s main sources of foreign exchange, mainly the tourism sector and the newly-created blue economy department. A series of in-depth consultations with the tourism sector will be made in order to address problems and identify possible solutions so as to increase the yield across the industry.
“We depend on tourism almost completely, and we need to make sure it works even better than it is working right now. We feel that there are a lot more opportunities, so we will work with the Ministry of Investment, Entrepreneurship Development and Business Innovation and with the private sector to look for other opportunities and innovative ways to bring us forward,” remarked Minister Adam.
Speaking about the offshore banking and international financial services sector in Seychelles, Minister Adam said it is at a critical juncture, adding that this year they will consolidate the legal reforms done, but also build capacity within the sector – both within the private sector and the regulatory functions that are held by government entities – to ensure that they can properly develop this sector so that it can fully reach its potential.
The minister said more diversification in the types of products offered is necessary as “it is not enough to merely register companies, but we need to work with the private sector to offer more services for all of these types of services to create more opportunities”.
Minister Adam also explained that although many have said that the national budget for 2015 is the worst the country has seen for many years, it would be adjusted only where necessary in light of the government’s re-structuring.
“There are certain elements that will need to be adjusted, for example the creation of new posts, the devaluation of the rupee, but all in all when we speak of the budget that we as government, under Minister Laporte, presented to the National Assembly, we support this budget and we will implement it,” stated Minister Adam.
Responding to a question about misuse of public funds, Minister Adam said he believed the Office of the Auditor General is “doing its job”.
He also noted that there must be a greater effort to raise questions related to mismanagement of taxpayers’ money and address them directly with the ministries concerned.
The minister added that the audit system in Seychelles is strong, and it includes not only the Auditor General’s external audits but also recently-implemented internal audit procedures in the finance ministry and individual ministry put in place with the help of the IMF and the World Bank.
“If tomorrow you get a report from the Auditor General that has nothing inside it, you would say that Audit is not doing its job properly,” noted the minister.