World Bank praise for our economic reform progress
Seychelles’ economy has done “extremely well” since efforts to address our debt situation started with the float of the rupee, World Bank alternate executive director Stewart James said yesterday.
He said so after his nine-strong delegation from the bank called on President James Michel at State House in the company of Finance Minister Danny Faure, principal secretary in the ministry Ahmed Afif and Central Bank governor Pierre Laporte.
“It’s no easy matter to float your exchange rate and to come from a difficult debt situation, making it manageable again,” said Mr James.
“Seychelles has come out very well and stabilised the economy, and the market seems to be responding extremely well.”
He said the debt situation is much improved and we also have a much better macro-economic situation.
“The first phase of the economic reform programme has gone very well. We are now entering a new phase in which we need to work just as hard together,” added Mr James.
“We stand ready to give whatever help we can. The economy is increasingly being run by the private sector, and the bank is working with Seychelles to help in this transition as the economy moves from the public sector.”
He said the change will create opportunities for the people of Seychelles.
Mr James said the bank can help not only through financing but also with ideas from other countries’ experience.
He said his team are here “to symbolise Seychelles’ engagement with the World Bank after many years of its absence”.
The delegation was made up of Michel Mordasini – executive director from Switzerland representing Azerbaijan, Kyrgyz Republic, Poland, Serbia, Switzerland, Tajikistan, Turkmenistan and Uzbekistan; Jose Alejandro Rosa Ramirez – executive director from Venezuela representing Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Spain and Venezuela; Rudolf Treffers – executive director from the Netherlands representing Armenia, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Georgia, Israel, Macedonia, Moldova, Montenegro, Netherlands, Romania and Ukraine; Abdulhamid Alkhalifa – alternate executive director from Saudi Arabia; Irfa Ampri – alternate executive director from Indonesia representing Brunei Darussalam, Burma, Fiji, Indonesia, Lao People’s Democratic Republic, Malaysia, Nepal, Singapore, Thailand, Tonga and Vietnam; Toga Mcintosh – executive director from Liberia representing Angola, Botswana, Burundi, Eritrea, Ethiopia, Gambia, Kenya, Lesotho, Liberia, Malawi, Mozambique, Namibia, Nigeria, Seychelles, Sierra Leone, South Africa, Sudan, Swaziland, Tanzania, Uganda, Zambia, Zimbabwe; Philippe Ong Seng – executive director from Mauritius representing Benin, Burkina Faso, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Democratic Republic of the Congo, Djibouti, Equatorial Guinea, Gabon, Guinea, Guinea-Bissau, Ivory Coast, Madagascar, Mali, Mauritania, Niger, Republic of Congo, Rwanda, Sao Tome and Principe, Senegal, Somalia and Togo. Board operations analyst Julijana Amiel was also there.