IMF director calls on President Michel

Antoinette Monsio Sayeh, the director of the African Department of the International Monetary Fund (IMF) called on President James Michel and Vice-President Danny Faure at State House Monday morning.



Ms Sayeh meeting President Michel Monday at State House

Speaking soon after meeting the two leaders, she said she is honoured to be here to see for herself what has been achieved since the IMF started supporting the economic reforms Seychelles undertook in 2008 and also to have a direct interaction with the authorities.

“I wanted to see for myself what has been achieved and talk about the results of the programme and the next step in making sure that those results are safeguarded,” said Ms Sayeh.

She said Seychelles has undertaken very difficult reforms but the world continues to have huge challenges and uncertainties and the discussion with the two Seychellois leaders and the Minister for Finance (see separate story) focused on how to manage those uncertainties to make sure the country continues to demonstrate good results in economic management for its people.

With regard to progress achieved as a result of the economic reforms, Ms Sayeh said it is clear to the average person when thinking and looking back at the circumstances in 2008 compared to now, that there is growth in spite of remaining challenges.

With regard to the rise in volatility in the local foreign exchange market where the Central Bank has had to intervene to bring stability, Ms Sayeh said all central banks have a role to make sure they mitigate such volatility when it is so extreme and not particularly reflective of economic fundamentals.

Ms Sayeh, who is accompanied here by the IMF Chief of Mission Jean Le Dem, noted that during her visit she will have several meetings with the government.

She is expected to leave on Thursday.

Source Seychelles Nation

Note: For some two days FECAS-ECSVS forum is not available with issues about our national economy and World Bank - those who may have noticed this. We have hacking issues in London and the police case/prosecution - those who are manipulating our Forum availability and their objectives - they they crap the world about Terrorist - we are trying to provide the simple people with a place they can write and follow basic issues about their country and people those out to be filthy. What about that Madagascar meeting in Sechelles Seychelles between those two warring faction - the SBC news link of 23/7/12 is also corrupted



The Minister for Finance, Trade and Investment Pierre Laporte Monday received the visiting International Monetary Fund’s director for the African Department Antoinette Sayeh who called on him at Liberty House.



Ms Sayeh during talks with officials from the Ministry of Finance and other agencies

They held a meeting – also attended by the ministry’s top officials – during which Mr Laporte described her visit as very important and one that will boost the ministry and country’s confidence in the ongoing reforms.

He said the visit will further cement the relations existing between the fund and Seychelles.

Ms Sayeh called the reforms ambitious, successful and “bearing fruit”, noting the IMF has not witnessed similar success “in the last few years in sub-Saharan Africa”.

“We all know that Seychelles has pursued one of the most successful reform efforts and we all want to learn more from it,” she said, adding this is a message that can be sent to other countries.

“I’ll appreciate it more when I see it for myself,” she said.

Ms Sayeh also said the partnership between the IMF and Seychelles is very strong.

A national of Liberia, she assumed office as director in July 2008.

She had previously held the post of Minister of Finance in Liberia during which she led the country through the clearance of its long standing multilateral debt arrears and significantly strengthening its public finances.

Ms Sayeh also spent a large part of her professional career in various senior posts at the World Bank.
Seychelles Nation Source

This country has played a key role in the running of the World Bank and is about to do more when Seychellois Dr Peter Larose assumes key positions in its ranks later this year.

President Michel welcomes Dr Taha at State House

The bank’s executive director Dr Hassan Taha said this when he paid a farewell call on President James Michel yesterday.
Dr Taha was accompanied by Dr Larose, who is at the moment a senior advisor to the executive director, the Minister for Finance, Investment and Trade Pierre Laporte, and the governor of the Central Bank, Caroline Abel.

He said Dr Larose will become an alternate executive director to represent the African constituency and also take over as an executive director to represent Seychelles and 20 other African countries on the board of directors, a rank due to be confirmed during the bank’s meeting scheduled to take place on October 12 in Tokyo.

He described him as a person of high calibre who has a lot of experience having been an adviser.
Dr Taha also commended Seychelles government’s success in the economic reforms President Michel launched in 2008.

He said his two-year term in office has been one of great achievement not only for Seychelles but for many other African countries whereby he has been able to witness great cooperation between the International Monetary Fund (IMF) and the World Bank, noting our reform programme has led to this country’s accelerated progress.

“It was an honour to represent Seychelles and I thanked President Michel for the support, trust and guidance he has given me to serve on the board of directors... Seychelles has really played an important role in creating the constituency that I have represented,” said Dr Taha.

He said that the World Bank will continue to give the financial support to the Seychelles as well as technical assistance so that it may continue with the reform programme of its economy.

Dr Hassan will be succeeded by Dr Denny Kalyalya, previously the deputy governor of the Central Bank of Zambia.

President Michel thanked Dr Taha for his support and the effort he has personally made during his mandate, particularly during our economic reform programme.

“The government of Seychelles needs the continuous support of the World Bank in implementing its reform programme, bearing in mind the specificities of the small island states, which are vulnerable to shocks from the world economy,” he said.

“With the support of the World Bank we will continue to build a strong and resilient economy on the foundations of democracy and good governance. We are thankful for your support and I wish you well in your future endeavours,” Mr Michel told him.

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