July 1, 2011 -- President James A. Michel has a sent congratulatory message to Ms. Christine Lagarde upon confirmation of her appointment as the new managing director of the International Monetary Fund (IMF). Before her appointment, Ms. Lagarde was France's economy and finance minister, since June 2007.
"In this time of many challenges for the world economy, this appointment is testimony to the confidence the nations of the world have endowed in your abilities.... We note with satisfaction that your appointment marks the first time that the IMF is led by a woman, and we are pleased that an institution of such high importance is setting the standard for gender equality," said President Michel.
President Michel said that one of the most important issues that the world financial system faces is the threat of climate change, which poses a critical risk to the productive capacities particularly for small island developing states like Seychelles.
"Your experiences have demonstrated your personal strength and determination to bring about a more conducive environment for sustainable development in the world economy.... As a Small Island Developing State (SIDS) which is currently implementing an IMF macro-economic support program and also positioning itself for WTO membership, we are appreciative of the flexibility and responsiveness of the IMF with regards to Seychelles' specificities."
In his letter, President Michel stated his confidence in the continued support of the IMF, to ensure that environmental sustainability and climate change adaptation are mainstreamed into macro-economic planning for the world economy.
"We thank you for your support for the development of small economies such as ours, and are convinced that under your leadership, the IMF is well placed to deal with the challenges it currently faces to ensure stability and growth in the global economy."
NOTE TO THE EDITOR
-Â Â Â Seychelles signed a stand-by arrangement with IMF in November 2008 which continued through 2009, until the signing of an Extended Fund Facility (EFF) in January 2010, which will end in 2012. Â
-Â Â Â The IMF gave technical assistance on the implementation of the macro-economic reform, and helped Seychelles to achieve its aims of macro-economic stability and debt sustainability. Seychelles has worked in collaboration with the IMF to implement the reforms without losing the social gains created over the past 30 years.
