President James Michel was presented with a book entitled ‘Seychelles: How classic policies restored sustainability’ in a special ceremony held at State House this afternoon. The ceremony was attended by the special guest for the National Day celebrations, Dr. Nkosazana Dlamini-Zuma as well as dignitaries, members of the Seychelles National Assembly and other distinguished guests.

“Four and a half years ago, we had to make a very difficult decision. The economic situation was such that, to ensure our very survival as a nation, we had to embark on a radical programme of reforms. I was convinced, though, that we could rise above our challenges if we were united and determined. And, indeed, we have been vindicated,” said President Michel in his remarks.

The President thanked all Seychellois for their efforts. He noted that the book tells the story of a an economic crisis faced by a small country which highlights the Seychellois people’s resilience, sacrifices and willpower during this difficult time and how it was able to surpass such economic crisis and he hoped that the book will inspire and guide other countries.
 
‘Seychelles: How Classic Policies Restored Sustainability’ illustrates one of the many achievements of Seychelles during those 20 years in relation to the global economic crisis of 2008 which impelled Seychelles to embark on a very comprehensive macroeconomic reform programme, together with the International Monetary Fund, the World Bank, the African Development bank and the European Union. It gives a clear insight of the deep economic crisis Seychelles endured and how the country reacted to the situation, working to ensuring the best outcome for its people, which lead to a remarkable success through the reform programme.
 
In his address during the ceremony, the Minister for Finance, Trade and Investment, Mr. Pierre Laporte remarked on the call by President Michel to the Seychellois nation in 2008.
 
“I recall as if it was yesterday, when President Michel made the wake up call to our nation. The message was strong and straightforward; that the time had come for the people of Seychelles to wake up to a new reality. But the message also carried hope; hope that under his leadership, his Government had the right policies needed to get Seychelles out trouble. But more importantly, hope for the people that whilst major sacrifices were needed, no one would be left behind and the assurance that the more vulnerable would be protected at all cost,” said Minister Laporte in his speech.
 
Minister Laporte noted the challenges of such measures like changes in work force, Liberalization of the exchange rates which led to devaluation, followed by inflation and how Seychelles finds itself economically stable.
 
“The book rightly recognizes the sacrifices of the Seychellois people.  We often talk of how unlike in many other places, the Seychelles people throughout the difficult moments stood in unity and tolerance,” said Minister Laporte.
 
The launching of this book is one amongst other events to be celebrated in commemoration of the 20th anniversary of the third Republic of Seychelles.
 
Editor’s Note:
•    Seychelles: How Classic Policies Restored Sustainability was prepared by a team led by World Bank economist Sawkut Rojid and   consisting of Emilio Sacerdoti, Senior Advisor to the Government of Seychelles, and Ahmed Afif, former Principal Secretary of the Seychelles Ministry of Finance, Trade, and Investment.The work benefitted from the much-appreciated guidance of His Excellency Danny Faure, Vice President of the Republic of Seychelles; the Honorable Pierre Laporte, Minister of Finance, Trade, and Investment of the Republic of Seychelles; Shanta Devarajan, World Bank Chief Economist for Africa; Haleh Bridi, World Bank Country Director for Seychelles; and John Panzer, World Bank Sector Manager for Poverty Reduction and Economic Management .
 
•    The work was sponsored by the Government of Seychelles, the Office of the Chief Economist of the World Bank Regional Vice-Presidency for Africa (AFRCE), and the Seychelles Country Management Unit of the World Bank Regional Vice-Presidency for Africa (AFCS4).
 
•    The team is particularly grateful to Paul Mathieu for peer review of this document. His comments have been incorporated into the book. Paul, now advisor to the Monetary and Capital Markets Department of the International Monetary Fund (IMF), was the IMF mission chief to the Seychelles who led the design of the IMF program in 2007/08.
 
•    The team also received helpful The team also received helpful comments and support from Elizabeth Charles, Director of International Cooperation, Seychelles Ministry of Finance, Trade, and Investment; Alain D’Hoore, World Bank Lead Economist; Jean Le Dem, former IMF Mission Chief for Seychelles; Tobias Roy, IMF Senior Economist for Seychelles; Khurshid Noorwalla, Team Assistant at the World Bank; and Mapi Buitano and Beatrice Berman from the Office of the Chief Economist of the Africa Region at the World Bank.