President Danny Faure received the former President of the African Development Bank, Dr Donald Kaberuka, at State House yesterday afternoon.

Dr Kaberuka is currently the High Representative for the African Union Peace Fund and is in Seychelles to attend the Symposium on Economic and Social Transformation, which commemorates 10 years since Seychelles embarked on the IMF Reform Programme.  At the time that Seychelles started the economic reforms in 2008, Dr Kaberuka was the President of the African Development Bank.

President Faure welcomed him once again to Seychelles and thanked him for his guidance of the political economy of such drastic reforms. He underlined that the Government of Seychelles is very appreciative and supportive of the African Development Bank and stated that the Seychellois people would always be grateful for his personal support.

During the meeting, President Faure and Dr Kaberuka discussed the current economy of Seychelles, the way forward for investment, and the global economic situation.

Speaking to press after his meeting with the President, Dr Kaberuka traced back the economic situation of Seychelles in 2008 and how Seychelles has become one of the best performing economies in Africa today, because of what he stated the Government has done over ten years to stabilise the economy, to reform the system.

“Ten years ago, the Seychelles’ economy was in a very difficult situation, perhaps many young people may not know this. The Government of Seychelles was looking for solutions, and many international organisations were not funding development here because the Government had fallen into arrears. The country was having difficulty servicing its commercial debt, and currency was in short supply, especially foreign currencies. The black market was rampant, and it was a very difficult economic situation. And so, many friends of the country including the African Development Bank, worked together with the Government of Seychelles to find solutions,” said Dr Kaberuka.

In terms of further growth for the country, he underlined that it is important for Seychelles to consolidate its achievements.  He said that the stabilising of the economy has now given Seychelles the foundation to move to the next level of second-generation reforms, which includes improving the quality of education and investment in infrastructure.