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Launching of the book, Seychelles: How Classic Policies Restored Sustainability

Launching of the book, Seychelles: How Classic Policies Restored Sustainability ( Seychelles 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 program 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 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 program, 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 program.

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 of 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 among other events to be celebrated in commemoration of the 20th anniversary of the third Republic of Seychelles.


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