President keen to raise our status,says World Bank |03 July 2009

The Washington-based head of the bank’s Africa Group 1 was speaking after paying a courtesy call on the President at State House in the company of his adviser at the bank, Seychellois Dr Peter Larose.

“Your President is fully committed to moving the country to the next level,” said Dr McIntosh.

“At the moment you are classified as a middle-income country with about $4,000 per head. He is keen to take it to $5,000 or $6,000, which means increasing the national production capacity.”

He said even in the current global economic crisis you can see President Michel’s eagerness as he ponders: How do we move to $5,000? How do we move to $6,000?

“And that is the kind of political commitment you need for an engagement that will take you a long way,” he added.

Dr McIntosh said Seychelles has, for the last 17 years, not been fully engaged with the World Bank but is in the process of becoming so for us to get our “fair share” from it.

He said the bank has a number of “windows”, such as the International Finance Corporation, which helps the private sector. Re-engaging will mean starting talks that will help develop the country.

“There is also the window through which you can get loans and grants – you can go there with your programmes and we will discuss them,” he said.

“And then we have the multinational institute, which helps guarantee loans when you want to become involved in major projects so you don’t have to go to a commercial bank.”

Dr McIntosh said he will now tell the bank’s board that he saw the President’s commitment and learned which way he wants to go. He said they also talked about the impact of piracy and other challenges such as the global financial crisis.

“He wanted to know how we can get the bank to become involved in paving the way forward,” he added.

Dr McIntosh said the World Bank and the International Monetary Fund work together, and the bank’s involvement with a country is easier after that nation has contact with the IMF.

He described Seychellois as very friendly and commended us for our care of the environment.