Seychelles economy doing well, says World Bank representative |22 January 2014

Other countries have a lot to learn from Seychelles, said World Bank regional executive director for Africa Group 1 Denny H. Kalyalya, who has described the country as an upper middle income country with the highest GDP (Gross Domestic Product).

In Seychelles as part of a familiarisation tour of the 22 countries under his constituency following his recent election to the post, Mr Kalyalya made the declaration after meeting President James Michel at State House yesterday morning. Also present was the alternate executive director, Seychellois Peter Larose.

“There is a lot of development going on in Seychelles. The local economy is doing well compared to many other countries which are facing major problems such as unemployment. Seychelles is not in this situation and I commend the Seychellois authorities for the good work done. Seychelles is a high middle income country, the highest in our constituency. So you have a lot to teach to other countries, especially those which have gone through financial reforms,” the World Bank regional executive director said.

Mr Kalyalya has highlighted climate change as a top agenda item among issues and challenges discussed with President Michel and on which relations with the World Bank can be strengthened.
He added that climate change is very critical to Seychelles and that the country is already playing an important role in that respect.

The Central Bank Africa Group 1 regroups 22 countries from the central, eastern and southern part of the continent.

Dr Kalyalya will represent Seychelles on the Board of the World Bank until October this year when Dr Peter Larose, a Seychellois national, takes over this office.

The meeting was also attended by the Minister for Finance, Trade and Investment Pierre Laporte, the secretary general in the Office of the President Lise Bastienne, as well as senior advisor to the executive director, Anthony Barclay.