President James Michel’s State of the nation address |17 February 2016

Ensuring economic growth with social justice and stability

President James Michel delivered his 12th State of the nation address to the Seychelles National Assembly yesterday, placing emphasis on social justice, welfare, the fight against drugs, healthcare improvement, democracy and good governance.

Mr Michel said the year 2015 produced a positive economic outlook for the country.

He noted that a growth rate of 4.34% was recorded and the foreign exchange reserve in the Central Bank was US $536 million. This represents almost five months’ worth of importation.

Seychelles continued to service its external debt regularly, and reduce debt stock to 62% of our Gross National Product (GNP). Seychelles remained well on track to achieving its public debt reduction objective of 50% of GNP in 2018.  A level which many European countries have not been able to reach. The rate of inflation was 3.2% at the end of 2015.

The tourism industry experienced considerable growth, with a 19% increase in visitor arrivals, and a 17% increase in revenue. Approximately 40,000 Seychellois travelled overseas last year, which represents 44% of Seychelles’ population. The government enabled 1,612 people to enter employment in 2015, and the unemployment rate was at 4.2%.

Up to December 2015 a total of 538 loans valued at R507.3 million were approved under the small and medium enterprise (SME) scheme; a total of 117 new small businesses were created, and this brings the number of small and medium enterprises in Seychelles to 2,290.

More than 270 Seychellois obtained university degrees either from the University of Seychelles, or from universities overseas.

Statistics show that today, approximately 75% of Seychellois families are owners of their homes.

Seychellois purchasing power has increased, mainly as a result of the reduction in the cost of fuel, electricity, water, LPG gas and certain goods.

“I represent a party that has struggled for more than 50 years for the liberation, freedom, dignity and emancipation of all Seychellois. We fought for social justice, for equality, for fraternity, for unity. And we’ve taken the Seychellois nation far – very far – over the 38 years that we have been in power,” said President Michel.

“We will continue working to build an even better Seychelles. Encompassing change, because it is we, Parti Lepep – and always we – who have brought about real change in this country. And we shall always do it when necessary. With respect to our fellow citizens. In peace and unity. In dignity. With fraternity and compassion. Without hatred and without the desire for revenge.  Without personal agendas. Without JCBs, without bulldozers. Without arson.  Without stamping on anyone.”

He said this year Seychelles will celebrate the 40th anniversary of Independence, which would be a moment for greater solidarity and national unity.

“If we have reached where we are today, it is thanks to our determination and our conviction that, within us Seychellois, we have the courage to stand up and do what is right for our Seychelles.  We have done it TOGETHER.  Now my call as the President of Seychelles is for us all to rally together to consolidate our unity, to preserve our stability and to continue to make the Seychelles that we love remain that country of peace and unity in the world,” he added.

We will come back on the President’s speech in our future issues.