Minister Larose elected chairman of the International Advisory Group |12 June 2017

Dr Peter Larose, Minister of Finance, Trade and Economic Planning, has been elected chairman of the United Kingdom-based International Advisory Group on delivering inclusive financial development and growth project.

Professor Victor Murinde, a renowned specialist in international banking and development finance at the University of Birmingham in the United Kingdom (UK) and other universities, communicated the news to Minister Larose earlier this month.

Professor Victor Murinde is the principal investigator of the project with the support of the International Advisory Group (IAG) members.

IAG has its headquarters in the UK and it has the collaboration of the University of Birmingham, SOAS University of London, a consortium of top-rated universities and partners.

The IAG consists of international eminent persons from across four types of stakeholders:

(i)                    Policy makers with first rate experience relating to financial sector and broad economic reforms,

(ii)                  Researchers who have experience or are currently involved in cutting-edge work in economics, finance or interdisciplinary investigations,

(iii)                 Private sector practitioners who have been (or are currently) involved in business transformation that aims to enhance livelihoods in low income African countries, and

(iv)                 Civil society organisations (CSOs) and other third sector actors who are actively involved in monitoring the interplay between international and local developments that shape policy and practice in financial inclusion and technological success.

The delivering inclusive financial development and growth is a four-year project (2016-2020) financed by the DFID-ESRC Growth Research Programme (DEGRP) which funds first-class scientific research on inclusive finance.

Asked for his reaction following his election to such a prestigious position internationally where he has been entrusted to lead a cohort of high-profile researchers, Minister Larose simply replied: “I am deeply honoured and thankful to my distinguished colleagues for having placed their trust and confidence in my leadership to lead this important group. It is a recognition of my caliber that I have left a good track record on the global stage, meaning the World Bank Group (WBG). My credential fits well with the Terms of Reference (ToR) of this group, capable of contributing further to a body of knowledge. Again, I am ready to fly the flag of Seychelles internationally. It is a major responsibility that I intend to discharge with vigour and honour.”

Minister Larose added: “My philosophy remains that intellectual capacity knows no barrier, be it local, regional, intra-regional or international. I am very determined to prove that Seychelles can lead internationally, when it really matters. While this research project will be useful to identity the most pressing needs of the vulnerable and poor people in Africa, I must also be realistic that it is a challenging time for Africa to employ its resources optimally to achieve inclusive and sustainable development. In Seychelles, we are doing our best to ensure that we reduce inequality in our society. Policy makers, researchers, private sector, NGOs, and other development partners should focus their attention on inclusive development if we are to reduce poverty.”

He also noted that to achieve this overarching objective in Africa and other developing countries, we need a collective effort by all stakeholders.

“You will recall a few months ago, that my budget speech for the fiscal year 2017 for Seychelles centered on inclusive development, that is, no one should be left behind. I used my speech on an important platform to send a strong message to the people of Seychelles that we need to work together as a nation. This is not a subject which we should treat casually. My involvement with IAG is due to my strong belief that inclusive finance will be the principal ingredient in defining the model of our future economic, social, and technological success. The best way to serve the less fortunate group in our society is to offer my spare time for free. After completing this important assignment, I foresee that it will be my legacy for Seychelles and Africa,” Minister Larose pointed out.

The other members of the IAG are Professor Ernest Aryeetey, Professor Manuel Arellano, Sheila M'Mbijjewe, Dr Caleb Fundanga, Professor John Ddumba-Ssentamu, Professor Clas Wihlborg, Athelston ‘Tony’ Sealey, Professor S. Njuguna-Ndungu, Dr Ralph De Haas, Kanny Diallo, Dr Kaifala Marah, Dr Jo Marie Griesgraber and Martin Brownbridge.