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“I am happy to note that in their great majority the Seychellois people have understood the need for us to create a modern, solid and resilient economy so we can cope with the crises affecting the world,” he said.

The President was speaking in the first of a series of monthly programmes on television that will feature interviews and discussions with him.

Entitled En Moman Avek Prezidan (Meeting the President), the first programme was aired last night on television and will go out on radio this evening at 7.30.

The subjects Mr Michel spoke about in the first interview were the economic reform programme and related issues such as the new welfare agency (see separate story).

He also launched an appeal to businesses and service providers to show proof of their social conscience and not to capitalise on these difficult times to make exorbitant profits at the expense of the ordinary people, especially the most vulnerable.

Last but not least, Mr Michel spoke of this year’s national theme – Koste Seselwa – and the need for everyone to come together and work in unity, especially during these trying times.

Recalling the various crises – fuel, food, finance – which the world is still going through, Mr Michel said here in Seychelles we have understood the need for the country to carry out a reform programme that will put our economy on a strong footing so we can cope with their negative impacts.

“The people have understood this necessity and are taking their responsibility so that the programme succeeds, and for that I congratulate them,” he said.

Talking about the reform programme itself, Mr Michel said it is going well and is bearing fruit; the targets that have been set are being met.

He said all indications point to stability in the system, and this is a sign we are on the right track.

As examples, Mr Michel cited an improvement in the foreign exchange situation – something he said has surpassed expectations – and stability in the exchange rate of the rupee in relation to major currencies.

With regard to the fact that commercial banks were recently inviting people to buy foreign exchange, Mr Michel said this is a positive sign indicating that the problem of the black market is being tackled once and for all.

All these are positive indicators that will help us lay a solid foundation from which to develop our economy, he added.

Referring to the remark by the Central Bank that the country has achieved a foreign exchange reserve of just under US $50 million, Mr Michel said this is sign that our economy is getting stronger, though the reserve still needs to be increased.

This, he said, will stand the country in good stead if the global economic situation gets worse and the prices of commodities and fuel rise again.

“Should global prices rise, instead of borrowing money to pay for the things we need and have to import, we can dip into our reserve, and when the situation gets better we build up our reserve again for another rainy day,” Mr Michel explained.

“I believe that our reform programme is helping us build that reserve so we can mitigate the negative impacts of the global crises that are affecting our economy.”

The President said Seychellois will see the reform’s positive impact on the cost of living as and when the foreign exchange situation improves and balances itself against the amount of local money in circulation.

When this happens, the exchange rate of the local currency against the major currencies will improve and we will need fewer rupees to import things we need, bringing about a drop in the cost of living.

On the question of those unscrupulous businessmen who are all out to make excessive profits at the expense of consumers, Mr Michel said this is morally wrong.

“To all businesses or service providers out there, it is all right to make a reasonable profit from your businesses, but don’t ‘kill’ our people,” he said, adding however he was heartened by the fact that there are many traders who are doing their businesses in an honest manner and with a social conscience.

On the importance of the national theme, especially during these difficult times, he said the country now more than ever needs all its children to work together in unity.

“Now is the time to put personal beliefs aside and come together with a common purpose to propel our country to greater heights. It is through these testing times that we will be able to create a more prosperous Seychelles,” the President said.