06.20.13

UN says Seychelles has made the right economic decision

Posted in Business and Economy, International relations at 2:40 pm by Robert Klien

Seychelles has made the right decision in the economic reform programme that is currently being carried out in collaboration with the International Monetary Fund (IMF). This was said by Dr Supachai Panitchpakdi, the secretary general of the United Nations Conference on Trade and Development (UNCTAD).

Dr Panitchpakdi was invited by the government of Seychelles as a guest at the celebration of country’s 20th National Day of the Third Republic. He made the above-mentioned declaration during a short meeting with Finance, Trade and Investment Minister Pierre Laporte at Liberty House on June 17.

He said that by choosing to embark on the reform programme, Seychelles adopted the Austrian economic theory whereby “good decisions are made during bad times”. Dr Panitchpakdi advised the finance minister to remain economically cautious, but stated that at a difficult moment Seychelles has made the right decision: “Seychelles has been a good example in managing foreign debts, example which can be useful to other countries within the Southern African Development Community (SADC) and the Common Market for Eastern and Southern Africa (Comesa). I have also seen very competent people at the Central Bank and the Fair Trading Commission. I would like to see the independence of those institutions being preserved and not absorbed by bureaucracies which would affect their effectiveness. Your country’s good practices can be shared among other countries”.

The finance minister was thankful to the UN agency for its assistance which has come in 3 main areas: The drafting of the Fair Trading Commission’s competition policy which has brought considerable change in the trade sector since the country recognised the need of a modern framework, the introduction of the computerised customs management system known as ASYCUDA World which the minister feels will be fully operational in a week’s time despite a difficult transition, and the process of Seychelles’ accession to the World Trade Organisation (WTO) which will be completed this year.

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