Seychelles Weekly

RECOMMENDED SOLUTIONS TO SEYCHELLES WORSENING ECONOMIC PROBLEMS

Last week we published in full the memorandum from the Executive Board of the International Monetary Fund, which shows that the IMF directors are extremely concerned with the state of affairs and the lack of any concerns from our Government over the years even though there are clear evidence of decline in the economy. This week we publish below the first part of a comprehensive list of policy recommendations from the IMF to solve the ongoing but worsening economic problems on a long term basis: .. read more

There have been a lot of calls lately for the government to review the Employment Act 1993. Experts have criticized this law as being inadequate and unfair to workers who are sacked from their employment through no fault of their own. ... read more

We publish excerpts of the report of the Commonwealth Expert Team that observed the Presidential Elections of the 28 – 30 July 2006. We leave it to our readers to draw their own conclusions. ... read more

M/V Almanara Case

SUPREME COURT HANDS OVER JUDGMENT

The Supreme Court presided over by Justice Runjan Perera has handed over its judgment in the Al Manara case. The case was brought by the 18 man crew of the vessel against its owner for payment of salaries due. The Court ordered the owner of the vessel to pay the crew over USD 100,000 for salaries due since August 2005.... read more

The issue of devaluation has elicited many comments from politicians especially from the ruling SPPF. Below is a comment about devaluation from a British Prime Minister when Great Britain faced the first in a series of economic crises until it stopped financing budget deficits by Central Bank advances.... read more

Some graduates returning to Seychelles recently after their studies in the UK have complained to this paper that they cannot obtain employment. The graduates lamented that they were unsuccessful in their attempts to get a job in the Public Sector as well as in the Private Sector. They are therefore currently unemployed although not unemployable. ...read more

Iran defied a U.N. deadline Thursday to stop enriching uranium, opening the door for sanctions --- Israeli army turned over a small border area in south Lebanon to Lebanese and foreign troops Thursday --- U.N. Security Council passes resolution to give U.N. control over Sudan peacekeepers but Sudan president rejected it --- Kofi Annan began talks with Syrian officials seeking Syria's help in bolstering a truce between Israel and Lebanon's Hizbollah --- Central Bank of Seychelles is making moves to give the government more easy money from the Seychelles banking system at the expense of the private sector --- Some returning graduates are having difficulty find employment --- Corvina appears to be in a position to influence government policies --- The MV - Almanara case finally settled by the Court --- Court of Appeal cannot meet due to lack of a qorum --

Sir, According to the official line Bel Ombre is getting a brand new port. It will have a fishing port design to facilitate the activities of fishermen in that part of the world and will also have recreational facilities for other residents of the district. Environmentalists were up in arms because it seems that the protected site where enthusiasts have been looking for pirates’ treasures for the last one hundred years will be engulfed by the ongoing reclamation. ..read more

Corvina is by all account the most powerful company in Seychelles today. Its directors and shareholders are the most powerful and influential individuals within an extensive web of contacts in the business and political circles locally and abroad. ... read more

STB Chairman, Maurice Lousteau Lallane contradicted himself royally during another propaganda special on SBC TV this week. He started off by trying to justify the acquisition by the SPPF government, in the 70s and 80s, of a good number of tourism establishments on Mahé, Praslin and La Digue by claiming that it was the right thing to do. Since none of those investors who had their property acquired have ever been charged with an economic crime, that was an incredible claim to make. ... read more

IT'S TIME TO PAY THE BILLS

CBS gives Michel easy money further compromising its independence

Despite claims by the Ministry of Finance that it has been posting an important surplus on the budget expenditure so far this year, the Central Bank under Governor Francis Chang Leng, is making moves to give the government more easy money from the Seychelles banking system, at the expense of the private sector. The mechanism the Central Bank is using is called Local Assets Ratio (LAR). ... read more

The debate about the adjournment of the Court of Appeal surfaced again in offices around Victoria this week after the official media failed to express an opinion on the matter. Lawyers and litigants alike seem to want a solution to this ongoing problem sooner rather than later... read more