In Economic Terms, When The Adjustment Is Negative It Is Called Devaluation

Minister of Finance Faure, Where is the money?

On Wednesday, 29th August 2007, Minister of Finance, Member of the SPPF (Sesel Pa Pe Fonksyonen) Central Committee, Danny Faure, gave an interview on the supposed restructuring taking place in government. Before the interview there was an advert by CARE about heroin addiction. The last comments in the advert set the tone for the interview. The words were “Y koz lalang pou ou pa konnen ki pe pase” (He tells lies for you not to know what is going on).

Antoine “Bon Kestyon” Onezime commenced by asking Minister Faure about the government restructuring and the creation of the Revenue Authority. Minister Faure said the aims of restructuring were to improve efficiency, reduce duplication, achieve government targets, especially budgetary targets also and develop better customer service. This, he said, was to be done by Centralisation. Minister Faure said that this would be achieved by redeployment of staff, transfers and also dismissals. His opinion goes in direct contradiction to what VP Belmont had said on outsourcing. Please can we have the truth?

With respect to the Revenue Authority, the centralisation of revenue collection was supreme. All government revenue collection agencies (SLA is not mentioned with its thieving processing fee for every transaction) were to be grouped together and specialised. The move comes after the analysis of numerous complaints, he said, especially with respect to customs. The centralisation of revenue collection would also include the collection of Social Security. Minister Faure said that the administration part of the process had been completed and what now remained is the legal process – approval by the National Assembly. Will the legal process involve bringing the Social Security Fund under auditing provisions of the Auditor General and scrutiny of the National Assembly? All elections in Seychelles have been marked by abuse of Social Security Funds; with proper audits in place this should stop. Minister Faure, will this happen?

Minister Faure went on to explain that he intended to also create an improved Treasury as an expenditure control agency. This would ensure that government expenditures were in line with budgeted targets which in turn are good for the country. All recipients of government funding would be subject to Government Financial Procedures and the Auditor General’s scrutiny. Minister Faure, will this include the rogue parastatals which operate outside the law? Will these provisions include the Seychelles Peoples Defence Forces finances?

The reasons for the above were that Seychelles spent, according to Minister Faure, 12 – 14 Million Rupees on overseas education for its citizens. Health spent USD 125, 000 per week on medicine , excluding overseas medical trips. Minister Faure, will all Seychellois be subjected to the same rules with respect to overseas education and overseas health care? Another important expenditure he touched upon is the cost of fuel which is USD 117,000 daily. Minister Faure, for the last 16 years the Government has been collecting money on the sale of fuel (e.g. USD 117,000 X 365 Days X 16 years). Minister Faure: Where is the money?

With respect to concessions given to businesses, Minister Faure has promised even more bureaucracy for monitoring purposes. This, he says, is to ensure that the Seychellois grass-roots get rewarded for the concessions being given to businesses. Minister Faure: How are you going to force business to reward its workers when you tax any reward being given to Seychellois workers while non-Seychellois enjoy life in paradise? Will the business playing field be made level?

Another important point was that of the adjustment of the rupee. Minister Faure in economist terms, when the adjustment is negative it is called devaluation. Minister Faure said that this was to keep the Seychelles Rupee “competitive”. Minister Faure: The Seychelles Rupee is in competition for what? (Is there an objective, prize, goal?) The Seychelles Rupee is in competition with whom or what? (Explain the rupee’s contestant or adversary). All in all Minister Faure, your grandiose schemes sound good but the bottom line is do you have the ability to put your money where your mouth is? If so where is the money?