DEVALUATION ALONE IS NOT ENOUGH

We must go beyond devaluation to redress the economic imbalance Seychelles is undergoing today. Here is a better answer.

Devaluation affects the poorest people the most, the richer less so. But everyone is affected, in one way or another.

Government must do its share to retract the failed economy. It can do that by cutting its Budget and not increasing its spending. It can reduce waste and hold accountable the people wasting away resources on unnecessary imports and projects. It can reduce the size of government humanly and phase out failing organizations to save money. It can hold public officers to account, forcing them to perform to a high standards saving Government money and reward them for budgetary surpluses. It can allow all Seychellois hotels to retain all their foreign exchange as do foreign companies. This will result in more direct banking into the system. It can allow Seychellois fishing companies to retain all their hard currency earnings.

There are more things that have to be done to resolve the economic problem but we will save that for another article in the Weekly. Mr. Afif, this is a good time for you to buy your subscription of Le Nouveau Seychelles Weekly. It will help you along the difficult road ahead, and we may end up with a better Country for your subscription. As for the “Pas Les Tonbe crowd”, ask President Michel for his copy when he is done with it during one of those “National Interest” meetings.

November 23, 2007
Copyright 2007: Seychelles Weekly, Victoria, Mahe, Seychelles