PRESIDENT MICHEL’S STATE OF THE NATION ADDRESS REITERATES THE IMPORTANCE OF PEOPLE-CENTERED DECISION-MAKING
In his address yesterday evening, the President expressed his great satisfaction at the level of progress that Seychelles has achieved over the years, evidenced by the propitious performance of national economic indicators. He reaffirmed his commitment to supporting the development of the tourism and fisheries sectors: the country’s main economic powerhouses. He also cautioned that fiscal discipline is mandatory if the country is to reduce its overall debt to 50% of the Gross National Product by 2018. It is noteworthy that US$30M of the national debt will soon be transferred to a fund for marine protection under the Debt-For-Climate Change Adaptation Initiative. The President also underscored the need for reforms to the tax administration system to curb tax avoidance and announced the introduction of the SME Incentive Act to support and incite Seychellois entrepreneurship.
H.E. Mr. Michel also pledged his commitment to improve the Seychelles’ ease of doing business ranking by facilitating access to credit and simplifying tax payment procedures. He added that the Government has plans to gradually increase retirement pension provided economic conditions are favourable over the next five years.
Media focus was on the President declaring the cancellation of the Cap Ternay development project as well as the 52 plots of land ready for allotment. Equally well received were President Michel’s announcements regarding the reduction in fuel and utility prices and the introduction of the five-day Paternity leave.
The ceremony took place at the National Assembly precinct in the presence of the Speaker of the National Assembly, Hon. Dr. Patrick Herminie, Ministers and Members of the National Assembly. Senior members of the Government and Judiciary, dignitaries and other distinguished guests were also in attendance.