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President Faure receives representatives from Fitch Ratings

Finance

President Faure receives representatives from Fitch Ratings

Wed, 06 June 2018

President Faure met with Mr Toby Iles and Ms Marine Stefani, the Director and Associate Director respectively for Middle East Africa Sovereigns at Fitch Ratings, at State House yesterday.

The representatives of the financial agency are currently in the country on their annual visit to review the sovereign rating of the Seychelles. During their visit, they will meet with officials in the Ministry of Finance, Trade, Investment and Economic Planning, Central Bank of Seychelles, and others.

The discussions centred on the political landscape in Seychelles, its influence on processes such as the Budget, the present cohabitation between the Executive and Legislative, and any impact on policy review. The President spoke of the increased level of interaction and engagement between the National Assembly and the Cabinet of Ministers, which he said is crucial. He explained that the scrutinisation process of the Budget is good for the management of finances.

At the meeting, President Faure reiterated that the government is not moving into any exceptional budget for the big infrastructural projects announced, which would create a deficit. He said that the government will maintain its cardinal objectives and noted how important it is to create economic stability in the country. The government will maintain a disciplined approach to fiscal policy.

Speaking to the national media, Mr Iles explained that there is a list of indicators that their financial agency considers to make a rating on the creditworthiness of a government, including qualitative assessments. “We’re looking at the fiscal picture of the public finances, but also the performance of the economy and other external factors. So it’s a holistic view of all these things,” said Mr Iles.

The Fitch Rating report is expected to be published by the end of June this year.

Also present at the meeting was the Minister for Finance, Trade, Investment and Economic Planning, Mr Maurice Loustau-Lalanne, the Governor of the Central Bank of Seychelles, Ms Caroline Abel, and the Secretary of State in the Ministry of Finance, Trade, Investment and Economic Planning, Mr Patrick Payet.

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