Pierre Laporte Resigns From Finance

It has been announced by State House that Pierre Laporte has resigned. The Minister of Finance, driving the strategy of the Seychelles economy has called it quits.

It could not come at a worse time. 

Minister Laporte was the Chief Engineer on the Seychelles Economic Plan and Recovery Program after Seychelles defaulted on Lehman Brothers Bonds and the country went Bankrupt, no different then Greece.

Minister Laporte managed the economy from a purely Kensyian approach, resorting to the Central Bank of Seychelles to issue Bonds, sell them and offer interests rates that are favorable to clean up or mop up excess rupees in circulation. Additionally, he created a weighted basket of currencies to determine the value of a Seychelles Rupee in the market place. He was a successful Central Banker and he should have stayed there. But the temptations of grandeur, in the lime light at Finance was irresistible. 

Once at Finance, Mr. Laporte set out to renovate his offices, at a whopping cost of SCR. 2 Million. You cannot find SCR. 2 Million in that office at Liberty House.

Then Minister Laporte had a Public Relations issue. He lack the fibre to face the business community, turning down numerous engagements to meet with business in Praslin, ignoring the red alert signs of a failing economy from SHTA and SCCI and this writer, he dished out a take it or leave it BUDGET STRATEGY that placed the entire Seychelles economy in PERIL, where she sits now, like the passengers on the Titanic, trying to get off the ship, after she hit an ice burg.

Our "Ice burg" under Pierre Laporte was his insistence to increase taxes, increase VAT to an unrealistic 15% at a time when the main in bound markets of Seychelles were undergoing a period of severe DEFLATION and contraction of the economy. 

This move by Pierre Laporte was like throwing fuel on to a house on fire.

He ignored outside markets, in calculating his Budget Strategy, as if, money was something that grows on trees.

Money does not grow on trees Mr. Pierre Laporte. It has to be earned.....the hard way with the sweat and pain of each Seychellois!

If you did not know that yesterday, today, I am sure, you will know that by tomorrow.

Next time the phone when Christopher Gill calls, I do not like being passed around to clueless directors.

Mwan ou mem!

Sesel Pou Seselwa!

May God Bless All Freedom Loving Seychellois!