Fitch Warns Pierre Laporte and PL To be Careful
Seychelles Junk Rating : "B" Positive.
Fitch credit rating agency recently reaffirmed its Seychelles rating with a "B" (Junk, high risk) outlook.
Fitch
noted that the rating is cautioned and that Government of Seychelles
must stick to its marco economic program or Fitch will further down
grade Seychelles Credit Rating.
Such
a rating is a result of tight fiscal policy, and tight monetary policy,
which has led to a reserve of $380 Million, the highest ever achieved
in Seychelles which at one point had less then $2Million in the Central
Bank, and we defaulted on a $3 Million payout on Lehman Brothers Bonds.
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| The tea boy at the IMF |
The rating confirms
Seychelles remains a high risk or Junk rating as a country for investment.
Pierre Laporte In Lala Land
On
SBC, Pierre Laporte, the Minister for Finance, went off giving a heavy
winded speech to the SBC journalist about this great rating and "above
average" country rating, as if he was
trying to fool James Michel to say: look papa, I got a "B", Above
Average, I am smart. Indeed Laporte has done a prudent job up to know
mostly, but the rating still leaves Seychelles in JUNK rating meaning
HIGH RISK investment center. Relying on only Khalifa does not help this
rating move upwardly. Continued supplementary budgets and over spending
does not help. Though public external debt is down from 179% of GDP to
79% of GDP, we still have a growing private debt sector that has tagged
Seychelles with another 100% debt on GDP. So basically, as Fitch put it,
caution is called for to stay the course, and they will be watching
carefully. We are in fact just going around in circles. Nothing personal
about that Mr. Laporte, and we are not trying to fabricate facts. We
are just stating facts accurately, for what they are. You should do the
same if you are a responsible person.
JUNK rating! Hahaha! Pierre Laporte says Seychelles is doing excellent. Excellent Junk!
ReplyDeleteProbability of Seychelles default is high. Given the way the PL are running the country into the ground, with recent land policies, taxing policy on fuel, harbor dues,all of which are added cost that stifle growth, expect the worse in the next 3 years.
ReplyDeleteSeselwa Unite!
Sesel Pou Seselwa!
Christopher Gill
Leader
Seychelles Freedom Party
You know waht,for the last fourty years each year PP has been telling us we doing eceleent even when Michel bankrupted us in 2008.But waht is excellent for Pierre?Still depedning of foreign aid money,IMf and world bank loans,and Khalfia charity?
ReplyDeleteWhile we recognize Laporte work for stabilizing the mess our two Communsits economists Dr Michel and Faure created there are much more to be done-From fighting the presissting corruption in the governement,fianacial leakage created by five star hotels ,mone laundering being praticed by Pp thugs,creating jobs for Seychellois and reducing foreign Expatsetc.etc.etc..
The situation is still fragile and could capside anytime should Laporte lost concentration and take Fitch rating for faite accompli.
It is a junk rating ,for ti is fragile,unstable,still in danger zone and if Laporte does not stay focus,his Brating will become the holy grail for more desaster.It is junk becuase we still have an enormous private debt,and many other debts owed to foreigne countries,which amount are not clear for instance_waht we owe Chinese,Japansese etc...it junk for those negative aspects are still real and making junk stil the king.
Jeanne D'Arc
Jeanne D'Arc-
ReplyDeleteIt is clear, what we know, those of us on the ground, that Fitch does not know, they will know next year.
The country is falling apart day by day.
Michel's policy of banking on Khalifa, and not creating an environment for business to really flourish will cost Seychelles in 2014.
Seselwa Unite!
Sesel Pou Seselwa!
Christopher Gill
Leader
Seychelles Freedom Party
I hope this explanation in the above table is the standard understood by the world financial market. Perhaps in Seychelles PP & Laporte will have us believe the above table was invented by Christopher Gill. Seselwa leve repran nou pei !
ReplyDeleteAraze
I donot think Pp will put the blame on others for having a B though fragile is a little dose of positiveness for PP after years of failures.In fact Pp will use that to tell us PP is doing well economically.
ReplyDeleteNo Seychellois would consider that a miracle but the fact is it is rather like a facelifting which gives the illusion that things is getting better but in real the organs ,capillaries etc... are still severely ill.It would take more than just a B rating from Fitch to cure the bleeding organs and unless Laporte stay focus and provide the conditions to entice investors the risks of seeing things falling apart is real.
Laporte though his long monotone speech of praise in regards to the B rating ,is cuation not to go to far and self praise himself simply becuase things are not rosy yet and any mistrust might produce more damage than gain in the long term.For instance,Seychelles still lack enough foreign exchange earnings,the governemnt continues to spend more than it can generate,and so forth.
A nation economy cannot be banked on a single Person^s charity(Khalifa) as charity is not real economic growth ,it cannot sustain itself.
Jeanne D'Arc
Laport now has his finger stuck in his asch.
ReplyDeleteThere it is. Christopher Gill explains what no one else could explain in Seychelles.
ReplyDeleteNow Ralph and Wavel, boys, do copy and paste this.
Did you see Laporte with cupped- hand begging IMF^s direct for more loans.At home he tells us we rich.
ReplyDeleteJeanne D'Arc
Spup/sppf museum to be rebuilt,pp better this museum not exsit.What you have in as exhibition?Photos of bro and other loving seselwa you murder 1977.
ReplyDeleteJohnny
Pp museum rebuilt just a waste of seselwa money and tax money.
ReplyDeleteThis museum is an eye soar in the capital, it reminded me when Charlie (aka Oliver Charles) picked up the money every month from the poor Seselwa for the SWA-DI-ZAN the general worker's union.
ReplyDeleteHe will drink until late and at night call a taxi to bring him home DAN KAN POUL.
BTW what happen to the money in the 80's that British Ambassador give them.
Did the nail factory ever open? Ti dir pou fer en masin klou. May be they will use the nails to rebuilt the museum.