Seychelles Names Pierre Laporte as New Finance Minister

Seychelles President James Michel nominated central bank Governor Pierre Laporte as finance minister for the island nation.

Caroline Abel, the deputy governor, will replace Laporte, according to a statement posted on the website of Seychelles’ presidency today. The president appointed 10 others to head government ministries, the statement said. Laporte’s appointment must still be approved by the National Assembly.

“Seychelles’ economy has stabilized,” Laporte said in a telephone interview today. “The present euro crisis tends to have an impact on growth this year primarily because of its importance in our tourism industry.”

Laporte worked at the International Monetary Fund as an economist and was the Washington-based fund’s resident representative in Niger in 2005.

The Seychelles rupee has dropped 3.5 percent this year to 14.0494 per dollar.

To contact the reporters on this story: Kamlesh Bhuckory in Port Louis at kbhuckory@bloomberg.net; Richard Ramasawmy in Victoria at rramasawmy1@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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