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Seychelles Will Retain Danny Faure as Finance Minister

May 31 (Bloomberg) -- Danny Faure will be retained as the finance minister of the Seychelles when a new Cabinet is sworn in later today, President James Michel said.

Michel plans to retain his existing Cabinet with the exception of Housing Minister Jaqueline Dugasse who will retire, his office said in a statement today. Michel, who also heads the defense, tourism, legal and information ministries, will take over from Dugasse, it said.

“It is important to maintain continuity in the current economic climate,” Michel said in the statement. “Major changes” may happen after a review of the government’s systems.

Seychelles, Africa’s smallest nation with a population of about 89,000, is undergoing an International Monetary Fund-backed economic reform program that saw the $900 million economy expand about 6 percent last year, the IMF said March 17. The Indian Ocean archipelago relies mainly on tourism and tuna fisheries for its income.

To contact the reporter on this story: Brian Latham in Johannesburg at blatham@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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