By George Thande
VICTORIA Danny Faure was sworn in as the new president of Seychelles on Sunday, after thousands marched through the capital of the East African island nation to support him after the previous president resigned. Former vice-president Faure, 54, will complete the five-year term of outgoing President James Michel, who announced his resignation last month amid growing public frustration over economic inequality. Michel gave no reason for his resignation, but it followed parliamentary elections where the opposition coalition Linyon Demokratik (LDS) took control of the legislature from the ruling People’s Progressive Front, called Parti Lepep, for the first time in the country's history.Faure, a former finance minister in the Seychelles, is a governor of the International Monetary Fund (IMF), the World Bank and the African Development Bank, a statement from State House said.
As a minister, he oversaw the implementation of the first generation of International Monetary Fund-led reforms under the macro economic reform programme, which started in October 2008. He continues to direct the second generation of IMF reforms.“Mr. Faure has been my vice president since July 2010. Together we have won two elections. He has experience in government, after serving in various capacities, including working with the youth, and as a minister in the key portfolios of education and finance,” Michel told the media ahead of the inauguration.
Born to Seychellois parents in Uganda, Faure went to university in Cuba where he graduated with a degree in political science. He has four children and divorced his wife earlier this week, a statement from State House said. He succeeds Michel in line with the Seychelles constitution, which also limits Faure to another single term if he runs again.
The tiny nation of 115 islands and 93,000 people mostly relies on tourism for revenues. Recently it has tried to promote itself as a financial services hub by offering a low-tax environment for companies registered on its territory. (Editing by Greg Mahlich)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Updated Date: Oct 16, 2016 23:01 PM