Budget 2021 presented today before the National Assembly
February 16, 2021
The Minister for Finance, Economic Planning and Trade, Naadir Hassan, today presented the Budget 2021 before the National Assembly.
A sum of SCR11,013,648,296.00 is being proposed for approval for this year.
The sum is less than what was budgeted last year.
Minister Hassan explained that though the sum might seem high, it is however taking into account the depreciation of the Seychelles Rupee.
He said, the Government has to make a lot of procurement of services and goods in foreign exchange, such as medical supplies, and school materials.
To note, since the second quarter of last year, the Seychelles Rupee has depreciated against all currencies, as a direct impact of the COVID-19 pandemic.
However, this budget Minister Hassan stressed is one which is looking to transform the economy of the country, which can better withstand economic and financial shocks.
“I want to say that this budget is one that will lay down the foundations for the construction of the transformation that our country needs. Before we reconstruct this country, we must ensure that its foundations are strong.”
Minister Hassan has pointed out the country’s debt is no longer sustainable and that it is important to immediately start putting it back on the track of sustainability.
The Budget 2021 is looking to cut down on corrupt practices, abuses and dependencies on the welfare system.
“This is the reason why Government is putting a lot of effort into ensuring that our budget returns to a sustainable path, and that our debts become sustainable as well.”
Emphasis is on wealth creation by developing further the tourism, fisheries, agriculture, financial services and digital economy sectors.
The budget is also focusing on creating opportunities for Seychellois, instead of encouraging them to depend heavily on the state.
“Let us aim for a country where we need no longer speak about vulnerable people and poor people who need social assistance. Let us create a country that produces enough wealth so that its people can live in dignity and in comfort. A people that does not rely entirely on the state, but who has its economic freedom, and can stand on its own feet.”
Debate of the Budget 2021 in the National Assembly will start this Friday.