Seychelles leader to step down

Rene has been in power for almost thirty years

Seychelles long-serving President Albert Rene says he will hand over power to his deputy after nearly three decades in power.

President Rene announced his retirement to parliament in the capital Victoria, during his state of the nation speech.

He said Vice-President James Michel would assume office later in the year.

President Rene gained popularity for spending heavily on a social welfare system that was the envy of Africa but the country is now in debt.

Recession

"I shall be handing over the presidency to Vice-President James Michel later this year," said Mr Rene who seized power after a bloodless coup in 1977.

Correspondents say Mr Michel will have an uphill task to revive the country's economy that has been in recession since the late 1990s.

Seychelles - an island on the Indian Ocean - draws its income mainly from the tourism industry.