Market falls, ministers say govt stable

As the Mouvement Socialiste Mauricien (MSM) scrambles for support at grassroots level with its central committee meeting on Saturday, it was “business as usual” for the government on Thursday.

That was the line taken by some cabinet ministers in response to queries about the unravelling political crisis following the resignation of all the six ministers of the MSM.

Meanwhile, market confidence seems to be ebbing. The benchmark SEMDEX stock index dropped 0.40 per cent on Thursday to 2023.22 points, its lowest level since April 8.
The index has been falling since the ministers quit.

However, it could be just coincidental. The world markets are also shaky at the moment with the US debt crisis adding to the gloom.

Thierry Vallet, executive director at AfrAsia Bank, agreed that the drop in the local market follows the global trend except China where there is no drop.

“This has nothing to do with the political crisis at home,” he reassured after counter checking the market.

“For me, work has been and is going on as scheduled everyday,” said Shakeel Mohamed, minister of Labour, Industrial Relations and Employment, speaking to The Independent.

“It is business as usual,” added the minister.

Michael Sik Yuen, the minister of Business, Enterprise, Commerce and Consumer Protection now has the additional charge of Industry and Cooperatives.

He also said work was unaffected.

The minister of Education and Human Resources Vasant Bunwaree, charged with the Ministry of Finance and Economic Development since Wednesday, would rather focus on the job at hand.

“We have a job to do and we leave the rest to the Prime Minister,” he said.

The president of the Labour Party, Patrick Assirvaden, said to The Independent that the party will make no official state-ments nor will it hold any “meetings” until Prime Minister Dr Navin Ramgoolam returns back from London.

He is expected to reach during the weekend.