Mauritius | Finances

October 03, 2011

Budget 2012: Preparations are well underway

Deputy Prime Minister Xavier-Luc Duval will meet the leaders of the Joint Economic Council on Tuesday to review the 'Budget Memorandum' of the private sector.

The deteriorating global economy will attract the attention of the Great fundraiser. A special fund, called 'Rainy Day Fund' or 'Fighting Fund', will be provided in Budget 2012 to support strategic areas in difficulty, but also to provide support to employment and growth. The assistance fund will resemble somewhat the Additional Stimulus Package proposed by Rama Sithanen as well as the Economic Restructuring and Competitiveness Package proposed by Pravind Jugnauth.

Different operators have expressed concern about the economic situation in Mauritius, in order to encourage the Minister of Finance to take necessary actions to boost the economy. 

The Joint Economic Council stressed the importance of restoring confidence and optimism. Chamber of Commerce and Industry said a decline in economic activity in the third quarter of 2011, identified by its flag, the 'Business Confidence Indicator MCCI'. 

The Bank of Mauritius was more optimistic than private operators now Key Repo Rate to 5.5%. She expected a growth rate of 4.4% in 2011 against 4.6% previously. But the latest figures on growth in Mauritius, as presented by the Central Statistics Office, indicate a rate of 4.1% against 4.2% previously.The Bank of Mauritius found it quite encouraged by the situation in the labor market, tourism, official reserves, however, saying that inflationary pressures are still strong.

Preparations are well underway budget, and the Deputy Prime Minister has already that the budget be presented to the November 4, 2012 four reconcile the government's priorities, namely: promoting growth, improving the social protection system, strengthen the economic mechanism in case of global recession and make the tax system more efficient, efficient and fair.

Among the economic goals that should attract the attention of the Grand fundraiser in this budget, fiscal measures to stimulate private investment, including beyond the borders of Mauritius, and improve tax revenue, a decrease due to growth. Xavier-Luc Duval has already granted a generous salary compensation of 6.6% for those at the bottom, representing a cost of 3.5 billion rupees (Rs 1.9 billion for the private sector and Rs 1.6 billion for the public sector) for the Mauritian economy, he declared last month. 

Still, the finance minister will return the favor with more social measures which will enhance the living standards of Mauritians. 

 

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