Mauritius | Finances

November 08, 2012

Second Budget of Best Minister of Finance 2012

Even the greatest economist of the country would not be in place of the Minister of Finance on Friday 9 November.

Xavier-Luc Duval share with the handicap of having been recently awarded twice: it was named Best Finance Minister in 2012 by the African Leadership Magazine, 'Finance Minister of the Year 2012' by the Africa Investor. 

Add to that the good performance of the last countries 'Doing Business Survey', where we won 5 seats, the 23rd to the 19th, maintaining our position in the first Mo Ibrahim Index and'' Investment Promotion Agency of the Year Award, awarded to the Board of Investment. These factors, according to analysts, who nailed the bagman in an awkward position, that it can not have any mistakes, so hopes of a better tomorrow are trained on him ... 

On the other hand, the challenges are enormous tourism shows signs of weakness, foreign investment is concentrated in the concrete job creation stagnates, the closure of businesses in the manufacturing sector are growing, another Waltz expected price increase consumers turning, with the dollar and the euro vis-à-vis the rupee and the ripple effect of a future increase in fuel prices, the 'Made in Mauritius 'can barely win against importing invasive and public debt grows while the country borrow more to continue its development. 

'Non-starters' and Jinfei Neotown are two other spots on the board. Finally, beyond declarations of intent conferences grand, foreign investors are not rushing to Mauritius. 

Flexibility 

No leeway. This is the refrain which we have used all the finance ministers on the eve of a Budget. In this case, the margin is certainly limited, with a highly indebted country and the economic crisis not letting go of our major European markets. 

On paper, a finance minister can always skilful juggling well with the figures to an achievement, eliminating waste and other unnecessary expenses, except that, in reality, it is the political impact that counts, and not economic effect. Expectations are high at targeting social benefits but will not be on the agenda. Subsidies should continue, as well as free transport. 

So, where to find new sources of revenue? VAT increase? More taxing banks who continue to see their profits grow? Impose new environmental taxes? Continue with privatization? Reintroduce the Capital Gains Tax to bypass land speculation? Responses, Friday, November 9. 

Glossary budget 
Trade balance account summarizing imports and exports of a country. 
Capital account: account summarizing the inputs and outflows of a country. 
Balance of invisible account summarizing the exports and imports of services and income of a country. 
Balance of payments account that records all trade of a country. 
Current account: account summarizing the operations of the trade balance and balance of invisible. 
Devaluation: fixed exchange rates, a government decision to reduce the value of its currency relative to other currencies. 
Gross Domestic Product (GDP) is a measure of the production of goods and services between countries, with the criterion of production on the national territory, regardless of the nationality of producers. This means that a foreign subsidiary of a group of Mauritius (Mozambique, for example) do not contribute to the GDP of Mauritius, but a subsidiary of a foreign company based in Mauritius contributes. 
Gross National Product (GNP): A measure of the production of goods and services a country with as a criterion of the nationality of producers. This means that a foreign subsidiary of a group contributes to GDP Mauritius Mauritius, but a subsidiary of a foreign company based in Mauritius does not contribute. 
Globalisation: the phenomenon of internationalization of trade and financial transactions which is characterized by the set of players who develop their business and research efficiency globally. 
Efficiency: A situation in which a goal is achieved by using it for the least possible resources. 
Austerity: Economic policy of compressing the application to slow rising prices. 
Fiscal policy: economic policy conducted by the State budget as a whole, including action by the revenue and action by public spending. 
Economic Policy: conscious action of the public resulting in the definition of economic and social objectives and implementation of the necessary means to achieve them. 
Monetary policy: deliberate actions of the monetary authorities (Central Bank) on the monetary and financial assets for the regulation of the economy in the short and medium term. Main objective - price stability. 
Public debt: the amount of financial liabilities still owed ??by a State, public authorities and organizations directly related to the state. 
Announcement effect: marketing process that aims to create a pull effect on the audience before an event occurs, solely through the announcement. 
Fiscal Year: twelve-month period for recording financial transactions. Note that the government's fiscal year is now January 1 to December 31. Previously, she was from July 1 to June 30

 

 

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