Finance Minister highlights Mauritius’s positive economic performance for year 2022

Mauritius: Mauritius is set to achieve its set target of economic growth of 7.2% by the end of 2022, announced the Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy, this morning during a press conference pertaining to the country’s economic situation for the year 2022, held in Port-Louis.

Mauritius: Mauritius is set to achieve its set target of economic growth of 7.2% by the end of 2022, announced the Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy, this morning during a press conference pertaining to the country’s economic situation for the year 2022, held in Port-Louis.

The Finance Minister attributed this laudable performance to the relentless hard work of the population, which he said, believed in the capacity and capabilities of the country to overcome the challenges brought forth by the COVID-19 pandemic and thus enabled Mauritius to consolidate its image and boost its recovery.

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Dr Padayachy observed that Mauritius faced its worst economic crisis in the aftermath of the pandemic. During this tough period, the Government stepped up with a range of support programmes to help all those whose work was adversely impacted while scaling efforts to build the resilience of the country in the wake of the unprecedented socioeconomic crisis; he pointed out.

The Minister explained that Government acted on providing support to the population and enterprises while in parallel working to foster and maintain a favourable business environment.

These have yielded an exceptionally positive economic performance, with our Foreign Direct Investment for this year amounting to Rs.25 billion, whilst investment stands at Rs. 105 billion, and private investment amounting to Rs. 80 billion, he informed. As for our total exports, it amounts to Rs. 292 billion, he added.

Furthermore, as for the year 2023, Minister Padayachy underlined that Government is working towards attaining an economic growth of 5% while reiterating its resolve to continue to work with determination to overcome any challenges.

Besides, the Finance Minister reaffirmed Government’s resolve to cater for the well-being and welfare of its population, most particularly the most vulnerable groups.

He dwelt on various relief measures implemented by the Government, including earmarking a total of Rs. 8 billion in subsidies for essential goods, Rs. 30 billion to provide for financial assistance during the COVID-19 pandemic, abolition of municipal taxes, and the payment of Social Contribution Income Allowance of Rs 1,000, amongst others.

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