Growth debt and competitiveness in small economies
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Growth, Debt and Competitiveness in Small Economies. The case of MAURITIUS Ali Mansoor Financial Secretary . Economic Situation at Independence Mauritius was among the least developed economies in the world :. Low per capita income : USD 200

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Growth, Debt and Competitiveness in Small Economies

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Growth debt and competitiveness in small economies

Growth, Debt and Competitiveness in Small Economies

The case of MAURITIUS

Ali Mansoor

Financial Secretary


Economic situation at independence mauritius was among the least developed economies in the world

Economic Situation at Independence Mauritius was among the least developed economies in the world :

  • Low per capita income : USD 200

  • Agricultural and monocrop economy : Sugar >91% of total fob exports

  • Labour: high unemployment (>16%) and low labour productivity

  • Education: Very poor enrollment rate secondary education

  • Quality of Life: low standard of living, poor access to water, electricity and decent dwelling

  • Demography: high population growth (>2%), low life expectancy (61 male; 66 female) and high infant mortality rate (64)

  • Infrastructure: poor quality road networks, administrative buildings, communication network, provincial airport


Economic diversification

ECONOMIC DIVERSIFICATION


Evolving development strategy

Evolving Development Strategy


Mid 2000s fundamental shift new development paradigm 1 income generation investment and growth

Mid 2000s: Fundamental Shift & New Development Paradigm1. INCOME GENERATION: INVESTMENT AND GROWTH

  • Fiscal Reforms /Consolidation

    • Low flat income tax rates of 15%

    • Removed discretionary power of Minster of finance to remit custom duty and excise duty

    • Tax expenditure reforms

    • Indexation of non tax revenue

    • Broadened tax base: (solidarity levy on bank, telecom. Sector; extension of environment protection fee to new items, levy on SMS);

    • Improved tax Administration

    • Programme Based Budget (PBB)

    • PFM Reforms

    • Debt Management : New Public Debt Management Act


Mid 2000s fundamental shift new development paradigm 1 income generation investment and growth cont

Mid 2000s: Fundamental Shift & New Development Paradigm1. INCOME GENERATION: INVESTMENT AND GROWTH (cont)

  • Ease of Doing Business

    • Investment facilitation

    • Greater openness/attracting foreign capital, skills, talents, expertise, ideas

  • Labour Market Reforms

    • From job protection to worker protection

    • Flexibility

    • Workfare Programme

  • Institutional Reform

    • Operatinalisation of MRA (2006)

    • MRA regional office in Rodrigues

    • Public Enterprise Reforms

    • Statistics Mauritius

    • Setting up of Office of Public Sector Governance

    • Setting up of Public Procurement Office

    • Establishment of Monetary Policy Committee (2007)


Mid 2000s fundamental shift new development paradigm 2 social

Mid 2000s: Fundamental Shift & New Development Paradigm2. Social

  • Arts & Culture

    • Promotion & Development of artists via grants, training, and festivals

    • Partnership with private sector to preserve heritage

  • Solidarity

    • Targeted social safety nets

    • Social housing

    • Education & Healthcare

    • CSR (1 percent of profits but used by firm within National Priorities)

  • Empowerment Programme

    • National Empowerment Fund(NEF) targets the highly vulnerable

    • Training programmes in Literacy & Numeracy, and Life-skills

    • Special programme for re-training of unemployed women

    • Integrated Social Development (Housing) Programme:


Mid 2000s fundamental shift new development paradigm 3 environmental sustainability

Mid 2000s: Fundamental Shift & New Development Paradigm3. Environmental Sustainability

  • Maurice Ile Durable

    • Reducing energy consumption

    • Leveraging renewable sources: Solar, Wind, Ocean-based

    • Incandescent bulbs replaced with CFLs (1 Million to date)

    • Government subsidy for solar water heaters

    • Bus modernisation scheme

      • Replacement of fleets with energy efficient and less polluting buses

    • Street & Traffic light replacement

    • Large scale composting for agriculture


Impact of reforms despite drag from great recession

IMPACT OF REFORMS DESPITE DRAG FROM GREAT RECESSION


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