The objective for 2022 is to achieve an economic growth rate of between 6% and 7%. We must work to achieve this goal and within one to two months we will have to see how the situation has evolved. This statement was made this evening by the Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy, at the Caudan Arts Center in Port-Louis, following the meeting of the third Joint Sector Commission public-private.
The Committee aimed to provide an effective, collaborative and interactive platform to address the challenges facing the Mauritian economy and harness new opportunities to foster economic development. It was organized by the Economic Development Board (EDB), in collaboration with the Ministry of Finance, Economic Planning and Development.
The high-level meeting, chaired by Minister Padayachy, brought together the Financial Secretary, Mr. Dharam Dev Manraj; the Governor of the Bank of Mauritius, Mr. Harvesh Seegolam; EDB Chief Executive Officer, Mr. Ken Poonoosamy; and other personalities. Twenty representatives of the private sector and public institutions, economic operators as well as senior officials from the Ministry of Finance, Economic Planning and Development and the EDB also participated.
In a statement, the finance minister said the committee allowed all stakeholders to exchange their views on the challenges of the coming year with regard to the global outlook, including the Russian-Ukrainian conflict. and the high rate of appreciation of the dollar. The meeting also discussed ways to improve the country’s economic performance, he said.
Dr. Padayachy further indicated that the government is here to work with private partners for the economic recovery of the country. This year, the challenge is to achieve a high rate of economic recovery and our objective is to achieve a growth rate of 7.2% and to register the bar of Rs 550 billion, he underlined. So the objective is really to accelerate this recovery so that we can achieve our goals given that the country has experienced the worst economic crisis due to the COVID-19 pandemic in the past two years, he underlined. .
The Minister also spoke of the goal of welcoming one million tourists to Mauritius as well as allowing all business sectors to thrive as they did before the pandemic. During the joint public-private sector commission, we assured that at the level of the ministry and the BDE, we are working for the rapid implementation of all the key budgetary measures, he underlined.
In addition, he recalled that July is the first month of the 2022/23 financial year and that last Friday, the first measure relating to the CSG was put in place. This measure will benefit people working in Mauritius and earning a salary of Rs 50,000 and having contributed to the CSG. These workers will benefit from an income allowance of Rs 2,000 and some 350,000 people are targeted, he said.
The Minister said that an analysis will be carried out during the month of July to see how many budgetary measures have already been implemented and to decide on the way forward.
Dr. Padayachy pointed out that work is underway to set up a fast-track committee to oversee investment projects and resolve recruitment-related issues. A committee will be set up under the chairmanship of the prime minister regarding the granting of work permits, he announced. All these initiatives will help Mauritius to achieve a high and sustainable growth rate, he underlined.
Dr Padayachy stressed that work was continuing to support the most vulnerable. He recalled that the price of oil has increased on the international front and on this note announced that the Minister of Trade and Consumer Protection will put in place measures to offer subsidies on oil. The budget has earmarked Rs 500 million to offer subsidies on certain products especially oil and milk and in the near future the oil will be marketed by the State Trading Corporation at a reasonable price, he said .
Regarding inflation, the minister said the rate will be high but ensuring a high growth rate will enable the government to provide more support to the most vulnerable, he added.