{
  "title": "Press Release: IMF Staff Statement at the Conclusion of a Staff Visit to Mauritius",
  "publication": "IMF News, February 20, 2009",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0943",
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  "summary": "Mission led by Christina Daseking, Advisor in the IMF’s African Department.",
  "publishDate": "2009-02-20",
  "sections": [
    {
      "heading": "Mission visit and meetings",
      "content": "- Mission led by Christina Daseking, Advisor in the IMF’s African Department.\n- Visit occurred during February 17-20, to review recent economic developments and discuss macroeconomic policies in light of the global financial crisis.\n- Meetings held with:\n  - Prime Minister Navinchandra Ramgoolam\n  - Minister of Finance and Economic Empowerment Ramakrishna Sithanen\n  - Governor Rundheersing Bheenick\n  - Other senior government officials, private sector representatives, and donors.\n- Team expressed gratitude for the authorities’ hospitality and noted the benefit of fruitful discussions."
    },
    {
      "heading": "Macroeconomic assessment",
      "content": "- “As a result of sustained economic reforms over the last few years, Mauritius’s macroeconomic fundamentals are solid.”\n- Fiscal position improved and the public debt-to-GDP ratio declined.\n- Economic growth reached its highest level in a decade in 2008.\n- Mauritian banking system described as remaining well capitalized and liquid, despite stress in banks in many countries.\n- Inflation fell to just above 5 percent in January, measured on a year-on-year basis; the mission considered this measure more appropriate than the frequently used backward-looking average for guiding monetary policy."
    },
    {
      "heading": "External environment, projections, and key statistics",
      "content": "- A sharply deteriorating external environment is posing significant challenges.\n- Projected economic growth: 2 percent in 2009.\n- Comparison: more than 5 percent in 2008.\n- Current account deficit expected to rise to 11 percent of GDP, notwithstanding falling prices for food and fuel.\n- Price developments: falling food and fuel prices contributing to lower inflation."
    },
    {
      "heading": "Policy recommendations and priorities",
      "content": "- Welcomed the government’s proactive policy response in the form of a fiscal stimulus package and co-ordinated monetary easing.\n- Emphasized need to remain vigilant to:\n  - Maximize the impact of the stimulus while containing fiscal and balance of payments pressures.\n  - Improve the efficiency of public spending.\n  - Further support private investment by removing administrative bottlenecks.\n- Recommended measures to address global recession effects:\n  - Strengthen competitiveness.\n  - Protect the most vulnerable groups through reforms of state enterprises.\n  - Replace poorly targeted price subsidies and social programs with a well-targeted social safety net.\n- On monetary policy and exchange rate front:\n  - In considering further easing, continue to prevent excessive exchange rate movements.\n  - Maintain a prudent level of international reserves."
    },
    {
      "heading": "IMF engagement going forward",
      "content": "- The IMF will maintain a close policy dialogue with the authorities and continue to provide technical assistance to Mauritius.\n- A team expected to return to Mauritius for the next Article IV consultation in the second half of this year.\n\nPress Release No. 09/43\n\n---\n\n\n References\n\n- Mauritius and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr0943"
    }
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    "Published: February 20, 2009",
    "Mission led by Christina Daseking, Advisor in the IMF’s African Department.",
    "Visit occurred during February 17-20, to review recent economic developments and discuss macroeconomic policies in light of the global financial crisis.",
    "Meetings held with:",
    "Team expressed gratitude for the authorities’ hospitality and noted the benefit of fruitful discussions.",
    "“As a result of sustained economic reforms over the last few years, Mauritius’s macroeconomic fundamentals are solid.”",
    "Fiscal position improved and the public debt-to-GDP ratio declined.",
    "Economic growth reached its highest level in a decade in 2008.",
    "Mauritian banking system described as remaining well capitalized and liquid, despite stress in banks in many countries.",
    "Inflation fell to just above 5 percent in January, measured on a year-on-year basis; the mission considered this measure more appropriate than the frequently used backward-looking average for guiding monetary policy.",
    "A sharply deteriorating external environment is posing significant challenges.",
    "Projected economic growth: 2 percent in 2009.",
    "Comparison: more than 5 percent in 2008.",
    "Current account deficit expected to rise to 11 percent of GDP, notwithstanding falling prices for food and fuel.",
    "Price developments: falling food and fuel prices contributing to lower inflation.",
    "Welcomed the government’s proactive policy response in the form of a fiscal stimulus package and co-ordinated monetary easing.",
    "Emphasized need to remain vigilant to:",
    "Recommended measures to address global recession effects:",
    "On monetary policy and exchange rate front:",
    "The IMF will maintain a close policy dialogue with the authorities and continue to provide technical assistance to Mauritius.",
    "A team expected to return to Mauritius for the next Article IV consultation in the second half of this year.",
    "[Mauritius and the IMF](http://www.imf.org/external/country/MUS/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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