{
  "title": "IMF Staff Completes 2025 Article IV Mission to Mauritius",
  "publication": "IMF News, April 11, 2025",
  "sourceUrl": "https://www.imf.org/en/news/articles/2025/04/10/pr-25100-mauritius-imf-staff-completes-2025-article-iv-mission-to-mauritius",
  "canonical": "https://www.imf.org/en/news/articles/2025/04/10/pr-25100-mauritius-imf-staff-completes-2025-article-iv-mission-to-mauritius",
  "overlayPath": "/en/news/articles/2025/04/10/pr-25100-mauritius-imf-staff-completes-2025-article-iv-mission-to-mauritius/index.md",
  "summary": "An International Monetary Fund (IMF) mission led by Mariana Colacelli visited Mauritius from March 31 to April 11, 2025, to conduct the 2025 Article IV Consultation.",
  "publishDate": "2025-04-11",
  "sections": [
    {
      "heading": "Mission details",
      "content": "- IMF mission led by Mariana Colacelli visited Mauritius from March 31 to April 11, 2025, to conduct the 2025 Article IV Consultation.\n- Press release date: April 11, 2025.\n- End-of-mission statement conveys preliminary findings of IMF staff; these views do not necessarily represent the views of the IMF’s Executive Board."
    },
    {
      "heading": "Economic performance and outlook",
      "content": "- Real GDP grew by 4.7 percent in 2024, driven by services, construction, and tourism.\n- Real GDP growth is projected to soften to 3.0 percent in 2025 due to weakening external demand, easing tourism activity, and the severe drought.\n- Headline inflation:\n  - Eased in 2024 to 3.6 percent from 7.0 percent in 2023.\n  - Was 2.5 percent in March (2025), remaining within the Bank of Mauritius’ (BOM) target range of 2-5 percent.\n  - Drivers of lower inflation: declining international food and energy prices, and lower fuel excise duties.\n- External sector:\n  - The external current account deficit is estimated to have widened in 2024.\n  - Foreign reserves increased to US$ 8.4 billion at end-2024."
    },
    {
      "heading": "Risks and vulnerabilities",
      "content": "- Downside risks:\n  - Deterioration in global growth and higher uncertainty in trade and financial markets could dampen growth.\n  - Delays in recalibrating the macroeconomic policy mix could lead to a disorderly adjustment.\n  - Extreme climate events could damage infrastructure and agriculture, weakening tourism and growth.\n- Macro-financial risks to monitor:\n  - Risks associated with global business companies operating in the Mauritius International Financial Center.\n  - Risks in the real estate sector."
    },
    {
      "heading": "Fiscal policy, debt, and recommendations",
      "content": "- Fiscal stance:\n  - As in fiscal year 2023/24, the fiscal policy stance in fiscal year 2024/25 is expected to be expansionary.\n  - The primary fiscal deficit is projected to widen to 6.6 percent of GDP, excluding grants.\n  - Public debt is projected to reach almost 90 percent of GDP at end-June 2025.\n- Policy recommendations:\n  - Implement an ambitious medium-term growth-friendly fiscal consolidation plan, starting in fiscal year 2025/26, to rebuild fiscal space and support fiscal sustainability.\n  - Boost tax revenue.\n  - Reduce current spending while protecting the most vulnerable.\n  - Strengthen fiscal governance."
    },
    {
      "heading": "Monetary policy, reserves, and central bank governance",
      "content": "- Since 2023, the monetary policy stance has become less accommodative and inflation has decreased to BOM’s target range.\n- Recommendations:\n  - BOM should remain ready to further tighten the monetary policy stance should inflationary pressures revive.\n  - Strengthen implementation of the monetary policy framework.\n  - Safeguard BOM independence.\n  - Conserve foreign reserves to enhance resilience to external shocks.\n  - Support for authorities’ plans to gradually phase out the BOM’s ownership of the Mauritius Investment Corporation."
    },
    {
      "heading": "Structural reforms and climate resilience",
      "content": "- Priority reforms to reduce external imbalances and foster private sector-led growth:\n  - Improve governance.\n  - Sustain compliance with Anti Money Laundering/Combating the Financing of Terrorism (AML/CFT) standards.\n  - Boost private sector competitiveness.\n  - Enhance labor supply and skills.\n  - Advance climate resilience measures to protect infrastructure, agriculture, and tourism.\n\nSource: IMF Staff press release, April 11, 2025.\n\n---\n\n\n References\n\n- IMF Policy Advice -- A Factsheet\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2025/04/10/pr-25100-mauritius-imf-staff-completes-2025-article-iv-mission-to-mauritius"
    }
  ],
  "bullets": [
    "[Markdown version](/en/news/articles/2025/04/10/pr-25100-mauritius-imf-staff-completes-2025-article-iv-mission-to-mauritius/index.md)",
    "[Structured JSON version](/en/news/articles/2025/04/10/pr-25100-mauritius-imf-staff-completes-2025-article-iv-mission-to-mauritius/index.json)",
    "[Bundle manifest](/en/news/articles/2025/04/10/pr-25100-mauritius-imf-staff-completes-2025-article-iv-mission-to-mauritius/bundle-manifest.json)",
    "Published: April 11, 2025",
    "IMF mission led by Mariana Colacelli visited Mauritius from March 31 to April 11, 2025, to conduct the 2025 Article IV Consultation.",
    "Press release date: April 11, 2025.",
    "End-of-mission statement conveys preliminary findings of IMF staff; these views do not necessarily represent the views of the IMF’s Executive Board.",
    "Real GDP grew by 4.7 percent in 2024, driven by services, construction, and tourism.",
    "Real GDP growth is projected to soften to 3.0 percent in 2025 due to weakening external demand, easing tourism activity, and the severe drought.",
    "Headline inflation:",
    "External sector:",
    "Downside risks:",
    "Macro-financial risks to monitor:",
    "Fiscal stance:",
    "Policy recommendations:",
    "Since 2023, the monetary policy stance has become less accommodative and inflation has decreased to BOM’s target range.",
    "Recommendations:",
    "Priority reforms to reduce external imbalances and foster private sector-led growth:",
    "[IMF Policy Advice -- A Factsheet](https://www.imf.org/en/about/factsheets/imf-surveillance)",
    "[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)"
  ],
  "alternates": {
    "markdown": "/en/news/articles/2025/04/10/pr-25100-mauritius-imf-staff-completes-2025-article-iv-mission-to-mauritius/index.md",
    "json": "/en/news/articles/2025/04/10/pr-25100-mauritius-imf-staff-completes-2025-article-iv-mission-to-mauritius/index.json",
    "bundleManifest": "/en/news/articles/2025/04/10/pr-25100-mauritius-imf-staff-completes-2025-article-iv-mission-to-mauritius/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-26T03:45:36.387Z"
}