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Monday, February 26, 2024

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Growth: Our Target Of 7.2% Reached By End Of 2022, Says Padayachy

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The 7.2% growth target for 2022 will be achieved by the end of the year. This is what Renganaden Padayachy, Minister of Finance, said in a press conference yesterday morning. Minister Padayachy also forecasts a 5% growth in 2023. He said that the government will work towards this goal despite the difficulties on the international level.

The Minister of Finance gave an overview of his ministry’s performance in a press conference this morning. He said that exports will reach Rs 292 billion by 2022. According to Renganaden Padayachy, this represents an increase of Rs 80 billion compared to last year.

Dr Padayachy observed that Mauritius faced its worst economic crisis as an aftermath of the pandemic. During this tough period, Government stepped up with a range of support programmes to help all those whose work were 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.

Besides, the Finance Minister reaffirmed Government’s resolve to cater for the wellbeing 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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