Budget 2021-22, revolving around the three core strategies of Recovery, Revival and Resilience, was presented to the National Assembly, this afternoon, by the Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy. Government’s actions will be driven by these strategies that will also shape the economic, social and environmental policies in budget 2021-22 which is entitled Better Together.
It is a Budget which follows the philosophy of Sir Anerood Jugnauth, he emphasised. ‘SAJ had a great vision for Mauritius – a vision which he stated in his Budget Speech in 1991 when he expressed wholeheartedly his wish for Mauritius to be A land of achievers and of achievements,’ the Finance Minister stated.
The Finance Minister emphasised that it is time to rise back from the COVID-19 pandemic. ‘We will recover from the crisis, we will revive all our industries, we will improve our social resilience, we will be better together’, he said.
The Minister went on to spell out the plan for the Mauritian economy. Today, he underscored, we are setting a new strategy which will rest on three main pillars: giving an exceptional boost to investment; shaping a new economic architecture; and restoring confidence.
For him, the path to economic recovery and long-term resilience must be solid and effective, one that will generate more jobs and create more wealth. Dr Padayachy therefore announced the launching of an unprecedented investment drive in the Mauritian economy.
Government will invest some Rs 65 billion in priority projects over the next three years, including:
- Rs 11.7 billion for a National Flood Management Programme;
- Rs 12 billion for the construction of 12,000 social housing units;
- Rs 4 billion for projects under the Economic Recovery Programme;
- Rs 9.4 billion for the construction of Rivière-des-Anguilles Dam and its Treatment Plant;
- Rs 5.7 billion for Community Development Projects; and
- Rs 22 billion for land transport projects including roads and the Metro Express.
The COVID-19 pandemic, he also said, has struck at the very foundations of our economic growth and development model. This is why it is necessary to accelerate the pace of recovery and build resilience to sustain a high long-term growth path, he pointed out.
The Minister further recalled that almost exactly a year ago, he had unveiled to the nation, Government’s response against the COVID-19 crisis and recovery plan in the budget speech. Our priority then was to protect lives and livelihoods, maintain the production capacity and preserve the stability of our economy, he stated. These priorities are today at the heart of budget 2021/22, he highlighted.
Dr Padayachy pointed out that support was provided to businesses and people to limit defaults, prevent bankruptcies and most importantly to preserve jobs and livelihoods.
According to the World Bank, he further indicated, Mauritius’s COVID-response is the fourth largest in the world amounting to 32% of our GDP. Without this unprecedented Government support, the two consecutive contractions of our GDP in fiscal years 2019/20 and 2020/21 would have led to 100,000 unemployed people, that is, 20% of our labour force, he said. Yet, we managed to keep unemployment at 9.2% and inflation has been kept under control, he pointed out.
In addition, the Minister reckoned that vaccination is the game-changer. It brings hope throughout the world and international institutions are forecasting a strong global recovery this year, he highlighted. World GDP is expected to grow by 6% in 2021 and as the world engages on the road to economic recovery, we are now beginning to see light at the end of the tunnel, he added.
Dr Padayachy also remarked that Budget 2021-22 is about meeting the challenges of economic recovery and social resilience, supporting the population and businesses during these unprecedented times and promoting inclusiveness so that no one is left behind. Les résultats de la National Certificate of Education (NCE) sont satisfaisantes avec un taux de réussite de 71,6%, selon la directrice du MES Brenda Thanacoody Soborun.
