15 October 2018

Mauritius: IMF and World Bank to Assist Mauritius in Strengthening the Financial Sector

press release

An International Monetary Fund (IMF) and World Bank team will be in Mauritius in December this year to assist the country in enhancing financial stability, facilitating access to finance and addressing risk management.

The IMF and World Bank assistance was sought by the Minister of Financial Services and Good Governance, Mr Dharmendar Sesungkur, who was the head of a delegation comprising the Financial Secretary, Mr Dharam Dev Manraj, and senior officials of the Ministry of Finance and Economic Development to attend the annual meetings of the IMF and World Bank in Indonesia.

On Wednesday 10 October 2018, the Mauritian officials met the Director of the Finance, Competitiveness and Innovation (FCI) Global Practice of the World Bank, Mr Alfonso Garcia Mora, who pointed out the measures that can be adopted to further strengthen the financial systems so as to enhance stability, soundness and transparency.

Discussions with Mr Mora also focused on the benefits of setting up a well-designed centralized KYC in line with relevant norms and practices and using digitalized information system with high level IT security and backup system. The possibility of guidance of the World Bank to improve the National Risk Assessment and on ways and means of improving Mauritius compliance with the FATF International standards and requirements concerning AML/CFT was also examined.

In the margins of the IMF and World Bank annual meetings, the Mauritian delegation also met the Director and the Deputy Director of the IMF's African Department, Messrs Abebe Selassie, and David Owen, respectively on 9 October 2018. Discussions focused on the next IMF Article IV Consultation Mission, scheduled in January 2019 and the request to IMF to provide technical assistance to improve Mauritius compliance with the International FATF standards and requirements concerning AML/CFT. Moreover, Minister Sesungkur requested for this exercise to be conducted on a fast track basis.

For his part, Director Selassie expressed satisfaction to the contribution made by Mauritius to training and capacity building extended to the African continent and commended the Government of Mauritius for its financial contribution more specifically to the IMF African Training Institute and Afritac.

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