Mauritius: Pre-Budget Consultations - Representatives From Mauritius Bankers Association, Mauritius Finance, and Insurers' Associations Meet With Finance Minister

press release

The Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy, had pre-budget consultative meetings, this afternoon, in Port Louis, with representatives of the Mauritius Bankers Association, Mauritius Finance, and Insurers' Association.

In a statement after the meeting, the Chairperson of Mauritius Finance, Mr Shahed Hoolash, underlined that they had submitted budgetary proposals to the Finance Minister in advance. Discussions, today, he highlighted, focused mainly on the need for capacity building and the promotion of the industry. He also stressed on the importance for short and long term measures aimed at giving an impetus to the sector.

According to him, short term measures should focus on how to make the sector grow and how to sustain it, as well as retraining of Mauritians to encourage them to join the sector. Long term measures, he added, should aim at creating a middle and higher management from the pool of trained human resource.

Speaking about the Russia-Ukraine conflict, Mr Hoolash observed that it has created a slowdown but has not affected the sector. He said that the industry has recorded growth, with an increase in jobs. The fact that Mauritius has been removed from EU blacklist has also led to enhanced growth in the sector, he added.

Insurers' Association

As for the Secretary General of the Insurers' Association, Mr Vashish Ramkhalawon, he expressed satisfaction that the meeting with the Finance Minister was very fruitful, adding that Dr Padayachy was attentive to all their proposals. He said that discussions focused on measures aimed at bringing about reforms in several sectors such as industry specific consumer Regulations, and medical reforms.

He also highlighted that during the COVID-19 pandemic, insurance companies have helped a lot of families.

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