A continuation of populist policies

Why is this government throwing every caution to the wind ? Rs 60 billion from BOM of foreign reserves to government without really assessing all the risks and Rs 8 billion from the ADB not the IMF. (reimbursing ADB the Rs 7 bn from the Reserve Fund was a blunder then !)

It's not just the level of foreign reserves that matters, stupid !!!

(Published in Weekly, Issue 401, 11 June 2020) 

In his reply to the PNQ by the leader of the opposition on the Balance of Payments, the Minister of Finance , new to the political scene but already developing quite some intolerance to queries and already habituated at playing fast and loose with the answers, was this time totally off the mark. 

The choice is yours to turn this country into an economic basket case .

One of our top economist cum political activist posted a narrative about the players of the England football team instructed to raise their arms to give the Nazi "Heil Hitler" salute before a match in Berlin on 14 May 1938. One of the players, Stan Cullis, refused to carry out the salute and was dropped from the team 

EU Black List : Payadachy parle de " "Patriotisme", quel culot !!!

Who were the Chairman and CEO of the FSC all that time ?

What has Padayachy done to strengthen the regulatory capacity of the FSC, so that the country can protect its reputation from the financial scandals like those related to Isabel Dos Santos and Luanda Leaks, Sobrino and Bastos, Mauritius leaks or Fishrot files? 

EU BLACKLIST: Après plis ki 5 ans, Pas Moi, Li sa!!!

The new ESAAMLG framework for the assessment of our jurisdiction dates back to 2014. (Fatf principles -2012, revised fatf methodology -2013, ESAAMLG revised evaluation procedures announced end 2014). The Labour party did not even have time to put itself to the task when they were booted out of power. 

COVID-19 BILL – Amendments to the Public Debt Management Act (PDMA)

The amendments have mainly eliminated the public sector debt ceiling targets and changed the definition of public sector debt from a gross to a net basis.

The Ministry of Finance have become masters in deception. Their contrived accounting practices on Public Sector Debt (PSD) have raised it to to new heights. Let me show you how !!!

COVID-19 BILL – Amendements to the Bank of Mauritius Act.

What are they up to? Let’s examine !!!

AMENDMENT 1. Sec 2(a)(i) of The Covid 19 (Miscellaneous Provisions) Bill amends the Bank of Mauritius Act by introducing a new provision at sec 6 (1) (oa), as follows: Section 6. Powers of the Bank(1) Subject to the Act, the Bank may –(oa) on account of the Covid-19 virus having a negative impact on the economy of Mauritius, grant such amount to Government as the Board may approve to assist it in its fiscal measures to stabilise the economy of Mauritius.

After the blow of the blacklisting, now the denial mode.

In February last, the FATF issued a new list of ‘jurisdictions under increased monitoring’ – commonly known as the ‘grey list’ – which included Mauritius for the first time alongside 17 other jurisdictions. The Minister of Financial Services & Good Governance Mahen Kumar Seeruttun then argued that we should make a distinction between a jurisdictions under increased monitoring i.e. the grey list and high-risk jurisdictions subject to a call for action i.e. the black list.

Four Labor MPs Demanding derogations from the ban on assembly

Some comments from the public:  

There is a Coronavirus relapse patient already and some are asking for preferential treatment. And among the petitioners there is a MD. Find the answers yourselves.

Why only some people having the permission ….and. not others; lockdown apply for all and every one! Stay home stay safe!. . .

Unbelievably and Shockingly so partisan -Nou Ek Zot !!!

Whether it is Covid-19, Greylisting or Blacklisting, Work Access Permit, distribution of food packs, AMB sales of potatoes &onions, Air Mts, SBM ...why is this government so blatantly partisan as if "sa pays là pu zot" !!! 

EU adding Mauritius to the Money-laundering blacklist.

This is awful for the country but was expected in the wake of FATF greylisting. You recall in my posting of March 1st (see below) titled "The FATF Greylisting: Implications and Future Actions" which was published in Le Mauricien on 09 March 2020 , I had warned the Authorities that a new EU list will be drawn in 2020 based on a revised methodology that goes beyond FATF criteria and that we should do our best to avoid a possible blacklisting of Mauritius by the EU at all costs as it would further undermine our image and reputation, seriously hamper the smooth running of business and trade and damage the growth prospects of our economy.

Covid-19 Projects Development Fund (CPDF): Another Colourable Device !!!

Government has set up a COVID-19 Projects Development Fund with the objective of implementing an investment programme following the negative impact of the COVID-19 pandemic on the economy.

Where is the Education Minister?

Schools will remain closed until August 1- for the next three months. Parents and students are worried about this long period of disruption, particularly the more vulnerable and disadvantaged communities.

Nu TIi Dir Zot, Pas Vot Lekip Maja Karo !!!

Mais Lepep fin decidé . P.Kugan rightly pointed out in an article in Mauritius Times "How do you call a population which democratically elects a government which it knows will invariably engage in such poor governance practices? "

Mauritius does not need an IMF salesman but a new development model

In his intervention on a local radio, Mansoor, the ex-Financial Secretary was true to himself, a typical bureaucrat and to be more exact, an IMF bureaucrat, making the case for Mauritius borrowing from the Bretton Woods institutions to finance the post Covid-19 economic revival of the economy. We meant ” bureaucrat “ also in the conventional "Yes Minister" sense . He was more concerned about not displeasing our policymakers, past and present, rather than being sharp, convincing , ingenious and innovative in his arguments and suggestions. We were not surprised .