The PM "Pei finn azenou ek kantité dépans kin bizinn fer"
ESKI DÉPANS LOR AUGMANT PENSIONS, LOR PRB , LOR “PRESTIGE PROJECTS” TI BAN PRIORITÉ SA? Are these the expenses to save livelihoods and jobs ?
It is their sloppy management of the economy, both pre- and post-lockdown, that has landed the economy in its present quagmire !
"Kantité dépans ki fin bizin fer " – ZOT FINN MAL DÉPANSÉ !!!
Look what IMF had to say on “kantité depans kinn bizin fer’:
‘IMF approves of the accommodative fiscal policy stance to support households and firms, but advises to focus on alleviating constraints linked to the pandemic, such as higher air shipping costs, rather than providing blanket support to firms. Support should be targeted to allow viable and innovative firms to flourish.”
Our top economist of the ReA , Mr Paragan Kugan in an interview to the MTimes on July 23 , 2021 did highlight the fact that “ the MIC did not save jobs, it saved the capital of the shareholders and the profitability of the banks. …Is it normal that banks are still reporting billions in profits when the State is resorting to the central bank’s reserves to bail them out?
Moreover on MICmacs, he asserts that « C'est peut-être le plus gros scandale qu'ait connu Maurice » . “Public money amounting to 12.5% of GDP is being doled out to cronies and to bail-out the oligarchs.” À LA KOT CERTAIN DÉPANS FINN ALLÉ !!!
The investments in Akai fisheries, Luxury Retirement Village and PSH Investment are not in line with the main investment objective of the MIC, i.e to assist systemically large, important and viable corporations or companies which are financially distressed as result of the Covid-19 pandemic. Our culture of impunity which fosters corruption and state capture has created the conditions for sub-investment grade to be almost acceptable and inevitable.
We have to bear the cost today of part of the Rs 60 bn transfer from the Bank of Mauritius as an exceptional measure to save jobs and support health and incomes, which has being added to the budget deficit ( the true consolidated budget deficit,including the Rs 60 bn, the special funds and off-budget expenditures, reached -9.7% of GDP for FY20-21). So who is paying for that ?
And the deliberate policy of Govt to allow the rupee to weaken is fuelling the inflationary pressures andv deflating the real value of the mounting public debt and thus enabling the authorities to raise more tax revenue on the inflated value of consumption. Who is paying for that ?
They were warned …” …to create fiscal space for (priority) projects, other low priority investment projects should be postponed or cancelled ……, based on a robust assessment of fiscal implications and ensuring good governance”.
Instead of a re-prioritisation of public investment and appropriate policy measures for long term structural transformation, our political demagogues were proffering simplistic solutions to our complex macroeconomic and socioeconomic ills, too anchored in their electorally-dictated populist compulsions to be bothered about the deleterious impact on the economy. The worst is still to come !
