𝐅𝐚𝐢𝐥𝐮𝐫𝐞 𝐚𝐭 𝐚𝐥𝐥 𝐥𝐞𝐯𝐞𝐥𝐬 , 𝐧𝐨𝐭 𝐨𝐧𝐥𝐲 𝐨𝐧 𝐩𝐞𝐧𝐬𝐢𝐨𝐧 𝐫𝐞𝐟𝐨𝐫𝐦 !

A lousy commentator has remarked that :”𝘭𝘢 𝘳é𝘧𝘰𝘳𝘮𝘦 𝘥𝘦𝘴 𝘱𝘦𝘯𝘴𝘪𝘰𝘯𝘴 𝘦𝘴𝘵 𝘭𝘢 𝘱𝘭𝘶𝘴 𝘨𝘳𝘢𝘯𝘥𝘦 𝘳é𝘶𝘴𝘴𝘪𝘵𝘦 𝘱𝘰𝘭𝘪𝘵𝘪𝘲𝘶𝘦 𝘥𝘦 𝘕𝘢𝘷𝘪𝘯 𝘙𝘢𝘮𝘨𝘰𝘰𝘭𝘢𝘮'

Selon lui, cette réforme constitue l'accomplissement politique le plus marquant du Premier ministre.

Totally wrong; U also have Ali Mansoor (𝘩𝘪𝘴 𝘤𝘩𝘢𝘵𝘸𝘢𝘪𝘯𝘨 "𝘱𝘰𝘶 𝘦𝘯𝘯 𝘳𝘰𝘭𝘦" 𝘩𝘢𝘴 𝘯𝘰 𝘭𝘪𝘮𝘪𝘵) and the like who are distorting the entire discussion by emphasising pension reform over other reforms, revenue mobilisation and expenditure reductions. Fiscal consolidation isn’t limited to pension reform.

The PM’s recent statement also veers in the same direction focusing heavily on defending urgent pension reforms, warning against economic collapse from credit rating agencies like Moody’s. He is claiming that political opponents and critics "do not live in the real world" and fail to comprehend the massive economic weight that Moody’s evaluations hold over the country.

No Sir, your critics can easily point out that fiscal consolidation requires a broad mix of policies beyond pension reform. Credit rating agencies like Moody's look at a country's entire balance sheet, not just a single social program. From the recent Moody’s announcement of Periodic Review:

“𝘋𝘦𝘭𝘢𝘺𝘴 𝘪𝘯 𝘧𝘪𝘴𝘤𝘢𝘭 𝘤𝘰𝘯𝘴𝘰𝘭𝘪𝘥𝘢𝘵𝘪𝘰𝘯 𝘵𝘩𝘢𝘵 𝘭𝘦𝘢𝘥 𝘵𝘰 𝘱𝘦𝘳𝘴𝘪𝘴𝘵𝘦𝘯𝘵𝘭𝘺 𝘭𝘢𝘳𝘨𝘦 𝘧𝘪𝘴𝘤𝘢𝘭 𝘥𝘦𝘧𝘪𝘤𝘪𝘵𝘴, 𝘤𝘢𝘶𝘴𝘪𝘯𝘨 𝘥𝘦𝘣𝘵 𝘵𝘰 𝘢𝘵 𝘣𝘦𝘴𝘵 𝘴𝘵𝘢𝘣𝘪𝘭𝘪𝘻𝘦 𝘢𝘵 𝘩𝘪𝘨𝘩 𝘭𝘦𝘷𝘦𝘭𝘴, 𝘸𝘰𝘶𝘭𝘥 𝘣𝘦 𝘭𝘪𝘬𝘦𝘭𝘺 𝘵𝘰 𝘳𝘦𝘴𝘶𝘭𝘵 𝘪𝘯 𝘢 𝘳𝘢𝘵𝘪𝘯𝘨 𝘥𝘰𝘸𝘯𝘨𝘳𝘢𝘥𝘦.”

𝑩𝒚 𝒇𝒓𝒂𝒎𝒊𝒏𝒈 𝒕𝒉𝒆 𝒑𝒆𝒏𝒔𝒊𝒐𝒏 𝒓𝒆𝒇𝒐𝒓𝒎 𝒂𝒔 𝒕𝒉𝒆 𝒐𝒏𝒍𝒚 𝒕𝒉𝒊𝒏𝒈 𝒔𝒕𝒂𝒏𝒅𝒊𝒏𝒈 𝒃𝒆𝒕𝒘𝒆𝒆𝒏 𝑴𝒂𝒖𝒓𝒊𝒕𝒊𝒖𝒔 𝒂𝒏𝒅 "𝒋𝒖𝒏𝒌 𝒔𝒕𝒂𝒕𝒖𝒔," 𝒕𝒉𝒆 𝒈𝒐𝒗𝒆𝒓𝒏𝒎𝒆𝒏𝒕 𝒂𝒕𝒕𝒆𝒎𝒑𝒕𝒔 𝒂𝒕 𝒄𝒓𝒆𝒂𝒕𝒊𝒏𝒈 𝒂 𝒔𝒆𝒏𝒔𝒆 𝒐𝒇 𝒏𝒂𝒕𝒊𝒐𝒏𝒂𝒍 𝒖𝒓𝒈𝒆𝒏𝒄𝒚 𝒕𝒐 𝒔𝒊𝒍𝒆𝒏𝒄𝒆 𝒑𝒐𝒍𝒊𝒕𝒊𝒄𝒂𝒍 𝒐𝒑𝒑𝒐𝒏𝒆𝒏𝒕𝒔.

The Prime Minister's economic legacy is likely to be determined by a much broader, interconnected set of macroeconomic metrics-for e.g fiscal consolidation, public debt, structural economic growth.

The country was indeed saddled with an unsustainable fiscal deficit, a heavy debt burden, a widening external imbalance, a weakened rupee and constrained availability of foreign exchange. So this Govt set itself to the task to redress the situation.

Let's see the results :

𝑭𝒂𝒊𝒍𝒖𝒓𝒆 𝒏𝒐 1- 𝑻𝒉𝒆 𝒇𝒊𝒔𝒄𝒂𝒍 𝒅𝒆𝒇𝒊𝒄𝒊𝒕: (before the backtracking on the means test): The consolidated budget deficit remained unchanged around 5.7% of GDP in both 2025-2026 and 2026-2027, indicating the lack of progress in fiscal deficit reduction.

𝑭𝒂𝒊𝒍𝒖𝒓𝒆 𝒏𝒐 2- 𝑻𝒉𝒆 𝑫𝒆𝒃𝒕 𝑩𝒖𝒓𝒅𝒆𝒏: Public sector debt is budgeted to decline by about 1 percentage points to 86.8% of GDP by June 2027. The debt ratio is likely to remain unchanged by June 2027 if the GDP deflator increase in 2026-2027 were less than projected. Even the small projected improvement in the debt burden is partly attributable to higher inflation, rather than genuine fiscal consolidation.

𝑭𝒂𝒊𝒍𝒖𝒓𝒆 𝒏𝒐 3 - 𝑹𝒊𝒔𝒊𝒏𝒈 𝒅𝒆𝒃𝒕-𝒔𝒆𝒓𝒗𝒊𝒄𝒊𝒏𝒈 𝒄𝒐𝒔𝒕𝒔: interest payments is expected to exceed Rs30 bn in 2026-2027. For the first time, the country is spending more this year on interest payments than on education

𝑭𝒂𝒊𝒍𝒖𝒓𝒆 𝒏𝒐 4 - 𝑪𝒂𝒑𝒊𝒕𝒂𝒍 𝒔𝒑𝒆𝒏𝒅𝒊𝒏𝒈 - Capital expenditure remains constrained by high social spending and debt servicing, stagnating at very low levels of less than 2% of GDP.

𝑭𝒂𝒊𝒍𝒖𝒓𝒆 𝒏𝒐 5 - 𝑮𝒓𝒐𝒘𝒕𝒉 𝒑𝒓𝒐𝒔𝒑𝒆𝒄𝒕𝒔: The drive for fiscal sustainability should have been accompanied by policies for stronger economic expansion. Growth is likely to decline further towards 2.3%, closer to the worst-case scenario of Statistics Mauritius.

𝑭𝒂𝒊𝒍𝒖𝒓𝒆 𝒏𝒐. 6 -𝑰𝒏𝒗𝒆𝒔𝒕𝒎𝒆𝒏𝒕 : Total investment, in real terms, contracted by 3% last year and is expected to register marginal growth this year. Private investment, accounting for over 80% of total investment, fell by 2.8% in real terms in 2025 and is expected to drop further by 1.7% in 2026. Public investment also recorded negative real growth of 4.4% last year.

𝑭𝒂𝒊𝒍𝒖𝒓𝒆 𝒏𝒐. 7 - 𝑬𝒙𝒑𝒐𝒓𝒕𝒔 𝒈𝒓𝒐𝒘𝒕𝒉: Exports of goods, in real terms, fell by 1.5% in 2025, following a sharp contraction in 2023. The scope for positive real growth in the goods export sector in 2026 is bleak.

𝑭𝒂𝒊𝒍𝒖𝒓𝒆 𝒏𝒐. 8 - 𝑷𝒖𝒃𝒍𝒊𝒄 𝑺𝒆𝒄𝒕𝒐𝒓 𝒓𝒆𝒔𝒕𝒓𝒖𝒄𝒕𝒖𝒓𝒊𝒏𝒈 𝒂𝒏𝒅 𝒓𝒆𝒇𝒐𝒓𝒎𝒔: No progress in reorganisation to reduce inefficiencies, cut waste and rationalise parastatals to address the issue of inefficiency and generate budgetary savings.

𝑭𝒂𝒊𝒍𝒖𝒓𝒆 𝒏𝒐. 9- 𝑰𝒏𝒇𝒍𝒂𝒕𝒊𝒐𝒏: The Bank of Mauritius projects average headline inflation to rise to around 5.5% in 2026, and notes that core inflation, which excludes controlled items, has remained persistently high, currently at 6.4%.

𝑭𝒂𝒊𝒍𝒖𝒓𝒆 𝒏𝒐. 10- 𝑺𝒕𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒐𝒇 𝒕𝒉𝒆 𝑹𝒖𝒑𝒆𝒆: Although it stabilised in 2025, the rupee has weakened by around 5% against both the US dollar and the euro since the start of the year. Rupee weakness reflects a chronic forex shortage, stemming directly from the large external imbalance.

𝑭𝒂𝒊𝒍𝒖𝒓𝒆 𝒏𝒐. 11- 𝑻𝒉𝒆 𝒄𝒖𝒓𝒓𝒆𝒏𝒕 𝒂𝒄𝒄𝒐𝒖𝒏𝒕 𝒅𝒆𝒇𝒊𝒄𝒊𝒕 : Exports are not growing, while imports continue to rise, especially due to a higher fuel bill. The current account deficit, which has been widening again since 2024, is now expected to rise further to 7.5% of GDP, in the absence of Chagos income.

𝑭𝒂𝒊𝒍𝒖𝒓𝒆 𝒏𝒐.12 -𝑰𝒎𝒑𝒍𝒆𝒎𝒆𝒏𝒕𝒊𝒏𝒈 𝑷𝒓𝒐𝒈𝒓𝒂𝒎𝒎𝒆 𝑩𝒂𝒔𝒆𝒅 𝑩𝒖𝒅𝒈𝒆𝒕𝒊𝒏𝒈(𝑷𝑩𝑩): The re-introduction of PBB has again failed to improve the effectiveness of public expenditures and public service delivery and to reduce wastage, operational costs, and budget variances . We had warned them that reviving PBB without the assistance of international and experienced professional consultants would be a futile endeavour.

𝑭𝒂𝒊𝒍𝒖𝒓𝒆 𝒏𝒐. 13 - T𝐡𝐞 𝐏𝐞𝐧𝐬𝐢𝐨𝐧 𝐑𝐞𝐟𝐨𝐫𝐦 𝐟𝐢𝐚𝐬𝐜𝐨 : 𝒕𝒉𝒆 𝒕𝒓𝒖𝒔𝒕 𝒅𝒆𝒇𝒊𝒄𝒊𝒕

: (https://www.facebook.com/share/p/163EiSAxZLJ/)

- 𝑻𝒓𝒂𝒏𝒔𝒑𝒂𝒓𝒆𝒏𝒕 𝑪𝒐𝒔𝒕-𝑪𝒖𝒕𝒕𝒊𝒏𝒈: Successfully navigating pension reform requires building public trust by demonstrating shared sacrifice. Convincing voters that a reform is necessary—and not just a way to balance the budget on the backs of retirees

- 𝑷𝒓𝒐𝒑𝒆𝒓 𝒑𝒓𝒆𝒑𝒂𝒓𝒂𝒕𝒊𝒐𝒏 with different scenarios of the reform. S𝘂𝗰𝗵 𝗮 𝘀𝗶𝗴𝗻𝗶𝗳𝗶𝗰𝗮𝗻𝘁 𝗺𝗲𝗮𝘀𝘂𝗿𝗲 𝗮𝘀 𝗽𝗲𝗻𝘀𝗶𝗼𝗻 𝗿𝗲𝗳𝗼𝗿𝗺 announced 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝗽𝗿𝗶𝗼𝗿 𝗰𝗼𝗻𝘀𝘂𝗹𝘁𝗮𝘁𝗶𝗼𝗻𝘀 𝗮𝗻𝗱 𝗱𝗶𝘀𝗰𝘂𝘀𝘀𝗶𝗼𝗻𝘀 𝘄𝗶𝘁𝗵 𝘁𝗿𝗮𝗱𝗲 𝘂𝗻𝗶𝗼𝗻𝘀, 𝗰𝗶𝘃𝗶𝗹 𝘀𝗼𝗰𝗶𝗲𝘁𝘆, 𝗮𝗻𝗱 𝘀𝗼 𝗼𝗻. It should have involved proper public hearings and stakeholder consensus rather than unilateral policy announcement

- 𝑷𝒉𝒂𝒔𝒆𝒅 𝒊𝒎𝒑𝒍𝒆𝒎𝒆𝒏𝒕𝒂𝒕𝒊𝒐𝒏: Avoid sudden shock to the system. Announcing changes well in advance provides time for families to adjust their savings and retirement choices, which significantly reduces the cost of the transition.

“𝘐𝘴 𝘵𝘩𝘦 𝘳𝘦𝘴𝘪𝘴𝘵𝘢𝘯𝘤𝘦 𝘵𝘰 𝘳𝘦𝘧𝘰𝘳𝘮 𝘱𝘳𝘪𝘮𝘢𝘳𝘪𝘭𝘺 𝘢 𝘳𝘦𝘫𝘦𝘤𝘵𝘪𝘰𝘯 𝘰𝘧 𝘵𝘩𝘦 𝘳𝘦𝘧𝘰𝘳𝘮 𝘪𝘵𝘴𝘦𝘭𝘧? 𝘖𝘳 𝘥𝘰𝘦𝘴 𝘪𝘵 𝘳𝘦𝘧𝘭𝘦𝘤𝘵 𝘥𝘦𝘦𝘱𝘦𝘳 𝘤𝘰𝘯𝘤𝘦𝘳𝘯𝘴 𝘢𝘣𝘰𝘶𝘵 𝘵𝘳𝘶𝘴𝘵, 𝘧𝘢𝘪𝘳𝘯𝘦𝘴𝘴, 𝘢𝘯𝘥 𝘪𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘪𝘰𝘯𝘢𝘭 𝘤𝘳𝘦𝘥𝘪𝘣𝘪𝘭𝘪𝘵𝘺?"

𝐓𝐡𝐚𝐭’𝐬 𝐭𝐡𝐞 𝐩𝐫𝐞𝐬𝐞𝐧𝐭 𝐛𝐢𝐥𝐚𝐧 𝐨𝐟 𝐭𝐡𝐞 𝐆𝐨𝐯𝐭 𝐝𝐞 "𝐫𝐮𝐩𝐭𝐮𝐫𝐞" , 𝐆𝐨𝐯𝐭 𝐝𝐮 "𝐒𝐚𝐧𝐳𝐦𝐚𝐧" , 𝐰𝐡𝐢𝐜𝐡 𝐡𝐚𝐬 𝐭𝐮𝐫𝐧𝐞𝐝 𝐨𝐮𝐭 𝐭𝐨 𝐛𝐞 𝐚 𝐝𝐞𝐜𝐞𝐩𝐭𝐢𝐨𝐧; 𝐭𝐡𝐞𝐢𝐫 𝐩𝐨𝐥𝐢𝐭𝐢𝐜𝐚𝐥 𝐚𝐧𝐝 𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐬𝐮𝐫𝐯𝐢𝐯𝐚𝐥 𝐰𝐢𝐥𝐥 𝐧𝐨𝐰 𝐫𝐞𝐬𝐭 𝐞𝐧𝐭𝐢𝐫𝐞𝐥𝐲 𝐨𝐧 𝐡𝐨𝐰 𝐭𝐡𝐞𝐲 𝐬𝐮𝐜𝐜𝐞𝐞𝐝 𝐢𝐧 𝐨𝐯𝐞𝐫𝐜𝐨𝐦𝐢𝐧𝐠 𝐬𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞𝐬𝐞 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐦𝐞𝐭𝐫𝐢𝐜𝐬.