GIS – 22 May, 2020: The Government will benefit from a
One-Off exceptional contribution of Rs 60 Billion from the Bank of Mauritius
(BoM), for the purpose of assisting fiscal measures to stabilise the economy in
the wake of the negative impacts of Covid-19.
This One-Off exceptional
contribution is being made by the Bank under Section 6(1)(oa) of the Bank of
Mauritius Act. The BoM, in line with its mandate, is
implementing a series of measures geared towards maintaining the stability of
the country’s financial system and mitigating any adverse impact on the
context, following extensive consultations with major economic and systemic
operators in the tourism and manufacturing sectors, the BoM is setting up the
Mauritius Investment Corporation Ltd (MIC) as a Special Purpose Vehicle under
its aegis. The objective of the MIC is to mitigate contagion of the ongoing
economic downturn to the banking sector, thus limiting macro-economic and
The MIC being
an innovative people-centric initiative, also aims at securing and enhancing
financial wealth for current and future Mauritian generations while ensuring the
stability of the banking sector.
independently within the parameters of a strict governance structure, the MIC
will provide support through a range of equity/quasi-equity instruments in view
of ensuring that domestic systemic economic operators are kept afloat during
these challenging times and that jobs are preserved.
The MIC is
being established by the Bank under Section 6(1)(y) of the Bank of Mauritius
Act and will be funded in terms of Section 46(5) thereof.
Government Information Service, Prime
Minister’s Office, Level 6, New Government Centre, Port Louis, Mauritius.
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