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Government receives Rs 60 Billion as one-off contribution from BoM to stabilise the economy

Date: May 22, 2020
Domain:Economy & Finance
Persona: Business; Citizen; Government; Non-Citizen
 

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 economy.

In this 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 financial risks.

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.

Operating 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.

 

#ResOuLakaz           #BeSafeMoris​

Government Information Service, Prime Minister’s Office, Level 6, New Government Centre, Port Louis, Mauritius. Email: gis@govmu.org  Website: http://gis.govmu.org  Mobile App: Search Gov​

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