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PM announces a Series of Relief Measures for Export Oriented Enterprises

Date: September 11, 2017
Domain:Economy & Finance; Business & Industry
Persona: Business; Citizen; Government; Non-Citizen
 

GIS - 11 September, 2017:  The Prime Minister, Minister of Home Affairs, External Communications and National Development Unit, and Minister of Finance and Economic Development, Mr Pravind Kumar Jugnauth, had a meeting on Friday 08 September with representatives of Business Mauritius, the Mauritius Chamber of Agriculture and the Mauritius Export Association at the Treasury Building, Port Louis.

The meeting was held following representations from these institutions concerning the serious challenges facing the export sector. The Prime Minister had set up a technical committee comprising representatives from both the public and private sectors as well as the Bank of Mauritius to assess the situation and to propose appropriate remedial measures.

Prime Minister Jugnauth had a fruitful meeting with members of the Technical Committee and following a working session with them announced that a series of recommendations were considered and that Government has agreed to implement a series of relief measures.
One of the measures is to provide assistance to the Sugar Industry for Crop Year 2017 by suspending the CESS. In addiction the SIFB is also giving a financial support of Rs 1 250 per metric ton of sugar to the planters and millers.
As regards the Export Oriented Enterprises, Government will introduce an Exchange Rate Support Scheme with the following features:

Ø  A financial support calculated on the basis of the difference between the rate at which the export enterprise has exchanged its dollar proceeds and a reference rate of Rs 34.50 per US Dollar. The maximum support will be set at Rs 2.50 per US Dollar.

Ø  The Scheme will be for a period of six months, based on the receipts for exports effected as from 11 September 2017. The payments will be made on a monthly basis as from 02 October 2017.
These measures were favourably received by the economic operators as they will help protect thousands of jobs in the country. They will also give a significant relief to small sugar planters and cooperatives as well as small and medium enterprises operating in the export sector.
Government Information Service, Prime Minister’s Office, Level 6, New Government Centre, Port Louis, Mauritius. Email: gis@govmu.org  Website:http://gis.govmu.org
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