Click here to view our full brief Budget Brief 2020 – 2021
The Honourable Dr. Renganaden Padayachy, Minister of Finance, Economic Planning and Development of the Republic of Mauritius presented his first budget for the fiscal year 2020/2021 on the 4th of June 2020.
The 2020/2021 budget, themed “Our New Normal: the Economy of Life”, emphasizes on the need for our nation to rise up to this ‘New Normal’ lifestyle caused by the Pandemic of the COVID-19 whilst overcoming the challenges to be faced with the economic crisis. The 2020 – 2021 Budget focuses on the following tryptic:
- Rolling out the ‘Plan de Relance de l’investissement et de l’économie’.
- Engaging in Major Structural Reforms
- Securing Sustainable and Inclusive Development
The Honourable Minister also highlighted that the Budget has been presented to cater for a time of unprecedented crisis specifying that it is one of the worst in modern history with just a few months ago nearly half of the population worldwide confined in their homes, airplanes grounded, schools closed, with the Work from Home concept becoming the norm, putting our daily life on hold.
In his opening speech, the Honourable Minister stated that a deep contraction, globally and locally, is unfolding however the depth and the duration of this contraction remains unconfirmed. The IMF is forecasting that the world GDP, in its best-case scenario, would contract by around 3 percent in 2020. He further states that the fallout on our economy is without comparison. The latest forecasts point to a GDP contraction of up to 11 percent this year, the worst GDP contraction ever for our country.
We present to you our Budget Brief highlighting key aspects in the Financial Services Sector, Fiscal Measures and Legal Reforms among others.