<B>Latest economic estimates positive</B>

The Central Statistics Office (CSO) has revised its forecast on economic progress in 2004. The forecasts do not actually follow the normal trend, as economic growth seems to be increasing though the general investment level is estimated to be lower than last year. Both the sugar and tourist industries should experience a certain growth. The sugar sector expects a 15,4% increase in production and, according to the Bank of Mauritius, the tourist industry revenue should be around Rs 20,8 billion. As for the free zone, the growth rate will stay negative, but instead of ? 4% like last year, it is estimated to be around ? 2%. Generally speaking, investment, excluding the purchase of airplanes, should increase by 5,8%, compared to 7,6% in 2003. This explains the lower level of gross domestic product, which will decrease from 22,7% to 22%.

<B>Reluctance in the finance sector </B>

A draft of the Financial Reporting Bill, presented to auditors and accountants has met with some reticence from some members of the profession. The new law involves the setting up of the Financial Reporting Council (FRC), which will ensure that auditing norms and quality of work are respected. A Mauritius Institute of Professional Accountants (MIPA) will also be created to register and establish a code of ethics for accountants. Minister Sushil Kushiram justified this by ?too many recent scandals.? Some accountants feel this means ?the nationalisation of the profession? and would prefer auto-regulation, but the president of the Committee of accountants and auditors, Clairette Ah Hen, was firm: auto-regulation is impossible. The session was an opportunity for people to express their points of view, but the accountants and auditors did not have enough time for an in-depth study of the proposed legislation. Thus some of them are asking for an extension of the deadline ? initially expiring on 30th April, for giving in their comments.

<B>STAM hearing tomorrow</B>

The initial contract between government and STAM signed in 1997 has finally been found. After the permanent secretary of the ministry of Local government, Ambanaden Veerassamy, said that he ?was not able to find it,? the ministry?s PR, Hemalini Paupiah, declared that ?the contract had never disappeared. It was just a matter of time. It will probably be available for the next hearing.? The first hearing of the commission of inquiry on the management of the Mare Chicose landfill site, last Wednesday, was presided by former judge Robert Ahnee. It revealed that some aspects of this contract remain unclear. The next hearing will be held tomorrow.