In any democracy, it befalls people to keep abreast of what is going on in their country. To get a glimpse of the bigger picture, they must attempt to obtain their information from a wide-range of sources. ?MCB Focus? occasional papers are usually a valuable source of informed and balanced information on a wide range of issues. For example, its issue No. 39, entitled ?Pepping up public infrastructure for enhanced economic activity?, is essential reading for anyone worried by the challenges facing the energy, water and transport sectors. The documents offer factual analysis of some of the day?s burning issues.

I was thus all the more befuddled when I serendipitously stumbled upon Issue No.36 entitled ?IRS: Contribution to socio-economic development?. Instead of its usually nuanced insight, readers are treated to a surprisingly one-sided take on the subject. This paean to IRS projects depends on paper-thin assertions to get its message across, which is fine given the nature of a bank's activities and interests. What is slightly less palatable is that the paper purports to ?clarify the definition of and issues related to the concept and situates its high relevance in the current economic environment?. It falls considerably short of this lofty ambition. Hard facts are conspicuous by their absence. By failing to address some legitimate concerns surrounding the projects, ?MCB Focus? doesn?t do itself or the country any favours.

It does mention some preoccupations, but the way they are treated is more akin to an exercise in window-dressing than genuine critical thinking. ?Possibly, the one negative aspect one should guard against is no doubt that of creating rich ghettos in purported ?seas of poverty?, but initiatives taken so far in this direction are seen as positive and will no doubt uplift general living conditions in the immediate vicinity of IRS projects?. There is no mention of their nature. Moreover, it dismisses ?arguments against ownership of land by foreigners? as not being ?clearheaded when viewed within our quest to open up the economy to foreign nationals and FDI?. Without wanting to seem jingoistic, these concerns perhaps deserve more than a glancing and derogatory mention when viewed in the context of the erosion of the layman?s purchasing power.

It is undeniable that IRS projects have an important contribution to make towards the country's economic development. Yet, for some reason or another, it seems that very few of the potential socioeconomic, infrastructural and environmental ramifications have been properly thought through. During the last elections, the ?Alliance sociale? ranted on about the risk that IRS projects would create a sort of social apartheid. Its language was on the strong side, but this is to be expected from a political party seeking to attract votes. More importantly though, its invectives contained an element of truth. Instead of weighing up the pros and cons in a transparent manner once it came into power, the ?Alliance sociale? speedily granted IRS permits to numerous promoters.

Unintentionally, ?MCB Focus? perfectly sums up the situation. ??] such inflow of foreign currency epitomizes economic rationality and possibly stands as a prerequisite, amongst others, for enhanced short-term and possibly medium-term economic growth?. The fact that there is no mention of long-term growth vindicates those who believe that the schemes are a flash in the pan. It is certain that these projects will allow the authorities to temporarily prop up?economic indicators?. Much less is known about the impact they will have on Mauritian society and on the environment in the long run. As always, the proof of the pudding will be in the eating.