Article IV Consultation

IMF underscores Mauritius' Strong Post-Pandemic Recovery and Strategic Policy Recommendations

29 mai 2024, 10:25


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IMF underscores Mauritius' Strong Post-Pandemic Recovery and Strategic Policy Recommendations

The press release and the Executive Board assessment from the IMF both provide insights into the economic situation and future outlook for Mauritius, but they serve different purposes and offer varying levels of detail and perspective. Here's a comparative analysis:

Press Release

Content and Tone:

- Economic Recovery: Emphasizes Mauritius' strong economic rebound post-pandemic, highlighting significant GDP growth (8.9% in 2022 and 7% in 2023).

- Inflation and Current Account Deficit: Notes a decline in inflation to 7% in 2023 and a sharp narrowing of the current account deficit to 4.5% of GDP due to a rebound in tourism earnings.

-Outlook: Projects a favorable outlook with real GDP growth at 4.9% in 2024 and 3.5% in the medium term. Predicts easing inflation to 4.9% in 2024 and 3.5% thereafter.

- Risks: Identifies downside risks such as global economic deterioration, higher-than-expected fuel and food prices, and extreme climate events.

- Challenges: Mentions the need to address fiscal and external buffer erosion, climate change vulnerabilities, and an ageing population.


- To provide a broad summary of the economic situation and outlook for Mauritius.

- To inform the public and stakeholders about the key findings and projections of the IMF.

Executive Board Assessment

Content and Tone:

- Agreement with Staff Appraisal: The Executive Directors generally agree with the staff's positive assessment of Mauritius' economic recovery.

- Policy Recommendations: Emphasizes the need for prudent fiscal policies to rebuild buffers, reduce public debt, and manage fiscal consolidation in a growth-friendly manner.

- Monetary Policy: Supports the new monetary policy framework and recommends readiness to tighten policies if inflationary pressures reemerge. Suggests amendments to the Bank of Mauritius (BOM) Act to preserve its independence and the gradual phasing out of BOM's ownership of the Mauritius Investment Corporation.

- Structural Reforms: Encourages structural reforms to address challenges from climate change and an ageing population, improve labor market participation, especially for women, and enhance governance and anti-corruption frameworks.

- Financial Sector Monitoring: Stresses the need for close monitoring of financial sector risks and continued exchange rate flexibility.

- Long-term Growth and Sustainability: Calls for embracing structural transformation to secure sustainable long-term growth and achieve high-income status.


- To provide a detailed, nuanced evaluation of Mauritius' economic policies and future directions.

- To offer specific policy recommendations and areas for improvement.

- To guide Mauritius' authorities in implementing effective economic strategies.


- Focus: The press release focuses more on summarizing the current state and projections of the economy, while the Executive Board assessment dives deeper into policy recommendations and structural reforms needed.

- Detail Level: The Executive Board assessment provides a more detailed analysis and specific advice on monetary policy, fiscal measures, and structural reforms.

- Tone: The press release is more general and positive, aimed at informing a wider audience, whereas the Executive Board assessment is more technical and prescriptive, aimed at policymakers.

- Scope of Recommendations: The Executive Board assessment covers a broader range of issues, including fiscal policy, monetary policy, structural reforms, and financial sector risks, whereas the press release touches on these areas but with less detail.

Both documents highlight the strong economic recovery of Mauritius and the challenges ahead, but the Executive Board assessment offers more comprehensive guidance for future policy actions.