MBA April 2021 Newsletter

Quarterly Board meeting

 On Monday 26 April 2021, the MBA held its first board meeting of the year was held digitally, under the chairpersonship of Mr. Alain Law Min, CEO of MCB Group. This was an opportunity to welcome newly appointed CEOs (Mr. D. Singh, S. Sharma and Grant Parsons) to the Board of MBA. The Board reviewed recent developments domestically and internationally, and took stock of the progress made on the MBA’s strategic plan.

Article IV Consultation

On Friday 23 April 2021, the MBA participated in this year’s International Monetary Fund (IMF) Article IV consultation, which was held virtually. In the course of this annual exercise, the IMF engages with economic operators and stakeholders on the state of the economy and outlook for different sectors. The MBA shared its views on the resilience of the banking sector, its views on the route to recovery, as well as some of the recommendations made in the context of the 2021 pre-Budgetary consultations.

2021 Pre-budgetary consultation exercise

On Wednesday 21 April 2021, the Chairperson and CEO of the MBA met with the Honourable Minister of Finance, Dr. Renganaden Padayachy, in context of the pre-budgetary consultations. The meeting (hyperlink 2) was a positive, open discussion on measures to boost growth, and how banks can play their role in financing the economic recovery. We presented our Memorandum, titled Preserving Investor Confidence and Boosting Growth. Some of the measures proposed include preserving the investment grade of Mauritius, ensuring greater visibility on the tourism sector, initiatives to mobilise funding for SMEs and corporates, and the development of capital markets and public-private partnerships as tools to finance the recovery, especially in relation to renewable energy and blue economy projects.