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Voice of the Commonwealth - The Global Influencer

Voice of the Commonwealth - The Global Influencer

Bankers, Finance, and Insurers meet Finance Minister of Mauritius for pre-budget consultations

Port Louis, Mauritius (CU)_ Dr. Renganaden Padayachy, the Minister of Finance, Economic Planning and Development, met with officials of the Mauritius Bankers Association, Mauritius Finance, and Insurers Association this afternoon in Port Louis for pre-budget consultations. In a statement issued following the meeting, Mr. Shahed Hoolash, Chairperson of Mauritius Finance, emphasized that they had made budgetary suggestions to the Minister of Finance in advance.

Hoolash noted that the discussions centered mostly on the need for capacity building and industry promotion. In addition, he emphasized the significance of short- and long-term initiatives intended to strengthen the industry. He also noted that short-term actions should concentrate on growing and sustaining the sector, as well as retraining Mauritanians to entice them to join the sector. On the other hand, he stated that long-term efforts should strive to create middle and upper management from the pool of skilled human resources.

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According to Mr. Hoolash, the Russia-Ukraine war has caused a slowdown but has not impacted the industry. He stated that the industry has experienced growth and a rise in employment. He noted that the removal of Mauritius from the EU’s blacklist has also contributed to the sector’s rapid development. 

The Secretary General of the Insurers Association, Mr. Vashish Ramkhalawon, expressed delight that the discussion with the Minister of Finance was quite successful, noting that Dr. Padayachy was receptive to all of their suggestions. According to him, negotiations centered on measures intended to bring about reforms in many fields, including industry-specific consumer regulations and medical reforms. He also mentioned that during the COVID-19 outbreak, several families were assisted by insurance firms.

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