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Mauritius: Staff Report for the 2009 Article IV Consultation Informational Annex

Author(s):
International Monetary Fund
Published Date:
February 2010
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Appendix I. Relations with the Fund

(As of November 30, 2009)

I. Membership Status

Joined on September 23, 1968; Article VIII.

II. General Resources Account

SDR MillionPercent of Quota
Quota101.60100.00
Fund holdings of currency88.4587.05
Reserve position in Fund13.1512.95

III. SDR Department

SDR MillionPercent of Allocation
Net cumulative allocation96.81100.00
Holdings99.94103.23

IV. Outstanding Purchases and Loans

None.

V. Latest Financial Arrangements

TypeApproval DateExpiration DateAmount

Approved

(SDR million)
Amount Drawn

(SDR million)
Stand-By3/1/858/31/8649.0049.00
Stand-By5/18/838/17/8449.5049.50
Stand-By12/21/8112/20/8230.0030.00
VI. Projected Payments to Fund1/
(SDR Million; based on existing use of resources and present holdings of SDRs)
Forthcoming
20092010201120122013
Principal
Charges/Interest0.010.010.010.01
Total0.010.010.010.01

When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.

When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.

VII. Implementation of HIPC Initiative

Not applicable.

VIII. Implementation of Multilateral Debt Relief Initiative (MDRI)

Not applicable.

IX. Safeguards Assessments

Not applicable.

X. Exchange Rate Arrangement

At the time of the 2008 Article IV consultations, Mauritius was classified as a managed float exchange rate regime with interventions aimed at smoothening volatility rather than altering the trend. Reflecting the lack of intervention since December 2008, Mauritius’ exchange rate regime was reclassified from a managed float to a free float in the Fund’s 2009 Annual Report on Exchange Arrangements and Exchange Restrictions. The exchange arrangement is free of multiple currency practices and restrictions on the making of payments and transfers for current international transactions. Mauritius accepted the obligations of Article VIII, Section 2(a), 3, and 4 on September 29, 1993. Mauritius also maintains a liberal capital account. On December 15, 2009, the US$1 was equivalent to MUR 28.84.

XI. Article IV Consultation

Mauritius is on the standard 12-month cycle. The last Article IV consultation staff report (Country Report No. 08/238, June 2008) was considered by the Executive Board on July 2, 2008. A Financial System Stability Assessment update was completed by a joint IMF-World Bank team on April 20, 2007.

XII. Technical Assistance (2004-2009)

FAD mission on revenue administration and tax policy, February 2004.

MFD mission on banking supervision and legislation, October 2004.

MFD mission on banking supervision during 2005: the first mission in January 2005, and the second in March-April 2005.

FAD mission on revenue administration and tax policy, January 2005.

MFD mission on financial sector policy and strategy, January 2006.

FAD mission on fiscal adjustment strategy and Poverty and Social Impact Analysis (PSIA), February-March 2006.

MFD mission on financial sector policy and strategy, July 2006.

MFD mission on banking supervision/monetary operations/monetary policy, October 2006.

STA mission on multisector statistics, November 2006.

MCM mission on financial sector policy and strategy, January 2007.

MCM primary mission on Financial Sector Assessment Program (FSAP), February 2007.

FAD mission on Public Financial Management (PFM) and Medium-Term Expenditure Framework (MTEF), March 2007.

MCM mission on financial sector policy and strategy, March-April 2007.

STA mission on balance of payments statistics, March 2007.

MCM mission on foreign exchange markets, August 2007.

STA balance of payments module mission, October 2007.

STA mission on Phase II SDSS balance of payments statistics, October-November 2007.

STA Report on the Observance of Standards and Codes (ROSC) mission, November-December 2007.

FAD mission on Public Financial Management (PFM): Implementing Program-Based Budgeting: Next Steps, February 2008.

STA mission on national accounts statistics, February 2008.

STA mission on Phase II SDSS Government Finance Statistics, March 2008.

MCM mission on Central Bank-FSAP follow-up, March 2008 (2 missions).

STA mission on Phase II SDSS Multisector Statistics, March-April 2008.

STA mission on monetary and financial statistics, April 2008.

STA mission on balance of payments statistics, May 2009.

FAD mission on refining program budgeting and performance management, Sep 16-24, 2009

STA mission on national accounts statistics, November 10-19, 2009

Resident Representative:

None.

Appendix II. The JMAP Bank-Fund Matrix (2010)

(As of December 1, 2009)

TitleProductsProvisional timing of missionExpected delivery date
A. Mutual Information on Relevant Work Programs
BankStrategy and analytical work:

The 2007-2013 World Bank Country Partnership

Strategy for Mauritius aims at helping the Government

to deal with (i) short-term trade shocks and (ii) the

transition to a more competitive and diversified

economy, while minimizing negative social impacts

along the transition. Because the Country Partnership

Strategy sets out a broad program, specific activities

are determined every year through the Annual

Business Plan meeting held jointly with the

Government and Development Partners.
CPS: Country Partnership Strategy (Mid-term review)Early 2010Board Presentation

in 2010
METAP: Mauritius Economic Transition Technical

Assistance Project
Task team leader in

Mauritius
Approved in 2009

and disbursing
DPL4: Fourth Trade and Competitiveness

Development Policy Loan (DPL4). Last operation of

the current programmatic series
Second semester 2009Loan Signed

December 2009
INFRA: Infrastructure Investment LendingSupervision missions in

2010
Loan Signed

December 2009
MSDCP: Manufacturing and Services Development

and Competitiveness Project (MSDCP)
Supervision mission in 2010Board Presentation in January 2010
SAFE: Safeguard Diagnostics Review for use of Mauritius Country Systems in investment projects



PROC: Review of public procurement systems for use of Mauritius country systems in investment projects
Completed in 2009



November 2009
Completed in 2009



June 2010
FundWork program in the next 12 months:

- 2010 Article IV consultation


Q4 2010


Board meeting in

Nov. / Dec. 2010
- STA TA in balance of payments statistics[Q1 2010]TA report [Q2 2010]
B. Requests for Work Program inputs
Bank

request to

Fund
None.
Fund

request to

Bank
None.
C. Agreement on Joint Products and Missions
Joint

products
None.
Appendix III. Relations with the African Development Bank Group

(As of December 1, 2009)

Assistance from the African Development Bank (ADB) to Mauritius combines lending and non-lending activities. Lending has focused on infrastructure development in agriculture and transportation and non-lending on economic and sector work (ESW) in health, poverty reduction, and debt management. Under the NEPAD Program, ADB has collaborated with the UNDP, AU, and ECA on the African Peer Review Mechanism (APRM), for which Mauritius is one of the four pilot cases. An ADB study on poverty, gender, and social exclusion is also under preparation and is being coordinated with the EU and the UNDP, while there are studies by the ADB concerning health and sanitation. Past collaboration with the World Bank (and other partners) includes water, sewerage, and sanitation (the Plaines Wilhems Sewerage Project) and transport (Southeastern Highway). A close working relationship has developed between the two institutions during the preparation and appraisal of the first and second Development Policy Loans.

Table 1.Operations Summary as of December 1, 2009Operations since: 1975Total Number of operations 35:24 Projects, 3 Policy based Operations; 3 Studies; 5 Lines of Credit.
Source of

financing
Commitments

net1

(UA million)
Percentage

share
Disbursed

amount

(UA million)
Percentage

disbursed2
ADB651.95398.90162.4624.90
ADF44.260.604.26100.00
NTF52.890.502.8899.70
Total659.10100.00169.625.70

Out of cancellations amounting UA 168.2 million.

Percentage of commitments net relative to each respective source of financing.

Includes the recent USD420 million and EUR186 million ADB budget loan approval of November 2009.

African Development Fund.

Nigeria Trust Fund.

Out of cancellations amounting UA 168.2 million.

Percentage of commitments net relative to each respective source of financing.

Includes the recent USD420 million and EUR186 million ADB budget loan approval of November 2009.

African Development Fund.

Nigeria Trust Fund.

Appendix IV. Statistical Issues
MAURITIUS—Statistical Issues Appendix As of December 15, 2009
I. Assessment of Data Adequacy for Surveillance
General: Data provision is adequate for surveillance. However, balance of payments (BOP)

and international investment position (IIP) statistics could be improved to meet SDDS

requirements. The authorities are aware of this situation and are continuing work in this regard.
Balance of Payments and International Investment Position Statistics: Coverage and accuracy of BOP and IIP statistics has diminished as a consequence of the liberalization and the growth of global business license holders. Notably, there has been an increase in net errors and omissions in the BOP; while the IIP statistics tend to undercount international liabilities as transactions of offshore financial institutions with the rest of the world are only partially covered. Both factors combine to increase the uncertainty associated with economic analysis of the external sector.
II. Data Standards and Quality
Participant in the GDDS since September 2002. The authorities have a time-bound action plan to improve coverage of BOP and IIP statistics that, when completed, should help them be in a position to subscribe to the SDDS by about mid-2010.A data ROSC report was published in August 2008.
Mauritius: Table of Common Indicators Required for Surveillance December 15, 2009
Date of latest

observation
Date

received
Frequency

of data7
Frequency of reporting7Frequency of publication7Memo Items:
Data Quality-

Methodological

soundness 8
Data Quality-

Accuracy and

reliability9
Exchange RatesDecember 200912/14/2009DDD
International Reserve Assets and Reserve

Liabilities of the Monetary Authorities1
November 200912/2009MMM
Reserve/Base MoneyOctober 200912/10/2009MMMO, LO, LO, LOO, O, O, O, LO
Broad MoneyOctober 200912/10/2009MMM
Central Bank Balance SheetOctober 200912/10/2009MMM
Consolidated Balance Sheet of the Banking

System
October 200912/10/2009MMM
Interest Rates2October 200912/10/2009MMM
Consumer Price IndexNovember 200912/7/2009MMMO, LO, O, OO, O, O, O, O
Revenue, Expenditure, Balance and Composition

of Financing3 - General Government4
Q2/200911/2009QQQLO, O, O, OLO, O, O, O, NO
Revenue, Expenditure, Balance and Composition of Financing3 - Central GovernmentQ2/200911/2009QQQ
Stocks of Central Government and Central

Government-Guaranteed Debt5
Q2/200911/2009QQQ
External Current Account BalanceQ2/200910/2009QQQO, LO, LO, LOLNO, LNO, LO, LO, NO
Exports and Imports of Goods and ServicesQ2/200910/2009QQQ
GDP/GNPQ2/200910/2009QAAO, LO, O, LOLO, O, LNO, LO, O
Gross External DebtQ2/200910/2009QQQ
International Investment Position6Q4/200806/2009QQQ

Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).

Reflects the assessment provided in the data ROSC published in August, 2008, and based on the findings of the mission that took place during November 29-December 7, 2007 for the dataset corresponding to the variables in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).

Same as footnote 8, except referring to international standards concerning source data, assessment and validation of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.

Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).

Reflects the assessment provided in the data ROSC published in August, 2008, and based on the findings of the mission that took place during November 29-December 7, 2007 for the dataset corresponding to the variables in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).

Same as footnote 8, except referring to international standards concerning source data, assessment and validation of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.

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