Ile Maurice: Non-banking Sector Will Finance Half of the 2004-05 Budget Deficit

Port Louis — The budget deficit will be financed mainly from domestric sources. Last year the banking sector contributed Rs 12 billion to finance the budget deficit. Its share will fall to Rs 4,5 billion.

The revised figure of the budget deficit for the year 2003-2004 stands at Rs 9.15 billion which is slightly above target due to shortfalls in tax and non-tax revenues (delays in payments by parastatals and lower remittances of profits by the Bank of Mauritius). As a percentage of GDP, this represents a figure of 5.6%, which is slightly higher than the targeted figure of 5.5%. For the coming year 2004-2005, it is expected that the budget deficit will decrease marginally in absolute terms to reach Rs 9.08 billion. In relative terms, it will be brought down to 5% of GDP. It must be pointed out that the primary deficit which excludes interest payments, is expected to fall down to 1.2% for the year 2004-2005 from a level of 1.6% for the last year.

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