Pravind Jugnauth: Back in earnest

Pravind Jugnauth is the new finance minister following his successful appeal at the Supreme Court against the guilty sentence previously delivered against him by the Intermediate Court. On Thursday morning, a swearing-in ceremony was held at the State House for the new member of Cabinet. In the words of former finance minister Vishnu Lutchmeenaraidoo – who has since moved to foreign affairs – the guilty verdict held against Pravind Jugnauth was a blow for the ruling coalition. As a result, the leader of the MSM had to step down from his minister job and put on hold his ambitions of succeeding his father as the country’s prime minister. On Wednesday, at the Sun Trust Building, headquarters of the MSM, the atmosphere was electric. The party’s leader was cleared of all charges by the appeal bench of the Supreme Court and his sentence to 12 month’s imprisonment quashed by chief justice Keshoe Parsad Matadeen and justice Asraf Caunhye. Pravind Jugnauth is back in earnest and would once more take centre-stage. Whether his adversaries or supporters, the acquittal was widely welcome from all sides. Following the Court decision, the Office of the President of the Republic issued a communiqué on the same evening stating that he would be sworn-in as finance minister on Thursday morning. The whole cabinet made it to the ceremony. After being officially installed, Pravind Jugnauth once more became Minister of Finance, with which he is acquainted having been at the head of this ministry from 2003 to 2005 and from 2010 to 2011. For economic operators and agents, this is a welcomed sight as they were in the waiting for some predictability in terms of the country’s economic agenda. With the MSM leader in the cockpit, their take-off seems closer to reality. The new finance minister made his way to the National Assembly, but this time around to take up seat within those reserved for Cabinet members. It has been a tough journey till then, he said. Now, he can breathe a sigh of relief and smile. Pravind Jugnauth entered parliament to the applause from the majority benches. The debates were held on the National Wage Consultative Council which will have to decide on the quantum of the minimum wage to be introduced. Speaking on Thursday evening at a regional meeting in constituency No 8, Pravind Jugnauth thanked every one for their support. He is relieved following the Court decision. “This judgement shows that I was right. The PM has appointed me as finance minister. There is a big challenge to overcome. There is a lot to be done. Preparing a Budget means preparing the future of the country.” He recalled that their meeting on May-Day rally, the Alliance Lepep had more supporters show up than the Labour Party. “Can you imagine that a party like MMM has failed to hold a rally. Since 15 months they are thinking how to amend their party’s constitution.”

Budget 2016-17: Tough economic backdrop

[[{"type":"media","view_mode":"media_large","fid":"18000","attributes":{"class":"media-image aligncenter wp-image-30623","typeof":"foaf:Image","style":"","width":"532","height":"268","alt":"Budget-2016-17"}}]] The new finance minister Pravind Jugnauth will have to present the next Budget of the Alliance Lepep government. The economic backdrop to this exercise is not all so rosy and it is a make or break situation for the would-be prime minister. Among the issues he has to deal with, are unemployment, widening trade deficits, low investment, low economic growth, and uncertainty.

[[{"type":"media","view_mode":"media_large","fid":"13332","attributes":{"class":"media-image wp-image-21989 alignleft","typeof":"foaf:Image","style":"","width":"195","height":"152","alt":"Pierre-Dinan"}}]]Pierre Dinan: “We strongly need new economic activities”

Economist Pierre Dinan expects the new finance minister to come forward with propositions that will go in line with the realisation of the goals spelled out in the Economic Mission Statement: Vision 2030. “He should bring concrete propositions to the table regarding an improvement of the country’s infrastructure including the fight against poverty. I expect him to further improve business facilitation to pave the way for the increased local and international investments. We strongly need new economic activities without which unemployment may gain momentum.” Pierre Dinan trusts that the finance minister should not only continue the work started, but also, improve and boost the economy with much urgency. “Our economy has gone through hard times. So it is crucial to react in an efficient way.” The economist adds the urgency is to re-establish the country as one which attracts investment. “We are not the only one looking for foreign investment. We are in competition with other countries. We should be able to distinguish ourselves. Regarding local investments, the government and the private sector must work together. The government is here to define the strategies but it must also hand over leadership. By collaborating with the private sector, this will give more room for investments. Investment opportunities must be created,” he says. One important aspect of the Budget is SMEs. It is important to find export markets for the SMEs and facilitate their financing. We need efficient SMEs which can turn to exportation, explains the economist. The third leg which Pravind Jugnauth should tackle as finance minister is to give young Mauritians the entrepreneurship spirit. “He should usher in more innovation because the country will not move forward if there is no desire to find new ways of doing things and new opportunities. And to instil an innovative and entrepreneurial spirit demands much research.”

[[{"type":"media","view_mode":"media_large","fid":"18001","attributes":{"class":"media-image wp-image-30624 alignleft","typeof":"foaf:Image","style":"","width":"187","height":"241","alt":"Gerard Sanspeur"}}]]Gerard Sanspeur: “The new Budget will differentiate itself”

Senior Advisor at the Ministry of Finance, Gerard Sanspeur confides that Pravind Jugnauth will bring his own personal touch to the upcoming Budget. “The new Budget will differentiate itself from the previous ones. The approach itself is different. There have been various consultations with the different stakeholders. It will be a good one.” When quizzed about what could be the main priorities and areas of concentration, he replies: “Mauritius being a small island, we cannot focus on only one sector or put all our eggs in one basket. All the sectors will have their role to play. Some of the main priorities are to tackle unemployment issues and review investment opportunities, ocean economy and concentrate on big projects like the port, review of the policies regarding the freeport sector, urbanisation, and sustainable development. Those are the some of the main points to be elaborated upon.”