Mauritius to Borrow Massive Rs 46 Billion by June 2024

The Ministry of Finance and the Bank of Mauritius have jointly unveiled a significant government borrowing plan, intending to raise Rs 46 billion through the issuance of government securities by 30 June 2024.

According to Le Mauricien newspaper, the plan aims to meet the financial needs of the government and is set to span various instruments with different maturities.

“Out of the total sum, Rs 18.3 billion will be generated through Three-Year Benchmark bonds, while the remaining Rs 27.7 billion will be raised via long-term instruments, including those with a minimum maturity of five years,” it reported.

The government intends to tap into the local market for these funds, with the first operations scheduled for the end of the week, with at least three Bond issuances in the next two weeks, totalling Rs 5.8 billion.

Five-Year Government of Mauritius Bonds will be raised in six tranches, starting from August. Similarly, the Seven-Year Benchmark Government of Mauritius Bonds, amounting to Rs 6 billion, will be issued in three instalments.

The long-term financial instruments, including Ten-Year, Fifteen-Year, and Twenty-Year Government of Mauritius Bonds totalling Rs 11.7 billion, will be issued in five operations.

Source: Le Mauricien