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Parapublic Debt Falls to Rs 61.73 Billion as Economic Footprint Shrinks
Mauritius has recorded a significant contraction in state-owned enterprise debt, with total liabilities falling to MUR 61.73 billion as of December 2025. This downward trend sees the debt-to-GDP ratio for parapublic bodies improve to 8.3%, down from 9% earlier in the year.
The latest figures reveal that the reduction is primarily driven by a decline in domestic borrowing, whereas external debt levels have remained largely static throughout the second half of the year.
The Heaviest Borrowers
Despite the overall decline, several key institutions continue to carry substantial financial burdens.
The Central Electricity Board (CEB), MCS Mutual Aid Association Ltd, and the Development Bank of Mauritius (DBM) remain among the most heavily indebted entities in the public sector.
As of December 2025, the domestic debt breakdown for these major players stands as follows:
- MCS Mutual Aid Association Ltd: MUR 6.09 billion
- Central Electricity Board: MUR 6.55 billion (Domestic)
- Development Bank of Mauritius Ltd: MUR 4.87 billion
Domestic vs External Debt
The contraction in domestic debt has been the primary engine for this fiscal improvement. Non-guaranteed domestic debt fell from MUR 31.46 billion in June to MUR 29.47 billion by year-end.
In contrast, guaranteed external debt has shown little movement, hovering at MUR 27.43 billion in December, compared to MUR 27.42 billion in June.
Infrastructure and Energy Obligations
While the CEB manages significant domestic debt, it also holds a substantial external position of MUR 2.57 billion. Other major external debtors include MauBank Holdings Ltd at MUR 3.63 billion and Mauritius Telecom Ltd at MUR 3.27 billion.
The most significant single infrastructure liability remains the SBM Infrastructure Development Company Ltd, which accounts for MUR 17.95 billion in loans from the EXIM Bank of India, largely dedicated to the Metro Express Ltd project.
Drop of MUR 2.52 Billion in Parapublic Body Debt – Domestic Debt of Public Enterprises
The following table summarizes the overall debt trends from June to December 2025.
| Category | June 2025 | September 2025 | December 2025 |
| Guaranteed Domestic Debt | Rs 5.35 Billion | Rs 5.34 Billion | Rs 4.83 Billion |
| Non-Guaranteed Domestic Debt | Rs 31.46 Billion | Rs 30.74 Billion | Rs 29.47 Billion |
| Guaranteed External Debt | Rs 27.42 Billion | Rs 27.45 Billion | Rs 27.43 Billion |
| Non-Guaranteed External Debt | Rs 0 | Rs 0 | Rs 0 |
| Total Debt | Rs 64.25 Billion | Rs 63.54 Billion | Rs 61.73 Billion |
| % of GDP | 9% | 8.7% | 8.3% |
Data as of end of December 2025
Financial Public Enterprises
| Entity | Guaranteed Loans | Non-Guaranteed Loans |
| Development Bank of Mauritius Ltd | – | Rs 4.87 Billion |
| Industrial Finance Corporation of Mauritius | – | Rs 1.65 Billion |
| MauBank Holdings Ltd | Rs 2.58 Billion | – |
| MauBank Investment Ltd | – | Rs 124 Million |
| Maufacturing Ltd | – | Rs 113 Million |
| Mauritius Housing Company Ltd | – | Rs 277 Million |
| MCS Mutual Aid Association Ltd | – | Rs 6.09 Billion |
| National Property Fund Ltd | Rs 1.01 Billion | – |
| State Investment Corporation Ltd | – | Rs 1.42 Billion |
| Total | Rs 3.59 Billion | Rs 14.57 Billion |
Non-Financial Public Enterprises
| Entity | Guaranteed Loans | Non-Guaranteed Loans |
| Airport Terminal Operations Ltd | – | Rs 2.68 Billion |
| BPML Freeport Ltd | – | Rs 26 Million |
| Central Electricity Board | – | Rs 6.55 Billion |
| Central Water Authority | – | Rs 327 Million |
| Cyber Properties Investment Ltd | – | Rs 279 Million |
| Grand Baie Casino Ltd | – | Rs 343 Million |
| Jet Prime Ltd | – | Rs 20 Million |
| Landscape Mauritius Ltd | – | Rs 247 Million |
| Landscape Solar Ltd | – | Rs 337 Million |
| Mauritius Broadcasting Corporation | – | Rs 27 Million |
| National Housing Development Co. Ltd | Rs 1.23 Billion | – |
| State Trading Corporation | – | Rs 2.76 Billion |
| Sugar Investment Trust | – | Rs 1.26 Billion |
| Wastewater Management Authority | – | Rs 15 Million |
| Total | Rs 1.23 Billion | Rs 14.9 Billion |
Source: Defi Media
