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Public Body Debt Surges to Rs 65.3 Billion as CEB Leads Borrowing Tables
Debt levels across public sector bodies have returned to an upward trajectory, reaching a staggering Rs 65.34 billion in March 2026, according to the latest figures released by the Ministry of Finance.
Despite a brief decline at the end of 2025, the new data reveals that public enterprise debt now represents 8.7% of the nation’s GDP.
While this proportion remains stable, the total volume of borrowing has seen a significant rebound during the first quarter of the year.
The Energy Giant’s Deficit
The Central Electricity Board (CEB) continues to be the country’s most indebted institution. The board’s total liabilities have reached Rs 11 billion, split between Rs 8 billion in domestic loans and Rs 3 billion in foreign debt.
The CEB’s financial position is followed closely by other strategic entities, including the State Trading Corporation (STC) and Mauritius Telecom, the latter of which carries a guaranteed external debt of Rs 3.2 billion.
Breaking Down the Figures
The Ministry’s report categorises the debt into financial and non-financial sectors, further divided by domestic and external obligations:
- External Debt: Totalled Rs 27.99 billion, dominated by infrastructure projects. The SBM (Mauritius) Infrastructure Development Company Ltd, which includes Metro Express Ltd, accounts for Rs 18.42 billion.
- Domestic Financial Sector: Non-guaranteed domestic debt in this sector stands at Rs 15 billion, with the MCS Mutual Aid Association Ltd (Rs 6.64 billion) and the Development Bank of Mauritius Ltd (Rs 4.77 billion) carrying the heaviest loads.
- Domestic Non-Financial Sector: Totalled Rs 17.52 billion in non-guaranteed debt, with the STC (Rs 3.92 billion) and Airport Terminal Operations Ltd (Rs 2.53 billion) featuring prominently behind the CEB.
Domestic Debt: Public Financial Enterprises
| Entity | Guaranteed (Rs) | Non-Guaranteed (Rs) |
| Development Bank of Mauritius Ltd | – | 4.77 billion |
| Industrial Finance Corporation of Mauritius | – | 1.65 billion |
| MauBank Holdings Ltd | 2.58 billion | – |
| MauBank Investment Ltd | – | 122 million |
| Maufactoring Ltd | – | 131 million |
| Mauritius Housing Company Ltd | – | 252 million |
| MCS Mutual Aid Association Ltd | – | 6.64 billion |
| National Property Fund Ltd | 1.01 billion | – |
| State Investment Corporation Ltd | – | 1.42 billion |
| Total | 3.6 billion | 15 billion |
Domestic Debt: Public Non-Financial Enterprises
| Entity | Guaranteed (Rs) | Non-Guaranteed (Rs) |
| Airport Terminal Operations Ltd | – | 2.53 billion |
| BPML Freeport Ltd | – | 26 million |
| Central Electricity Board | – | 8 billion |
| Central Water Authority | – | 335 million |
| Cyber Properties Investment Ltd | – | 277 million |
| Grand Baie Casino Ltd | – | 343 million |
| Jet Prime Ltd | – | 17 million |
| Landscope Mauritius Ltd | – | 241 million |
| Landscope Solar Ltd | – | 329 million |
| Mauritius Broadcasting Corporation | – | 24 million |
| Mauritius Post Ltd | – | 175 million |
| National Housing Development Co. Ltd | 1.22 billion | – |
| State Trading Corporation | – | 3.92 billion |
| Sugar Investment Trust | – | 1.23 billion |
| Wastewater Management Authority | – | 61 million |
| Total | 1.22 billion | 17.52 billion |
External Debt
| Entity | Category | Guaranteed (Rs) |
| MauBank Holdings Ltd | Financial | 3.36 billion |
| Central Electricity Board | Non-Financial | 3 billion |
| Mauritius Telecom Ltd | Non-Financial | 3.2 billion |
| SBM (Mauritius) Infrastructure Development Company Ltd (including Metro Express Ltd) | Non-Financial | 18.42 billion |
| Total | 27.99 billion |
Key Institutional Debtors (Domestic Market)
While the government provides guarantees for several major loans—most notably Rs 3.36 billion for MauBank Holdings Ltd in external markets—the vast majority of domestic borrowing remains non-guaranteed, particularly within the non-financial public enterprises which account for Rs 17.52 billion in such liabilities.
Source: Defi Media
