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Public Body Debt Surges to Rs 65.3 Billion as CEB Leads Borrowing Tables

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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

EntityGuaranteed (Rs)Non-Guaranteed (Rs)
Development Bank of Mauritius Ltd4.77 billion
Industrial Finance Corporation of Mauritius1.65 billion
MauBank Holdings Ltd2.58 billion
MauBank Investment Ltd122 million
Maufactoring Ltd131 million
Mauritius Housing Company Ltd252 million
MCS Mutual Aid Association Ltd6.64 billion
National Property Fund Ltd1.01 billion
State Investment Corporation Ltd1.42 billion
Total3.6 billion15 billion

Domestic Debt: Public Non-Financial Enterprises

EntityGuaranteed (Rs)Non-Guaranteed (Rs)
Airport Terminal Operations Ltd2.53 billion
BPML Freeport Ltd26 million
Central Electricity Board8 billion
Central Water Authority335 million
Cyber Properties Investment Ltd277 million
Grand Baie Casino Ltd343 million
Jet Prime Ltd17 million
Landscope Mauritius Ltd241 million
Landscope Solar Ltd329 million
Mauritius Broadcasting Corporation24 million
Mauritius Post Ltd175 million
National Housing Development Co. Ltd1.22 billion
State Trading Corporation3.92 billion
Sugar Investment Trust1.23 billion
Wastewater Management Authority61 million
Total1.22 billion17.52 billion

External Debt

EntityCategoryGuaranteed (Rs)
MauBank Holdings LtdFinancial3.36 billion
Central Electricity BoardNon-Financial3 billion
Mauritius Telecom LtdNon-Financial3.2 billion
SBM (Mauritius) Infrastructure Development Company Ltd (including Metro Express Ltd)Non-Financial18.42 billion
Total27.99 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

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