In Washington: Rachel McColgan-Arnold
In Port-Louis: Constantine Chikosi (230) 254 1116
WASHINGTON, March 31, 2009 – The World Bank Board of Executive Directors today approved an International Bank for Reconstruction and Development (IBRD) Development Policy Loan (DPL) of $100 million to support trade and competitiveness in Mauritius, one of Africa’s top performing countries. The loan, which has a Deferred Drawdown Option (DDO)*, will support Mauritius’ transition from dependence on trade preferences to open competition in the global economy. This is the third operation of a four-phase programmatic series.
“This loan supports comprehensive policy reform program as the Mauritian economy repositions itself in response to the loss of trade preferences in sugar and textile, moving towards a high value added, knowledge and skills intensive, globally competitive services hub” explained Fabiano Bastos, the project’s Task Team Leader. The operation also provides resources to mitigate fiscal risks triggered by the current world economic crisis.
“Prudent macroeconomic stewardship and growing confidence has succeeded in reversing a decade of decline, putting growth on an upward trend. Early indications show that the reforms adopted by the authorities are showing dividends and moving the country towards a platform for trade in services” commented Constantine Chikosi, the World Bank representative in Mauritius.
The framework of the World Bank’s intervention in the country is the Country Partnership Strategy (CPS), settled for the period 2007-2013. The CPS is anchored on four pillars: (i) consolidate fiscal performance and improve public sector efficiency;, (ii) improving trade competitiveness; (iii) improving the investment climate; and (iv) widen circle of opportunity through participation, social inclusion and sustainability. The pillars are derived from the Government reform program and the DPL series is the main instrument for implementing these reforms.
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*The DDO, which became available for IBRD borrowers in 2002, gives the borrower the option, over a period of three years, of drawing down the loan proceeds provided that overall program implementation remains on track and the macroeconomic policy framework is satisfactory.