The General Elections 2019 witnessed the victory of the outgoing government who secured a comfortable majority of 42 seats out of a total of 70 seats in the National Assembly. The results were proclaimed on Friday 8th November 2019 and the ministers of the new cabinet were sworn in yesterday in an official ceremony hosted by the acting President of the Republic of Mauritius.

Whilst the newly constituted government remains under the prime ministership of Honourable Pravind Kumar Jugnauth, Dr. The Honourable Renganaden Padayachy has been appointed as the Minister of Finance and Honourable Mahen Seeruttun is the new Minister of Financial Services and Good Governance.

Hopes are high throughout the industry that economic development will benefit from the expertise of Dr. The Honourable Padayachy and Honourable Seeruttun, both technocrats-turned-politicians, since they are known to have an understanding of the financial services industry and its intricate link to the economy.

Prior to joining politics, Dr. The Honourable Padayachy assumed office as First Deputy Governor of the Bank of Mauritius (the Central Bank) and was also the Chairperson of the Financial Services Commission (the regulatory body of the financial services and non-banking industry). On the other hand, Honourable Seeruttun, who boasts an academic background in finance, is no stranger in the political arena as he held office as Minister of Agro-Industry and Food Security under the previous government mandate.

The Government is now all geared up for another 5-year term and exhibits a genuine commitment to serve the best interest of its people and economy through the continuation of the reforms and measures that were already established under its previous mandate. The Mauritius economy is expected to maintain its pace of progress as it aspires to join the league of high-income countries in the coming years (as at present, the island nation has reached around 80 percent of the way to becoming a high income economy).

For more information about the general elections or should you have any other queries, please do not hesitate to get in touch with your usual contact person at ITL.