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Deepening Integration in SADC : Mauritius

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Deepening Integration in SADC : Mauritius Regional Integration in Southern Africa - Vol. 8 SADC Deepening Integrationin Coming Challenges Mauritius -Achievementsand V Sanjeev K.Sobhee Friedrich A eepin Bhowon study conducted Ebert Foundation for the c e d r e f i Regional Integration in Southern Africa Vol. 8 Deepening Integration in SADC Mauritius – Achievement and Coming Challenges A study conducted for the Friedrich Ebert Foundation Authors: Sanjeev K. Sobhee, University of Mauritius Veepin Bhowon, CEDREFI February 2007 1 Impressum Published by Friedrich Ebert Foundation - Botswana Office ISBN 978-99912-443-1-0 February 2007 © Friedrich Ebert Foundation All rights reserved The material in this publication may not be reproduced, stored or transmitted without the prior permission of the copyright holder. Short extracts may be quoted, provided the source is fully acknowledged. The views expressed in this publication are not necessarily the ones of the Friedrich Ebert Foundation or of the organisation for which the author works. 2 Preface egional integration can be a key force for sustainable development. It Rcan promote economic growth, reduce poverty, foster social development or protect the environment. But it can also have negative economic and social impacts, notably when the domestic regulatory framework is inadequate or not implemented effectively. The Southern African Development Community (SADC) is committed to deepening the integration processes amongst its members and has adopted the Regional Indicative Strategic Development Plan (RISDP) in order to provide strategic direction in the design and formulation of SADC programmes, projects and activities in order to achieve development and economic growth, alleviate poverty, enhance the standard and quality of life of the people of Southern Africa and support the socially disadvantaged, through regional integration. Amongst the various measures Governments can implement to further such integration, ensuring sound macroeconomic management is vital. Given the commitment to deepening SADC integration through macroeconomic policies, it is important that policy makers in SADC and its Member States assess the impacts that such measures will have on the social well-being of its people, both in the short term and the long term. In view of the above, the Friedrich Ebert Foundation through its office in Botswana and in close consultation with the Planning Unit of the SADC Secretariat initiated a regional research programme on “Deepening Integration in SADC – Macroeconomic Policies and their Impact”. From the very beginning the programme was designed as a collective effort of the leading economic research institutions of the region. A total of 14 institutes from 11 SADC member countries followed the call to join the programme. In two workshops held in December 2004 in Gaborone, Botswana, and in April 2005 in Stellenbosch, South Africa, the team developed detailed terms of reference for the research programme. Phase 1 was to begin at the country level with a comprehensive study on the present status of the economies, their congruence with SADC convergence targets, the respective policy frameworks as well as a social impact analysis. This more theoretical desk study was complemented by an empirical survey of the perceptions of Businesses and Non-State Actors vis a vis SADC. A study 3 on South Africa’s international trade diplomacy and its implications for regional integration was to give a contextual perspective. All members of the research team have spent a lot of time and energy and produced excellent reports. The ideas and recommendations contained therein have induced some lively as well as controversial discussion among the participating institutions as well as with other experts. The content of each study reflects of course solely the views of the authors. I commend all of them for their great commitment as well as their great team spirit in this endeavour. I also wish to acknowledge the substantial input we received from the SADC Secretariat, especially the Head of the Strategic Planning Unit, Dr. Angelo E. Mondlane, the then Technical Advisor on Finance, Dr. Moeketsi Senaoana as well as other SADC experts. Other external experts have also contributed to the final documents as part of the various reference group meetings in all the participating countries. I wish to extend my greatest thanks to all them. In order to make the results of this research programme known to a broader public, especially among the relevant policy and decision makers of the SADC region, the Friedrich Ebert Foundation then decided to publish a series of volumes entitled “Regional Integration in Southern Africa”. The 8th volume, presented here, contains the findings of the Country Study and Survey from Mauritius by experts from the University of Mauritius and the Centre for Documentation, Research and Training on the South West Indian Ocean, CEDREFI in Mauritius. My special thanks go to the authors, to Sanjeev K. Sobhee and Veepin Bhowon for writing and revising the document, to Partrick Ebewo for editing, to Sara Wagner for proof reading as well as to Peter Maina Kamiti and MacDonald Gotora for the design and layout. Gaborone, February 2007 Dr. Marc Meinardus Resident Representative Friedrich Ebert Foundation Botswana Office 4 Table of Contents Preface........................................................................................... 3 Part 1: Macroeconomic Policies and Their Impact in Mauritius List of Tables.................................................................................... 10 List of Abbreviations......................................................................... 11 Executive Summary............................................................. 13 1 Rationale for Macroeconomic Convergence............... 19 1.1 Memorandum of Understanding on Macroeconomic Convergence........................................ 20 1.2 Reasons for Macroeconomic Policy Coordination........... 21 1.3 Objectives of the Study.................................................. 22 1.4 Methodological Issues................................................... 22 1.5 Organisation of the Report............................................ 23 2 Sectoral Performance and Macroeconomic Convergence Status....................................................... 25 2.1 Domestic Growth Performance...................................... 27 2.2 Sectoral Performance..................................................... 28 2.2.1 Agriculture..................................................................... 28 2.2.2 Manufacturing............................................................... 29 2.2.3 Tourism..........................................................................30 2.2.4 Financial Sector.............................................................. 31 2.2.5 Information and Communication Technology (ICT)......... 32 2.3 Changes in Components of Domestic Demand and Price Movements........................................................... 33 2.3.1 Private Consumption, Savings and Domestic Capital Formation...................................................................... 34 2.3.2 Inflation and External Value of the Mauritian Rupee....... 35 2.4 Foreign Direct Investment.............................................. 36 2.5 Current Status of Convergence of the Mauritian Economy.. 39 3 Fiscal and Monetary Policy Making and the Role of Financial Institutions..................................................... 41 3.1 Fiscal Policy Making....................................................... 41 3.1.1 Pre-Budgetary Consultations.......................................... 41 3.1.2 Fiscal Trends................................................................... 43 5 3.1.3 Fiscal Challenges............................................................ 45 3.1.3.1 Budgetary Framework in Mauritius................................. 45 3.1.3.2 Revenue Consolidation.................................................. 46 3.1.3.3 Medium Term Expenditure Framework (MTEF)................ 46 3.2 Monetary Policy..............................................................47 3.3 Financial Sector Regulation and Supervision....................50 4 Trade Policies and Their Implications for Deepening Regional Integration in the SADC............. 53 4.1 Existing Multilateral Commitments of Mauritius.............. 55 4.1.1 Southern African Development Community (SADC)....... 56 4.1.2 Common Market for Eastern and Southern Africa (COMESA)..................................................................... 57 4.1.3 Indian Ocean Commission............................................. 59 4.1.4 Cotonou Agreement..................................................... 59 4.1.5 African Growth and Opportunities Act (AGOA).............. 61 4.1.6 Implications of Overlaps For The Integration Processes In SADC........................................................................ 61 4.2 How Membership in SADC Influences Mauritius’s Macroeconomic Policy Framework................ 62 4.3 Analysis of the Trade Policies......................................... 64 4.4 Trade Facilitation Initiatives............................................ 65 4.5 Government Actions Needed........................................ 67 4.6 Trade Flow Analysis of Mauritius.................................... 68 4.6.1 External Trade............................................................... 68 4.6.2 Trade with SADC.......................................................... 70 4.6.3 Exports to SADC Countries.........................................
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