Ministry of Finance and Economic Development (Mauritius)

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Minister of Finance & Economic Development of Mauritius
Coat of arms of Mauritius (Original version).svg
Coat of arms of Mauritius
Incumbent
Renganaden Padayachy
since 12 November 2019
Appointer President of the Republic
Term length Five years or earlier, renewable
Formation12 March 1968
Website Ministry of Finance & Economic Development

The Ministry of Finance and Economic Development of Mauritius is a ministerial department found in the Cabinet of the government of the republic. It is considered as the most executive and important ministry in the cabinet after the Prime Minister's Office. The minister of finance is the most desirable position in the cabinet of the country except of the prime minister. Most of the times being the Deputy Prime Minister or any other senior member of the cabinet. Created along with the cabinet on 7 July 1968, since then it is found in the cabinet.

Contents

There are other departments falling under the aegis of the office such as economic development or empowerment. The department is not to be confused with the minister of economic planning as the minister of finance is the sole person in charge of the yearly budget for governmental and parliamentary works. The incumbent minister is Renganaden Padayachy who took office as from 12 November 2019.

Cabinet importance

The ministry of finance in the country is a very important department. It controls all the economic activities of the country as well as determines major price index of all the staples and all other commodities subsidies and taxes. It also determines the price of petrol and gas.

The Central Bank of Mauritius falls under the department and is accountable to the minister. Often considered as the post of the most eligible future prime minister, the minister of finance plays a rather important role in a government as it may decide if the economics policies brought forward by the political party in power are good or rather futile. This may result in a change in people's vote which may oust a government to a new party for a better economic management.

History

Many Finance ministers have shaped the economy and brought about significant economic changes and benefits to the country working under the lead and guidance of their prime ministers. Vishnu Lutchmeenaraidoo was one of these Finance ministers from 1983 to 1991 in the cabinet of Anerood Jugnauth where he introduced ideas and policies developed by Jugnauth. [1]

In some other cases like in 2000 to 2003, then finance minister Paul Bérenger who was also deputy prime minister, brought some of his own economic ideas and development which resulted in a constructive economic sector known as the BPO. Berenger became prime minister in 2003 and appointed Pravind Jugnauth as the head of finance and his deputy. Pravind Jugnauth also held the office with his own ideas and initiatives without the need to constantly seek the lead of Bérenger. This led to conflict between them and the eventual dissolution of their coalition after they lost the 2005 general election to Navin Ramgoolam.

In 2005 when Navin Ramgoolam came to power, he formed a new cabinet and appointed Rama Sithanen as namesake minister. Sithanen introduced a series of economic policies and implementations such as free public transport to students and senior citizen and also the removal of Subsidies on O level and A level examinations in High School.

In 2010, after retaining power for the second successive mandate Navin Ramgoolam formed a new government in alliance with the Militant Socialist Movement. The leader of the MSM, Pravind Jugnauth was re-appointed as Vice Prime Minister and Minister of Finance. He also implemented his own policies and economic changes as per his party's program within the coalition. This led to tension, compounded by the Medpoint scandal that led to the split of their alliance.

In December 2014, Ramgoolam lost the general election. Anerood Jugnauth, who defeated him, formed a coalition government and brought back Vishnu Lutchmeenaraidoo in the hope of creating a Second Economic Miracle. [2]

Salary

The salary of the minister of finance is the same as a cabinet member unless, the office holder is also appointed as deputy prime minister or vice prime minister. The salary is as follows

OfficeSalary Yearly
Deputy Prime Minister
Minister of Finance 		Rs 1,800,000
US $60,000
Vice Prime Minister
Minister of Finance 		Rs 1,740,000
US $58, 000
Cabinet Minister Rs 1,740,000
US $58, 000

Previous office holders

The person holding the office of Finance for the longest run remains Rama Sithanen who held the office for a run of 9 years. The person to hold the office for a shortest run is Vasant Bunwaree who held the office for 3 years.

#NameTook officeLeft officePartyPrime Minister
British Mauritius
1 Seewoosagur Ramgoolam [3] 26 September 196115 August 1967 Mauritius Labour Party
2 Guy Forget [3] 15 August 196712 March 1968 Mauritius Labour Party
Independent Mauritius
1 Veerasamy Ringadoo [3] 12 March 196830 June 1982 Mauritian Labour Party Seewoosagur Ramgoolam
2 Paul Bérenger 30 June 198213 April 1983 Mauritian Militant Movement Sir Anerood Jugnauth
3 Vishnu Lutchmeenaraidoo April 198315 September 1991 Militant Socialist Movement Sir Anerood Jugnauth
Republic of Mauritius
4 Rama Sithanen 15 September 199120 December 1995 Militant Socialist Movement Sir Anerood Jugnauth
5 Vasant Bunwaree 20 December 199517 September 2000 Mauritian Labour Party Navin Ramgoolam
6 Paul Bérenger 17 September 200030 September 2003 Mauritian Militant Movement Sir Anerood Jugnauth
7 Pravind Jugnauth 30 September 20035 July 2005 Militant Socialist Movement Paul Bérenger
8 Rama Sithanen 5 July 200511 May 2010 Mauritian Labour Party Navin Ramgoolam
9 Pravind Jugnauth 11 May 201026 July 2011 Militant Socialist Movement Navin Ramgoolam
10 Xavier Luc Duval 26 July 20116 June 2014 Mauritian Social Democrat Party Navin Ramgoolam
11 Navin Ramgoolam 6 June 201417 December 2014 Mauritian Labour Party Navin Ramgoolam
12 Vishnu Lutchmeenaraidoo 17 December 201414 March 2015 Militant Socialist Movement Anerood Jugnauth
13 Anerood Jugnauth 14 March 201524 May 2016 Militant Socialist Movement Anerood Jugnauth
14 Pravind Jugnauth [4] 25 May 201612 November 2019 Militant Socialist Movement Anerood Jugnauth, then Himself
15 Renganaden Padayachy [5] 12 November 2019Incumbent Militant Socialist Movement Pravind Jugnauth

See also

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References

  1. ↑ Seblin, Michaella. "Nous voulons diriger le pays". 5Plus. Retrieved 16 May 2016.
  2. ↑ Servansingh, Rajiv (23 January 2015). "A propos the Second Economic Miracle". Mauritius Times. Retrieved 23 January 2015.
  3. 1 2 3 Guide to Government Ministers: The British Empire and Successor States 1900-1972
  4. ↑ "Archived copy". mof.govmu.org. Archived from the original on 2 October 2019. Retrieved 12 January 2022.{{cite web}}: CS1 maint: archived copy as title (link)
  5. ↑ "Archived copy". mof.govmu.org:80. Archived from the original on 3 December 2019. Retrieved 12 January 2022.{{cite web}}: CS1 maint: archived copy as title (link)
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