Background

Major reform initiatives that were undertaken in the financial sector following the 2002-2003 FSAP recommendations enhanced the financial sector in Mauritius significantly. Nevertheless, the 2007 FSAP update recommended further efforts in the areas of financial reporting, contribution to supporting the actions taken by the authorities to withstand the impact of the global financial downturn and assist them in preparing for a more uncertain external environment, and eventually, for the unwinding of the stimulus measures undertaken in response to the crisis.

Project

Goal: The project helps to improve the Central Bank (BoM) management and operations to effectively fulfill its mandate and increase its ability to mitigate the negative impact of the global financial downturn.

Purpose: The project aims to equip the BoM with improved knowledge and own-capacity building in liquidity analysis, modeling, and forecasting. It will help improve BoM's accounting skills, and will allow the central bank to strengthen and upgrade its financial stability analysis as well as improve its ability to identify and manage financial risks.

Outputs: The project provides peripatetic expert visits to Port Louis to assist the Bank of Mauritius.  The delivery will be supervised by the IMF. Specifically, the technical assistance focuses on building capacity in:

1.       The analytic foundations for managing liquidity to better respond to more volatile and uncertain conditions;

2.       Improving macroprudential analysis and the financial stability framework; and,

3.       Central Bank accounting

Project LIFE TIME is 18 months, starting in March 2010

Project BUDGET is $237,300

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