Appendix F: Debt

(as at end of period) Rs million Jun 2019 Jun 2020 Jun 2021 Estimates Revised Estimates Estimates Planned Planned Budgetary Central Government Domestic Debt 223,968 225,594 249,027 268,275 282,482 Government Securities Issued for Meeting Borrowing Requirement 223,068 224,700 248,133 268,275 282,482 Treasury Bills 24,015 25,905 27,509 29,121 28,977 Treasury Notes 54,334 54,100 58,659 63,769 66,769 Five-Year Bonds 55,340 55,353 61,233 65,479 70,179 Long Term Bonds 89,379 89,342 100,732 109,906 116,557 Government Securities Issued for Mopping up Excess Liquidity 900 894 894 - - Budgetary Central Government External Debt 45,406 45,711 43,094 41,165 39,401 Short Term 2 188 300 300 300 300 Long Term 40,518 40,651 37,994 36,015 34,201 Long Term Debt Liability - IMF SDR Allocations 4,700 4,760 4,800 4,850 4,900 Budgetary Central Government External Debt as % of GDP 9.5% 9.6% 8.4% 7.4% 6.6% Budgetary Central Government Gross Debt (incl. SDR Allocations) 269,374 271,305 292,121 309,440 321,883 Budgetary Central Government Gross Debt as % of GDP 56.3% 57.0% 57.0% 56.0% 53.9% Extra Budgetary Units Debt 94 94 74 49 24 Domestic - Guaranteed 24 24 24 24 24 External - Guaranteed 70 70 50 25 - Central Government Debt 269,468 271,399 292,195 309,489 321,907 Local Government Debt - - - - - Rodrigues Regional Assembly - - - - - General Government Debt 269,468 271,399 292,195 309,489 321,907 General Government Debt as % of GDP 56.3% 57.0% 57.0% 56.0% 53.9% Public Enterprises Debt 32,100 30,750 31,230 37,300 36,800 Domestic - Guaranteed & Non-Guaranteed 14,600 17,900 16,250 14,600 9,900 External - Guaranteed & Non-Guaranteed3 17,500 12,850 14,980 22,700 26,900 Public Enterprises Debt as % of GDP 6.7% 6.5% 6.1% 6.7% 6.2% Public Sector Gross Debt 301,568 302,149 323,425 346,789 358,707 Domestic 238,592 243,518 265,301 282,899 292,406 External 62,976 58,631 58,124 63,890 66,301 Public Sector Gross Debt as % of GDP 63.0% 63.4% 63.1% 62.8% 60.0% Structure of Government Domestic Debt (%) Short Term 10.8 11.5 11.1 10.9 10.3 Medium Term 24.4 24.1 23.6 23.8 23.6 Long Term 64.9 64.4 65.3 65.4 66.1 Composition of Government Debt (%) Domestic 83.1 83.1 85.2 86.7 87.8 External 16.9 16.9 14.8 13.3 12.2 Composition of Public Sector Debt (%) Domestic 79.1 80.5 82.0 81.6 81.5 External 20.9 19.5 18.0 18.4 18.5 (2) Investment in Government securities held by non-residents Table F1: Public Sector Gross Debt1 (1) Public Sector Debt, as per Section 6(1) of the Public Debt Management (PDM) Act 2008, comprises gross debt of Government, Extra Budgetary Units, Local Government, Rodrigues Regional Assembly and Public Enterprises. (3) Includes acquisition of 2 aircrafts by Air Mauritius Ltd the mode of financing of which is yet to be finalised. Excluding these loans, Public Sector Gross Debt would amount to 58.3% of GDP by end June 2021. Jun 2018 APPENDIX F: DEBT 386 Rs million 2018/19 2019/20 2020/21 Estimates Revised Estimates Estimates Planned Planned Government 3,855 3,745 5,115 5,385 5,445 - Capital Repayment 3,100 3,030 4,400 4,650 4,700 - Interest Payments and Management/Service Charges 755 715 715 735 745 Public Enterprises (Government Guaranteed) 1 1,570 1,440 1,560 2,530 3,380 - Capital Repayment 1,210 1,200 1,210 1,800 2,400 - Interest Payments and Management/Service Charges 360 240 350 730 980 Public Enterprises (Non-Guaranteed) 224 241 250 257 275 - Capital Repayment 213 230 240 250 270 - Interest Payments and Management/Service Charges 11 11 10 7 5 Private Sector (Long Term) 3,854 2,544 2,701 2,869 3,059 - Capital Repayment2 3,365 2,379 2,450 2,524 2,600 - Interest Payments3 489 165 251 345 459 Total External Debt Servicing 9,503 7,970 9,626 11,041 12,159 Debt Service Ratio 4.6% 4.0% 4.5% 4.9% 5.0% (1) Include Extra Budgetary Units (2) Source - Bank of Mauritius (3) Source - Bank of Mauritius and Ministry of Finance & ED (4) Figures for interest payments and management/service charges are on cash basis Table F2: Total External Debt Servicing and Debt Service Ratio 2017/18 APPENDIX F: DEBT 387 Table F3: Gross External Debt Stock (end of period) Rs million Jun 2019 Jun 2020 Jun 2021 Estimates Revised Estimates Estimates Planned Planned Budgetary Central Government 45,406 45,711 43,094 41,165 39,401 Short Term 188 300 300 300 300 Long Term 45,218 45,411 42,794 40,865 39,101 o/w IMF SDR Allocations 4,700 4,760 4,800 4,850 4,900 Public Enterprises 17,500 12,850 14,980 22,700 26,900 Long Term - Government Guaranteed and Non-Guaranteed 1 17,500 12,850 14,980 22,700 26,900 Extra Budgetary Unit 70 70 50 25 - Long Term - Government Guaranteed 70 70 50 25 - Monetary Authorities2 356 273 281 289 297 Short Term 356 250 258 265 273 Long Term - 23 23 24 24 Other Deposit Taking Institutions2 308,673 308,364 317,615 327,143 336,957 Short Term 166,198 191,491 197,236 203,153 209,248 Long Term 142,475 116,872 120,378 123,990 127,709 Global Business2 6,934,833 6,672,242 7,162,571 7,480,366 7,682,073 Long Term 6,934,833 6,672,242 7,162,571 7,480,366 7,682,073 Other Private Sector - Unaffiliates 18,629 7,573 13,046 21,702 27,527 Short Term 2 6,907 5,848 6,145 6,835 6,912 Long Term 3 11,722 1,726 6,901 14,866 20,615 Other Private Sector - Affiliates 2 15,917 7,790 8,024 8,265 8,513 Long Term 15,917 7,790 8,024 8,265 8,513 Total External Debt 4 7,341,384 7,054,873 7,559,660 7,901,654 8,121,668 Short Term 173,649 197,889 203,939 210,554 216,733 Long Term 7,167,735 6,856,984 7,355,721 7,691,101 7,904,935 External Debt excluding Deposit Taking Institutions and Global Business 5 97,878 74,267 79,475 94,145 102,637 As % of GDP 20.4% 15.6% 15.5% 17.0% 17.2% As % of Exports of Goods & Services 47.1% 36.9% 37.5% 41.8% 42.5% (2) Source - Bank of Mauritius (5) Debt of 'Other Deposit Taking Institutions' and 'Global Business' are excluded as their debt are matched with almost the same level of asset. (1) Includes acquisition of 2 aircrafts by Air Mauritius Ltd the mode of financing of which is yet to be finalised. Excluding these loans, external debt as percent of GDP and exports of goods and services would amount to 15.5% and 38.3% respectively by end June 2021. Jun 2018 (4) In line with the recommendation of IMF, the coverage of Gross External Debt has been extended. The cross border transactions of global business entitities are being included as part of Gross External Debt. To maintain consistency, the external position of deposit taking institutions and monetary authorities are also included in the Gross External Debt. (3) Source - Bank of Mauritius and Ministry of Finance & ED (includes projected disbursements of loans contracted/to be contracted by SBM (Mauritius) Infrastructure Development Co. Ltd from foreign sources for financing public sector projects) APPENDIX F: DEBT 388 Rs 000 Loan Mgt/ Service Charges Interest Capital Repayments Total 1 I.D.A. Loan for the DBM Coromandel Project 411 MAS. (2023) USD 4,000,000. Service charge of 0.75%. Repayable over 40 years by semi- annual instalments commencing July 1983. 150 - 4,150 4,300 2 I.D.A. Loan for the Tea Development Authority 239 MAS. (2021) USD 5,200,453. Service charge of 0.75%. Repayable over 40 years by semi- annual instalments commencing August 1981. 120 - 5,620 5,740 3 I.D.A. Loan for the DBM Industrial Project 313 MAS. (2022) USD 3,502,199. Service charge of 0.75%. Repayable over 40 years by semi- annual instalments commencing July 1982. 110 - 3,640 3,750 4 I.D.A. Loan for the Education Project 501 MAS. (2024) USD 3,500,000. Service charge of 0.75%. Repayable over 40 years by semi- annual instalments commencing August 1984. 160 - 3,630 3,790 5 I.D.A. Loan for Rural Development Project 419 MAS. (2023) USD 4,000,000. Service charge of 0.75%. Repayable over 40 years by semi- annual instalments commencing July 1983. 150 - 4,150 4,300 6 I.B.R.D First Trade and Competitiveness DPL - 7416 MU. (2021) USD 30,000,000. Floating Interest Rate. Repayable by 20 semi-annual instalments commencing March, 2012. Note : Remaining balance of USD 15,000,000 converted into EURO 13,431,232 at fixed interest rate of 0% in October 2016. - - 112,710 112,710 7 I.B.R.D Second Trade and Competitiveness DPL - 4889 MU. (2023) USD 30,000,000. Floating Interest Rate. Repayable by 20 semi-annual instalments commencing November, 2013. Note : Remaining balance of USD 16,500,000 converted into EURO 13,306,451.61 at fixed interest rate of 0.51% in March 2018. - 2,500 101,520 104,020 8 I.B.R.D Loan for Mauritius Economic Transition Technical Assistance Project - 7641 MU. (2025) USD 2,097,477.08. Floating Interest Rate. Repayable by 20 semi-annual instalments commencing February, 2014. - 720 5,400 6,120 9 I.B.R.D Third Trade and Competitiveness DPL - 7679 MU. (2028) USD 30,000,000, EUR 22,700,000 and GBP 28,000,000. Floating Interest Rate. Repayable by 30 semi-annual instalments commencing June, 2014. Note : Remaining balance of the USD component of 25,005,000 converted into EURO 22,379,844 at fixed interest rate of 0.65% in October 2016. - 11,250 227,140 238,390 10 I.B.R.D Fourth Trade and Competitiveness DPL - 7808 MU. (2029) USD 50,000,000. Floating Interest Rate. Repayable by 30 semi-annual instalments commencing December, 2014 - 21,490 120,100 141,590 11 I.B.R.D Loan for Infrastructure Project - 7734 MU. (2029) USD 47,699,205.83. Floating Interest Rate. Repayable by 30 semi-annual instalments commencing January, 2015. - 21,460 109,900 131,360 12 I.B.R.D Loan for Manufacturing and Services Development and Competitiveness Project -7822 MU. (2029) USD 293,845. Floating Interest Rate. Repayable by 30 semi-annual instalments commencing April, 2015. - 160 680 840 13 I.B.R.D Public Sector Performance DPL - 8138 MU. (2030) USD 20,000,000. Fixed interest rate of 2.40%. Repayable by 26 semi-annual instalments commencing August, 2017. - 15,100 53,230 68,330 14 I.B.R.D Private Sector Performance DPL - 8139 MU. (2030) GBP 9,600,000. Fixed interest rate of 2.80%. Repayable by 26 semi-annual instalments commencing August, 2017. - 11,560 35,160 46,720 15 I.B.R.D Second Public Sector Performance DPL - 8247 MU. (2030) USD 20,000,000. Fixed interest rate of 3.53%. Repayable by 26 semi-annual instalments commencing April, 2018. - 23,000 53,230 76,230 16 I.B.R.D Second Private Sector Performance DPL - 8248 MU. (2030) GBP 9,600,000. Fixed interest rate of 3.32%. Repayable by 26 semi-annual instalments commencing April, 2018. - 14,290 35,160 49,450 TABLE F4 : GOVERNMENT EXTERNAL DEBT SERVICING - FY 2018/19 APPENDIX F: DEBT 389 Rs 000 Loan Mgt/ Service Charges Interest Capital Repayments Total TABLE F4 : GOVERNMENT EXTERNAL DEBT SERVICING - FY 2018/19 17 I.B.R.D First Regional Accelerated Program for Economic Intergration DPL - 8603 MU. (2033) Euro 13,700,000. Fixed interest rate of 1.58%. Repayable by 26 semi-annual instalments commencing May, 2021. - 9,210 - 9,210 18 B.A.D.E.A Loan for Pailles-Guibies Sewerage Project. (2033) USD 4,000,000. Fixed interest rate of 3%. Repayable by 34 semi-annual instalments commencing November, 2016 - 3,280 6,740 10,020 19 B.A.D.E.A Loan for Flacq Teaching Hospital. (2038) USD 20,000,000. Fixed interest rate of 2%. Repayable by 30 semi-annual instalments commencing May, 2024. - 1,130 - 1,130 20 O.F.I.D Loan for Pailles-Guibies Sewerage Project. (2030) USD 4,000,000. Floating Interest Rate. Repayable by 30 semi-annual instalments commencing September, 2016 - 1,720 9,220 10,940 21 O.F.I.D Loan for Terre Rouge Verdun-Ebene Link Road Phase II. (2029) USD 8,070,000. Floating Interest Rate. Repayable by 30 semi-annual instalments commencing October, 2014 - 3,920 18,600 22,520 22 I.F.A.D Loan for Rural Diversification Programme. (2019) SDR 8,200,000. Floating Interest Rate. Repayable by 30 semi-annual instalments commencing January, 2005 - 330 21,430 21,760 23 I.F.A.D Loan for Marine and Agricultural Resources Support Programme (2026). SDR 3,450,000. Floating Interest Rate. Repayable by 30 semi-annual instalments commencing January, 2012. - 420 2,120 2,540 24 Government of China Loan for CCTV Surveillance System. (2025) CNY 12,434,000. Interest Free. Repayable by 10 annual instalments commencing January, 2016. - - 6,800 6,800 25 Government of China Loan for CCTV Surveillance System. (2026) CNY 30,000,000. Interest Free. Repayable by 10 annual instalments commencing January, 2017. - - 16,400 16,400 26 Government of China Loan for CCTV Surveillance System. (2026) CNY 29,200,000. Interest Free. Repayable by 10 annual instalments commencing July, 2017. - - 15,950 15,950 27 Government of China Loan for New Wards and Operation Theatre at Victoria Hospital. (2027) CNY 29,310,000. Interest Free. Repayable by 10 annual instalments commencing August, 2018. - - 16,010 16,010 28 Government of China Loan for New Wards and Operation Theatre at Victoria Hospital. (2028) CNY 40,000,000. Interest Free. Repayable by 10 annual instalments commencing January, 2019. - - 25,850 25,850 29 Government of China Loan for Economic and Technical Cooperation Projects. (2032) CNY 50,000,000. Interest Free. Repayable by 10 annual instalments commencing January, 2023. - - - - 30 Government of China Loan for Economic and Technical Cooperation Projects. (2034) CNY 50,000,000. Interest Free. Repayable by 10 annual instalments commencing January, 2025. - - - - 31 Government of China Loan for Economic and Technical Cooperation Projects. (2035) CNY 50,000,000. Interest Free. Repayable by 10 annual instalments commencing January, 2026. - - - - 32 EXIM Bank of China Loan for the Plaines Wilhems Sewerage Project. (2023) CNY 439,484,256.43. Fixed interest rate of 3%. Commitment Fee of 0.75%. Repayable by 20 semi-annual instalments commencing March, 2014. - 38,350 240,100 278,450 33 EXIM Bank of China Loan for Bagatelle Dam Project. (2027) CNY 580,000,000. Fixed interest rate of 2%. Commitment Fee of 0.50%. Repayable by 20 semi-annual instalments commencing September, 2017. - 56,240 316,820 373,060 APPENDIX F: DEBT 390 Rs 000 Loan Mgt/ Service Charges Interest Capital Repayments Total TABLE F4 : GOVERNMENT EXTERNAL DEBT SERVICING - FY 2018/19 34 EXIM Bank of India Loan for Offshore Patrol Vessel Project. (2021) USD 48,500,000. Floating Interest Rate. Commitment Fee of 0.50%. Repayable by 15 semi-annual instalments commencing March, 2014 - 13,100 223,500 236,600 35 EXIM Bank of India Loan for Specialised Defence Equipment and Vehicles for Mauritius Police Force. (2024) USD 46,000,000. Fixed interest rate of 2%. Commitment Fee of 0.50%. Repayable by 15 semi-annual instalments commencing July, 2017 3,900 13,440 211,980 229,320 36 EXIM Bank of India Loan for Water Jet Fast Attack Craft for Mauritius Police Force. (2024) USD 18,000,000. Fixed interest rate of 2%. Commitment Fee of 0.50%. Repayable by 15 semi-annual instalments commencing August, 2017 - 14,620 82,950 97,570 37 EXIM Bank of India Loan for Trident Project. (2036) USD 52,300,000. Floating Interest Rate. Commitment Fee of 0.50%. Repayable by 30 semi-annual instalments commencing March, 2022 7,560 230 - 7,790 38 K.F.W Loan for Tombeau Bay Sewerage Project. (2026) Euro 253,715. Fixed interest rate of 2%. Repayable by 40 semi-annual instalments commencing December, 2006 - 90 560 650 39 A.D.B Development Budget Support Loan . (2022) USD 30,000,000. Floating Interest Rate. Repayable by 20 semi-annual instalments commencing August 2012. - 7,210 113,680 120,890 40 A.D.B Loan for Plaines Wilhems Sewerage Project. (2027) USD 10,360,000 and EUR 7,820,000. Floating Interest Rate. Repayable by 30 semi-annual instalments commencing February, 2013 - 5,170 45,750 50,920 41 A.D.B Loan for Competitiveness and Public Sector Efficiency Programme. (2033) USD 324,000,000 and EUR 146,000,000. Floating Interest Rate. Repayable by 30 semi-annual instalments commencing August, 2018. - 146,100 878,400 1,024,500 42 A.D.F Loan for Cyclone Rehabilitation Works. (2030) USD 3,002,328.05. Service charge of 0.75%. Repayable over 40 years by semi-annual instalments commencing July, 1990 360 - 3,930 4,290 43 A.D.F Loan for the Development of Waste Water facilities in Mauritius and Rodrigues. (2039) USD 1,023,828.28 and EUR 31,159.34. Interest free. Repayable over 40 years by semi-annual instalments commencing July, 1999 - - 1,150 1,150 44 A.F.D for Development Budget Support and Public Sector Efficiency Loan. (2022) EUR 24,000,000. Fixed interest rate of 4.88%. Repayable by 20 semi-annual instalments commencing September, 2012 - 18,700 100,700 119,400 45 A.F.D for Development Budget Support Loan. (2023) EUR 48,000,000. Fixed interest rate of 4.84% for 1st Tranche of EUR 24 million and 4.03% for 2nd Tranche of same amount. Repayable by 20 semi- annual instalments commencing September, 2013 - 39,100 211,400 250,500 46 A.F.D Loan for Grand Baie Sewerage Project (Phase II). (2021) EUR 101,749.05. Fixed Interest Rate of 1.85%. Repayable by 16 semi-annual instalments commencing May 2014. - - 540 540 47 A.F.D Loan for Terre Rouge - Verdun Road (Lot I). (2024) EUR 40,000,000. Fixed Interest Rate of 3.41%. Repayable by 30 semi-annual instalments commencing May 2015. - 36,300 167,830 204,130 48 A.F.D Environmental Aid Programme Budget Support Loan (2030) EUR 95,000,000. Floating Interest Rate. Repayable by 20 semi-annual instalments commencing September 2015 - 34,830 265,730 300,560 49 A.F.D Energy Development Policy loan. (2033) EUR 50,000,000. Fixed interest rate of 3.49% for 1st Tranche of EUR 20 million and 2.16% for 2nd Tranche of EUR 30 million. Repayable by 30 semi- annual instalments commencing June 2019. - 57,260 69,930 127,190 50 A.F.D Loan for Restructuring Cargo Handling Corporation Ltd. (2030) EUR 27,000,000. Fixed interest rate of 1.06% to 1.52% (Disbured in 5 Tranches). Repayable by 30 semi-annual instalments commencing December 2019. - 15,130 - 15,130 APPENDIX F: DEBT 391 Rs 000 Loan Mgt/ Service Charges Interest Capital Repayments Total TABLE F4 : GOVERNMENT EXTERNAL DEBT SERVICING - FY 2018/19 51 E.D.F Loan for Mauritius Housing Project. (2021) EUR 3,040,000. Fixed interest rate of 1%. Repayable by 60 semi-annual instalments commencing December 1991 - 140 4,810 4,950 52 E.D.F Loan for Construction of Maize Processing Plants. (2024) EUR 850,000. Fixed interest rate of 1%. Repayable by 60 semi-annual instalments commencing July 1994. - 80 1,280 1,360 53 E.D.F Loan for Phoenix-Nouvelle France Road (2025) EUR 8,468,000. Fixed interest rate of 1%. Repayable by 60 semi-annual instalments commencing June, 1996. - 920 12,250 13,170 54 E.D.F Loan for Storage Installations. (2025) EUR 1,350,000. Fixed interest rate of 1%. Repayable by 60 semi-annual instalments commencing May 15, 1996. - 150 2,030 2,180 55 E.D.F Loan for Agricultural Diversification Programme. (2031) EUR 4,000,000. Fixed interest rate of 1%. Repayable by 60 semi-annual instalments commencing November, 2001 - 780 5,720 6,500 56 E.D.F Loan for Industrial Diversification Programme. (2031) EUR 5,000,000. Fixed interest rate of 1%. Repayable by 60 semi-annual instalments commencing November, 2001 - 910 6,710 7,620 57 E.D.F Loan National Derocking Project. (2031) EUR 1,000,000. Fixed interest rate of 1%. Repayable by 60 semi-annual instalments commencing February, 2002. - 200 1,400 1,600 58 E.D.F Loan for Regional Meteorological Project. (2033) EUR 1,092,960. Fixed interest rate of 1%. Repayable by 60 semi-annual instalments commencing December, 2003 - 240 1,480 1,720 59 E.I.B Loan for the Plaines Wilhems Sewerage Project. (2021) EUR 27,502,234.53. Fixed interest rate of 3%. Repayable by 16 semi - annual instalments commencing March, 2014. - 15,290 148,250 163,540 60 N.D.F Loan for Environmental Investment Programme. (2029) EUR 4,060,680. Service charge of 0.75%. Repayable by 60 semi- annual instalments commencing March 2003. 590 - 6,820 7,410 61 J.B.I.C Loan for Port Louis City Landslide Protection Project. (2019) JPY 2,922,000,000. Fixed interest rate of 3%. Repayable by 37 semi-annual instalments commencing August 2001. - 810 21,330 22,140 62 J.B.I.C Loan for Environmental Sanitation and Sewerage Project. (2023) JPY 4,538,000,000. Fixed interest rate of 1.8%. Repayable by 37 semi-annual instalments commencing September 2005. - 7,330 78,550 85,880 63 J.I.C.A Loan for Grand Baie Sewerage Project. (2025) JPY 7,012,000,000. Fixed interest rate of 0.6%. Commitment Fee of 0.1%. Repayable by 21 semi-annual instalments commencing July 2015 1,400 740 159,880 162,020 64 Projected Loans 500 35,000 - 35,500 15,000 700,000 4,400,000 5,115,000 Note: Interest is on cash basis Figure in bracket ( ) refers to the year when the loan will be fully repaid The figures indicated for interest rates and commitment fees are per annum rates A.D.B - African Development Bank I.D.A - International Development Association A.D.F - African Development Fund I.F.A.D - International Fund for Agricultural Development A.F.D - Agence Francaise de Developpement J.B.I.C - Japan Bank for International Cooperation B.A.D.E.A - Banque Arabe de Developpement Economique en Afrique J.I.C.A - Japan International Cooperation Agency E.D.F - European Development Fund K.F.W - Kreditanstalt Fur Wiederafbau E.I.B - European Investment Bank N.D.F - Nordic Development Fund I.B.R.D - International Bank for Reconstruction and Development O.F.I.D - Opec Fund for International Development APPENDIX F: DEBT 392