Mauritius gives new $395 million boost to tourism sector
PORT LOUIS (Reuters) - The Mauritius government is to part-fund a second stimulus package for its tourism sector and key exporters to help boost a fragile economic recovery.
The 12 billion rupee package targeting the textile, sugar and tourism industries will be financed by the government, the private sector and the Bank of Mauritius, Finance Minister Pravind Jugnauth told reporters.
It follows a similar programme worth 10.4 billion rupees introduced in December 2008.
The Indian island's economic recovery has been slower than expected, with the euro zone crisis and the relative weakness of the euro against the rupee weighing.
"We want to protect jobs and make enterprises more competitive. Some measures will be implemented immediately," Jugnauth said.
Sugar, textiles and tourism have traditionally been the core pillars of the economy, which has diversified into offshore banking, luxury property and business outsourcing in recent years.
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