I would hope I am not getting this wrong. I also wish to apologise for not having picked this up before. But the fact is that I have always kind of fancied, quite beyond the raw Budget figures themselves, seeing the balance sheet of Mauritius and never realised it was staring us all along in the face!

In the Budget, estimates of 2017-2018, just published this year, in appendix H, we have the summarised balance sheet of Mauritius. This document is entitled NET WORTH and means what it says : having listed the asset values of the country, both financial and non-financial and come up with a figure of 542 billion rupees as at 30th June 2016, it then shifts to the country’s liabilities side of the balance sheet and having netted those off (mainly the country’s borrowings and the Public Service Pension liabilities), we are left with a net worth figure. This figure, as at 30th June 2016 is Rs 158.1 billion (see table above).

Now, a word of caution is in order since the figure for the state’s land assets, at Rs 338.4 billion is based on costs of acquisitions since 01/01/2010 and on estimated 2009 market prices of lands previously held as at 31st December 2009. So, in effect, if we revalued our country’s land assets, they would come up to much more than Rs 338.4 billion and thus our net worth would certainly be much higher than Rs 158.1 billion.

But the point I really want to bring to public attention is that the net worth of our country WAS REDUCED by more than Rs 40 billion in the twelve months to 30th June 2016! Two reasons for this: borrowings increased by Rs 24.4 billion (Rs 245.4 Bn minus Rs 221.1 Bn) and pension liabilities increased by Rs 21.2 Bn. Maybe the stewards of our national finances should explain why? Especially since a Rs 40 Bn drop in net worth is a staggering amount, by any measure.

Even more interesting is the fact that the Net Worth of the country in December 2011 was Rs 273.5 Bn, that is Rs 115.4 million more than the June 2016 figure! How can that be? Aren’t we growing richer, after all? Please also note that if one were to adjust the value of the 2011 rupee to the 2016 parity, we would have an even worse situation – at least in dollars.

Indeed, it took Rs 29.36 rupees to buy one USD in December 2011 and by 30th June 2016 it took Rs 34.21, i.e. 16.5% rupees more! I am feeling a little chilly tonight!