It is a fool’s deal. An insult to the intelligence of the old, and an albatross around the neck of the youth. The burden our children will carry will continue into their own old age, stifling their youth and stunting their growth.

The promised increase in the old-age pension from Rs6,210 to Rs13,500, as announced by a prime minister who is badly in need of a reason to be re-elected, has taken the nation by storm. Its implications on the economy are huge. To cap it all, no economic justification for such an increase has been offered other than ‘vote for me, and you and your wife will both have a handsome pay cheque at the end of the month’, the very definition of an electoral bribe if ever there was one. 

It is not our intention to deny seniors a handsome and well-deserved retirement, but some legitimate questions have to be asked: Is the economy doing so much better that we can afford to throw around Rs40 billion – as estimated by Economist Eric Ng – every year at our greying population? Has our economy improved so much since 2014 that we can now afford all the knee-jerk reactions of government ‘generosity’ that we have been witnessing since? 

“Give some taxpayers’ money to a few lucky ones during the Indian Ocean Island Games, or some briani which you distribute in humiliating conditions reminiscent of the Great Famine. And keep massaging the alarming figures and engaging in shameless, overt spin-doctoring about having turned the economy around. Which you have. Only not in a good way.” 

Away from the spin-doctoring and hollow propaganda, here are some sobering figures as compiled by Statistics Mauritius and the Bank of Mauritius:

Our public sector debt in 2014, with the building of the new airport, Terre-Rouge/Verdun and so many other roads and flyovers was Rs237 billion. By 2019, it was hovering around Rs320 billion! This is excluding all the debts craftily hidden in Special Purpose Vehicles, concocted precisely to avoid transparency. Our exports are now only Rs83 billion compared to Rs94.8 billion in 2014. Our trade deficit, which was at Rs-41 billion in 2014 has jumped to Rs-72.8 billion in 2019! The value of the rupee vis-à-vis the dollar was Rs30.62 in 2014. Today, a dollar will cost you no less than Rs35.8, which also explains why we are paying so much more for every item on the shelves. Long gone are the days when the minister of finance and the governor of the Bank of Mauritius had such heated arguments about the value of the rupee. Today, the professionals at most of our institutions have willingly turned into errand boys for the Sun Trust. Your wish is my command!  

The GDP growth rate was 3.82% on average between 2010 and 2014, against 3.76% on average between 2015 and 2019. There is not a single sector of our economy that is not ailing. Not even tourism, which has reached an alarming low. Our public companies are no exception: The State Bank of Mauritius showed a Rs2.88 billion profit in 2014. By 2018-2019, that profit went down to Rs2.13 billion. As for our jewel in the crown – Air Mauritius, please reach for your hankies: In 2014, it was showing a profit of €8.5 million. By 2019, that profit had turned into a €21.7 loss. LOSS!

So how can we afford such sudden largesse? The answer is very clear: the country has turned into Pravind Jugnauth’s personal property and he does as he wishes. Mess up big time, take full advantage of being both minister of finance and prime minister – adieu checks and balances – share contracts, jobs and goodies with friends and relatives. Engage in an unprecedented number of scandals and don’t ever worry about it. Stifle democracy through legislating repressive laws. Spend without thinking on a Rs5 billion stadium that will swallow millions in maintenance, and on a Rs19 billion Safe City to spy on political opponents and journalists… every now and then, just throw some crumbs to the “sheeple” using their own money; give them a public holiday here and there. Don’t worry about the cost to the nation. Give some taxpayers’ money to a few lucky ones during the Indian Ocean Island Games, or some briani which you distribute in humiliating conditions reminiscent of the Great Famine. And keep massaging the alarming figures and engaging in shameless, overt spin-doctoring about having turned the economy around. Which you have. Only not in a good way. 

But the sheeple are so ignorant that they think the money you are ruining the country to give them comes from your own pocket! They don’t give a second thought to their children, who will be saddled with ever more debt or to the country that may never be able to recover.  They, instead, thank you for being generous and even shower you with kisses! So please carry on. Keep insulting our intelligence. You are all we deserve.

For more views and in-depth analysis of current issues, Weekly magazine (Price: Rs 25) or subscribe to Weekly for Rs110 a month. (Free delivery to your doorstep). Email us on: weekly@lexpress.mu