Ministry of Financial Services and Economic Planning

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Ministry of Financial Services and Economic Planning
Ministère des Services financiers et de la Planification économique
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Agency overview
Formed15 December 2014
JurisdictionGovernment of Mauritius
HeadquartersÉbène, Mauritius
Minister responsible
  • Jyoti Jeetun, Minister of Financial Services and Economic Planning
Agency executive
  • Devi Gujadhur-Nowbuth, Permanent Secretary
Websitefinancialservices.govmu.org

The Ministry of Financial Services and Economic Planning (French: Ministère des Services financiers et de la Planification économique) is a ministry in the government of Mauritius responsible for the financial services sector of the country and as well as upholding good governance.[1]

Jyoti Jeetun of the Mauritian Militant Movement is the incumbent minister since November 2024, having been appointed by prime minister Navin Ramgoolam under his fourth government.[2]

History

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The ministry was established in 2014 as the ministry of Financial Services, Good Governance and Institutional Reforms under Sir Anerood Jugnauth's government. It is the newest ministry to be established with financial services and good governance becoming its focus albeit with the merger of the institutional reforms portfolio.[3] Roshi Bhadain became the first minister appointed to the portfolio.[4]

In September 2017, the ministry's portfolio would be modified to remove the Institutional Reforms unit as it was transferred to the justice ministry. Under Pravind Jugnauth's governments, three ministers would oversee the ministry: Sudhir Sesungkur, Mahen Seeruttun and Sunil Bholah.

Following Navin Ramgoolam's victory in the general election of 2024, Jyoti Jeetun of the Mauritian Militant Movement was appointed as minister but with a modified ministerial portfolio title of Financial Services and Economic Planning. The good governance unit remained however the economic planning department from the finance ministry was merged with the ministry.

Responsibilities

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With the financial sector playing an important role in Mauritius' economy, the ministry's main responsibility includes the promotion and development of the sector. Regulation and development of the financial sector as well as promoting the position of Mauritius as an international hub for investment are some of the key responsibilities under the financial sector unit.[5]

In addition, the coordination and effectiveness of anti-money laundering measures and counter-financing of terrorism are also under the responsibility of the ministry, with the aim of strengthening the financial system of the country.[1]

Good governance and accountability, which remains an integral part of its responsibilities, continue to be promoted across the public and private sectors. The ministry gives guidance, training and tools in facilitating the best practices of governance within Mauritius.[5]

After the inclusion of the economic planning unit from the finance ministry, the ministry also now includes the responsibility for economic planning via the implementation of Vision 2050 and a 10-year National Development Plan.[6] The coordination between the alignment of national and sectoral policies are also within its purview.[5]

Organisation

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Departments

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The ministry is divided between the following departments:

  • Financial Services Unit[7]
  • Economic Planning[6]
  • Promotion of Good Governance

Institutions

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The following institutions are under the responsibility of the ministry:[1]

Statutory boards

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  • Financial Services Commission (FSC)
  • Financial Intelligent Unit (FIU)
  • Insurance Industry Compensation Fund (IICF)
  • Integrity Reporting Services Agency (IRSA)
  • Financial Reporting Council (FRC)
  • National Committee on Corporate Governance (NCCG)

Departments

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  • Office of Public Sector Governance (OPSG)

State-owned companies

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  • State Insurance Company of Mauritius Ltd (SICOM)
  • National Insurance Company Ltd (NIC)
  • National Property Fund Ltd (NPLF)
  • Financial Services Institute Company Ltd (FSI)

Private-owned companies

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  • Stock Exchanged of Mauritius Ltd (SEM)

List of ministers

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Portrait Name Term of office Portfolio name Party Prime minister Ref.
Took office Left office
Roshi Bhadain 15 December
2014 		23 January
2017 		Financial Services, Good Governance
and Institutional Reforms 		MSM A. Jugnauth [4]
[8]
Sudhir Sesungkur 23 January
2017 		14 September
2017 		MSM P. Jugnauth [8]
14 September
2017 		12 November
2019 		Financial Services and Good Governance
Mahen Seeruttun 12 November
2019 		11 February
2024 		MSM [9]
Sunil Bholah 11 February
2024 		12 November
2024 		MSM [9]
Jyoti Jeetun 22 November
2024 		Incumbent Financial Services and Economic Planning MMM N. Ramgoolam [10]

References

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