นโยบายทางการเงินPrudent, proactive

นโยบายทางการเงิน
Prudent, proactive fiscal policy
A hallmark of economic management in Mauritius in recent decades has been prudent fiscal policy,
which has helped both maintain macroeconomic stability and contribute to growth. Fiscal policy in
Mauritius has focused on ensuring that spending remains linked to the resource availability. While there
have been fiscal imbalances, there is no history of the government borrowing from the central bank or
from aid agencies. The strong growth in the 1980s led to a decrease in recourse to foreign financing. The
budget deficit which was at 3 percent in 1983, turned into a budget surplus by 1987, as current
expenditures shrank from 26 percent of GDP to 21 percent in 1987 while government revenues
remained flat, around 24 percent over the same period. On the expenditure side, the government
withdrew from subsidies on food items and kept the wage bill under control during that period.
Similarly, in the 2000s, the government built up reserves that allowed it the freedom to expand
fiscal policy in the aftermath of the 2008–09 global financial crisis. Moreover, the stock of international
and domestic debt has remained well below an unsustainable threshold (total public debt is projected to
be 60.4 percent of GDP at the end of 2010). Mauritius’ government expenditures have never much
exceeded 20 percent of GDP and have been used mostly for wage policy, with a small amount devoted
to food subsidies. Capital expenditures, which averaged less than 5 percent of GDP since independence
to the present, but which have been increasing over the long term, have been used productively to
invest in infrastructure—especially roads—and provide a necessary operating environment for EPZs.
9
In
sum, fiscal policy has helped lay the foundation for management of volatility and robust growth.
In terms of both revenue management and expenditures, fiscal policy in Mauritius has been
proactive. On the revenue side, international trade taxes anchored the system’s revenue system,
accounting for close to 50 percent of GDP during the 1970s, 1980s, and 1990s. High import tariffs and
export levies on sugar helped give the government resources during the early years, though the
introduction of value added tax (VAT, which replaced the sales tax) in 1998 has played an important role
in improving tax buoyancy at the level of direct and indirect taxes and has allowed the fiscal system to
evolve. As a result, the tax system has not been impacted by import tariff liberalization in recent years.
In addition, in 2007—the implementation of a flat tax of 15 percent on corporate and personal
incomes— streamlined tax administration. By 2008, tax revenue amounted to 19 percent of GDP, of
which 20 percent came from income tax, more than 35 percent from the VAT, and slightly less than 5
percent from international trade taxes. The diversified stream of revenue helped the fiscal system
absorb shocks and provide stable revenue flows to the government.

ผลลัพธ์ (อังกฤษ) 1:

The financial policy.Prudent, proactive fiscal policy A hallmark of economic management in Mauritius in recent decades has been prudent fiscal policy, which has helped both maintain macroeconomic stability and contribute to growth. Fiscal policy in Mauritius has focused on ensuring that spending remains linked to the resource availability. While there have been fiscal imbalances, there is no history of the government borrowing from the central bank or from aid agencies. The strong growth in the 1980s led to a decrease in recourse to foreign financing. The budget deficit which was at 3 percent in 1983, turned into a budget surplus by 1987, as current expenditures shrank from 26 percent of GDP to 21 percent in 1987 while government revenues remained flat, around 24 percent over the same period. On the expenditure side, the government withdrew from subsidies on food items and kept the wage bill under control during that period.Similarly, in the 2000s, the government built up reserves that allowed it the freedom to expand fiscal policy in the aftermath of the 2008–09 global financial crisis. Moreover, the stock of international and domestic debt has remained well below an unsustainable threshold (total public debt is projected to be 60.4 percent of GDP at the end of 2010). Mauritius' government expenditures have never much exceeded 20 percent of GDP and have been used mostly for wage policy, with a small amount devoted to food subsidies. Capital expenditures, which averaged less than 5 percent of GDP since independence to the present, but which have been increasing over the long term, have been used productively to invest in infrastructure—especially roads—and provide a necessary operating environment for EPZs.9.In sum, fiscal policy has helped lay the foundation for management of volatility and robust growth. In terms of both revenue management and expenditures, fiscal policy in Mauritius has been proactive. On the revenue side, international trade taxes anchored the system's revenue system, accounting for close to 50 percent of GDP during the 1970s, 1980s, and 1990s. High import tariffs and export levies on sugar helped give the government resources during the early years, though the introduction of value added tax (VAT, which replaced the sales tax) in 1998 has played an important rolein improving tax buoyancy at the level of direct and indirect taxes and has allowed the fiscal system to evolve. As a result, the tax system has not been impacted by import tariff liberalization in recent years. In addition, in 2007—the implementation of a flat tax of 15 percent on corporate and personal incomes— streamlined tax administration. By 2008, tax revenue amounted to 19 percent of GDP, of which 20 percent came from income tax, more than 35 percent from the VAT, and slightly less than 5 percent from international trade taxes. The diversified stream of revenue helped the fiscal system absorb shocks and provide stable revenue flows to the government.

ผลลัพธ์ (อังกฤษ) 2:

Financial
Prudent, Proactive Fiscal Policy
A Hallmark of Economic Management in Mauritius in recent decades has been prudent Fiscal Policy,
which has helped Both Maintain macroeconomic stability and contribute to growth. Fiscal Policy in
Mauritius has Focused on ensuring that spending Remains linked to The. Resource availability. While there
Have been Fiscal imbalances, there is no history of The Government borrowing from The Central Bank or
from Aid Agencies. The strong growth in The 1980s LED to a decrease in recourse to Foreign financing. The
Budget deficit which was at 3. Percent in 1983, turned Into a Budget surplus by 1987, As current
expenditures shrank from 26 Percent of GDP to 21 Percent in 1987 while Government revenues
remained Flat, Around 24 Percent over The Same period. On The expenditure Side, The Government
withdrew from subsidies. The Wage bill on Food Items and kept under Control during that period.
Similarly, in The 2000s, The Government reserves built up that allowed it The Freedom to Expand
Fiscal Policy in The Aftermath of The Global Financial Crisis 2008-09. Moreover, The Stock. of International
and Domestic debt has remained Well Below an unsustainable threshold (total public debt is projected to
be 60.4 Percent of GDP at The End of 2,010). Mauritius' Government expenditures Have never much
exceeded 20 Percent of GDP and Have been Used mostly for Wage. Policy, with a Small amount Devoted
to Food subsidies. Capital expenditures, which averaged less than 5 Percent of GDP since Independence
to The Present, but which over The Increasing Have been long term, Have been productively Used to
Invest in Infrastructure-especially Roads-. and provide a necessary operating Environment for EPZs.
9
In
sum, Fiscal Policy has helped Lay The Foundation for Management of volatility and Robust growth.
In terms of Both revenue Management and expenditures, Fiscal Policy in Mauritius has been
Proactive. On The revenue Side,. International Trade taxes anchored The System's revenue System,
accounting for close to 50 Percent of GDP during The 1970s, 1980s, and 1990s. High Import tariffs and
Export levies on Sugar helped Give The Government Resources during The Early years, though The
Introduction of value added. Tax (VAT, which replaced The sales Tax) in 1998 has Played an important role
in improving Tax buoyancy at The Level of Direct and indirect taxes and has allowed The Fiscal System to
Evolve. As a Result, The Tax System has Not been impacted by. Import tariff liberalization in recent years.
In addition, in the 2,007th-The implementation of a Flat Tax of 15 Percent on Corporate and Personal
Tax Administration Incomes- streamlined. By 2 008, Tax revenue amounted to 19 Percent of GDP, of
which 20 Percent Came from. Tax income, more than 35 Percent from The VAT, and slightly less than 5
Percent from International Trade taxes. The Diversified revenue helped Stream of The Fiscal System
Absorb shocks and provide Stable revenue flows to The Government.

ผลลัพธ์ (อังกฤษ) 3:

Monetary policy, fiscal policy

Prudent proactive A hallmark of economic management in Mauritius in recent decades has. Been prudent, fiscal policy
which has helped both maintain macroeconomic stability and contribute to growth. Fiscal policy. In
Mauritius has focused on ensuring that spending remains linked to the resource availability. While there
have been. Fiscal, imbalancesThere is no history of the government borrowing from the central bank or
from aid agencies. The strong growth in the 1980s. Led to a decrease in recourse to foreign financing. The
budget deficit which was at 3 percent, in 1983 turned into a budget. Surplus, by 1987 as current
expenditures shrank from 26 percent of GDP to 21 percent in 1987 while government revenues.
remained, flatAround 24 percent over the same period. On the, expenditure side the government
withdrew from subsidies on food items. And kept the wage bill under control during that period.
Similarly in 2000s the, the, government built up reserves that. Allowed it the freedom to expand
fiscal policy in the aftermath of the 2008 - 09 global financial crisis. Moreover the stock,, Of international
.And domestic debt has remained well below an unsustainable threshold (total public debt is projected to
be 60.4 percent. Of GDP at the end of 2010). Mauritius' government expenditures have never much
exceeded 20 percent of GDP and have been. Used mostly for, wage policy with a small amount devoted
to food subsidies, Capital expenditures.Which averaged less than 5 percent of GDP since independence
to the present but which, have been increasing over the long. Term have been, used productively to
invest in infrastructure - - especially roads and provide a necessary operating environment. For EPZs.


, 9 In sum fiscal policy has helped lay the foundation for management of volatility and robust growth.
.In terms of both revenue management, and expenditures fiscal policy in Mauritius has been
proactive. On the, revenue side. International trade taxes anchored the system 's revenue system
accounting, for close to 50 percent of GDP during, the 1970s. 1980s and, 1990s. High import tariffs and
export levies on sugar helped give the government resources during the early. Years though, the
.Introduction of value added tax (VAT which replaced, the sales tax) in 1998 has played an important role
in improving tax. Buoyancy at the level of direct and indirect taxes and has allowed the fiscal system to
evolve. As, a result the tax system. Has not been impacted by import tariff liberalization in recent years.
In, additionIn 2007 - the implementation of a flat tax of 15 percent on corporate and personal
incomes - streamlined tax administration.? By 2008 tax revenue, amounted to 19 percent, of GDP of
which 20 percent came from, income tax more than 35 percent from. The VAT and slightly, less than 5
percent from international trade taxes. The diversified stream of revenue helped the. Fiscal system
.Absorb shocks and provide stable revenue flows to the government.