Responding to these financial disturbances, the Bank of England announced a strictly time limited and targeted backstop purchase facility in line with its statutory financial stability objective, specifying that it would carry out purchases of long-term UK sovereign bonds to restore market functioning. These purchases were announced to be reversed in a timely but orderly manner via asset sales.
Faced as it is today with the triple shocks stemming from the erosion of trade preferences in the sugar and textile sectors and the surge in oil prices on the international market, Mauritius has no choice but to embark on bold structural reforms. This is precisely what we are doing.