Cabinet decisions announced on May 1 include the implementation of a Multi-Year Electricity Tariff (MYT) framework aimed at bringing greater predictability to electricity pricing for households and businesses.
The framework, originally developed under the previous administration and now refined, will set tariffs over three to five-year periods with periodic reviews. Vice President Sebastian Pillay indicated this would help consumers plan expenses more effectively while supporting increased renewable energy investment.
Additional Cabinet decisions included a strengthened Public Financial Management Action Plan and the Tourism Action Plan 2026-2030, which focuses on maximizing tourism value rather than volume and retaining greater earnings within the domestic economy.
These reforms align with IMF-supported targets and represent the government’s commitment to improving cost of living, accountability, and long-term economic resilience.
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