(Bloomberg) -- The Bank of Mauritius is advising the government on selling its first foreign bond since 2000, according to a central bank official. 

Discussions are ongoing on the size of the possible ESG debt but it’s expected to be at least $100 million, said the official, who asked not to be identified as the discussions are private. Timing will depend on when an environment, social and governance framework is put in place. 

The Treasury last sold foreign-currency notes in 1995, according to data compiled by Bloomberg.

The official also said the Indian Ocean island nation’s monetary policy committee is set to raise interest rates at the mid-December meeting by at least 50 basis points after shifting to a more aggressive policy stance in the second half of the year. The committee lifted the benchmark by a cumulative of 175 basis points over the past two meetings to 4%.  

Policymakers are seeking to bring inflation back below 10% in the short-term and to support the rupee. It’s considering introducing a target range for price growth, with a band of 2% to 5% seen as healthy for an economy like that of Mauritius, according to the official. 

Inflation accelerated to 11.9% in October from a year ago, spurred by higher fuel costs and a 5% drop in the value of the local currency against the dollar this year. Imported inflation account for 70% of the total. 

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