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Books and Analytical Papers > IMF Staff Country Reports

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  • Type: Journal Issue x
  • Madagascar, Republic of x
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Cover IMF Staff Country Reports
Republic of Madagascar: Request for an Arrangement Under the Extended Credit Facility and Cancellation of the Current Arrangement Under the Extended Credit Facility and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; Staff Supplement; Staff Statement; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund. African Dept.
La croissance du PIB réel a marqué le pas à 3,8 % en 2023, ralentie par la dégradation des perspectives de l’économie mondiale et l’effet négatif de l’incertitude électorale sur l’investissement. Après avoir atteint un pic en mars 2023, les pressions inflationnistes se sont atténuées. Sous la direction du Président réélu, les autorités sollicitent l’annulation de l’accord en cours au titre de la facilité élargie de crédit (FEC), qui s’achève en juillet 2024, ainsi que de nouveaux accords au titre de la FEC et de la facilité pour la résilience et la durabilité (FRD). Les décaissements cumulés effectués dans le cadre de l’accord en cours au titre de la FEC s’élèvent à 171,08 millions de DTS (70 % de la quote-part, environ 78 % du montant total approuvé).
Cover IMF Staff Country Reports
Republic of Madagascar: Request for an Arrangement Under the Extended Credit Facility and Cancellation of the Current Arrangement Under the Extended Credit Facility and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; Staff Supplement; Staff Statement; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund. African Dept.
This paper presents Republic of Madagascar’s Request for an Arrangement under the Extended Credit Facility (ECF) and Cancellation of the Current Arrangement under the ECF and Request for an Arrangement under the Resilience and Sustainability Facility (RSF). The RSF arrangement will underpin reforms to strengthen adaptation to climate change and resilience against natural disasters, support climate change mitigation efforts, enhance the protection of ecosystems, and create conditions for green private sector investment. Madagascar continues to face challenges, with economic growth easing in a context of weak fiscal performance and gradual reform progress. Going forward, climate change poses significant risks to Madagascar’s economy. The authorities are implementing measures to create fiscal space for much needed social spending and investment. These include medium-term revenue mobilization efforts through tax policy and revenue administration measures. Tackling climate change challenges will be critical for Madagascar’s medium-term macroeconomic resilience. The report suggests that the authorities should take full advantage of the support provided by the IMF and the World Bank through the Enhanced Cooperation Framework for Climate Action, and by other development partners to catalyze private climate financing.
Keywords:
Republic of Madagascar executive board meeting; staff appraisal; ECF arrangement; automatic fuel; RSF arrangement; Climate change; Debt sustainability; Global
Cover IMF Staff Country Reports
Republic of Madagascar: Fourth Review Under the Extended Credit Facility Arrangement and Requests for a Waiver of Nonobservance of Performance Criteria and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund. African Dept.
This paper discusses Republic of Madagascar’s Fourth Review under the Extended Credit Facility Arrangement and Requests for a Waiver of Nonobservance of Performance Criteria and Modification of Performance Criteria. Madagascar’s growth has decelerated, and inflation remains high. Program performance remains mixed with a breach of the 2022 deficit target but progress on the structural reform agenda. The authorities have also adopted the necessary changes to the public procurement legal framework to allow for the collection and publication of ultimate beneficiary owner information and submitted a revised mining code in line with IMF staff recommendations to Parliament. The authorities are taking measures to adjust non-priority spending in the face of lower-than-expected revenue in 2023. It is proposed to relax the 2023 domestic primary deficit target to accommodate higher transfers to the electricity state-owned enterprises that reported record losses in 2022 and accumulated large arrears. Related modifications of other quantitative performance criteria are also proposed. Improvement in budget execution, transparency, and governance are critically needed to foster stronger and sustainable growth.
Keywords:
oil distributor; ECF review; IMF team; policy adjustment; IMF's transparency policy; liabilities to oil distributor; government financial support; Fiscal stance; Credit; Oil, gas and mining taxes; Global
Cover IMF Staff Country Reports
République de Madagascar: quatrième revue de l’accord au titre de la facilité élargie de crédit, et demandes de dérogation pour non-respect de critères de réalisation et de modification de critères de réalisation-communiqué de presse; rapport des services du FMI; et déclaration de l’administrateur pour la République de Madagascar
International Monetary Fund. African Dept.
En 2022, le PIB réel a dépassé son niveau antérieur à la pandémie. Cela étant, le repli de la demande émanant des partenaires commerciaux, les phénomènes météorologiques récents et le risque d’accentuation des tensions politiques à l’approche des élections présidentielles, prévues en novembre 2023, continueront de peser sur les perspectives en 2023. Le déficit budgétaire s’est creusé dernièrement, mais le règlement des dettes croisées avec les distributeurs de pétrole devrait améliorer le solde budgétaire en 2023 et réduire les risques budgétaires à l’avenir.
Keywords:
oil distributor; ECF review; IMF team; policy adjustment; IMF's transparency policy; liabilities to oil distributor; government financial support; Fiscal stance; Credit; Oil, gas and mining taxes; Global
Cover IMF Staff Country Reports
Republic of Madagascar: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper takes stock of developments in education, health, and social assistance and offers policy options in the Republic of Madagascar. The quality of education in Madagascar is falling with low school completion rates, a high share of untrained teachers, and declining test scores. Finding fiscal space to allocate more public resources to the education, health, and social protection sectors should be a key government priority. The resources currently budgeted for these sectors remain much lower than in other Sub-Saharan African countries and insufficient to improve development outcomes. Madagascar made some progress in improving access to primary education and basic health services, but the quality of the education system has deteriorated, significant human resource gaps remain in the health sector, and the poverty rate has increased. The paper recommends that in the area of social protection, identify clear and predictable funding sources with a view to gradually scale up existing social programs, while developing a national social registry to harmonize the social response among different interventions and actors and set a strong basis to gradually increase social assistance coverage of the vulnerable population.
Keywords:
policy recommendation; food value chain vulnerability; social spending; food inflation; education outcome; Climate change; Natural disasters; Food security; Sub-Saharan Africa; Global
Cover IMF Staff Country Reports
Republic of Madagascar: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper takes stock of developments in education, health, and social assistance and offers policy options in the Republic of Madagascar. The quality of education in Madagascar is falling with low school completion rates, a high share of untrained teachers, and declining test scores. Finding fiscal space to allocate more public resources to the education, health, and social protection sectors should be a key government priority. The resources currently budgeted for these sectors remain much lower than in other Sub-Saharan African countries and insufficient to improve development outcomes. Madagascar made some progress in improving access to primary education and basic health services, but the quality of the education system has deteriorated, significant human resource gaps remain in the health sector, and the poverty rate has increased. The paper recommends that in the area of social protection, identify clear and predictable funding sources with a view to gradually scale up existing social programs, while developing a national social registry to harmonize the social response among different interventions and actors and set a strong basis to gradually increase social assistance coverage of the vulnerable population.
Keywords:
policy recommendation; food value chain vulnerability; social spending; food inflation; education outcome; Climate change; Natural disasters; Food security; Sub-Saharan Africa; Global
Cover IMF Staff Country Reports
Republic of Madagascar: 2022 Article IV Consultation, Third Review Under The Extended Credit Facility Arrangement, and Requests for A Waiver of Nonobservance of Performance Criteria and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund. African Dept.
This paper focuses on Republic of Madagascar’s 2022 Article IV Consultation, Third Review under the Extended Credit Facility Arrangement, and Requests for a Waiver of Nonobservance of Performance Criteria and Modification of Performance Criteria. Two years of pandemic and multiple climate shocks have aggravated Madagascar’s fragility. The outlook is highly uncertain with risks tilted to the downside. Madagascar continues to face risks associated with social fragility, weak state capacity, and climate shocks. While Madagascar’s economy rebounded faster than expected in 2021, growth is projected at 4.2 percent in 2022–2023. The authorities should further their efforts to enhance budget credibility and fiscal transparency. Recently adopted public financial management reforms are expected to contribute to better budget execution in 2023. Measures to enhance the legal framework for public pro