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Africa > Madagascar, Republic of

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Cover Policy Papers
Multilateral Debt Relief Initiative: A First Assessment of Eligible Countries--Supplemental Information
International Monetary Fund
This supplement summarizes new information available to staff since the issuance of The Multilateral Debt Relief Initiative: A First Assessment of Eligible Countries (December 8, 2005). It focuses on the six members (Ethiopia, Madagascar, Mauritania, Nicaragua, Rwanda, and Senegal) for which staff recommends that remedial actions be taken before the Board determines whether they qualify for debt relief from the Fund under the Multilateral Debt Relief Initiative.
Keywords:
PP; article IV consultation; Nicaragua; Madagascar; MDRI qualification to the Board; IMF staff mission; MDRI debt relief; Senegal's MDRI qualification; MDRI's criteria; Debt relief
Cover IMF Working Papers
Money Demand and Inflation in Madagascar
Koffie Ben Nassar
This paper uses a two-sector model to estimate the relationship between prices, money, and the exchange rate in Madagascar during the period 1982-2004. The estimated model, using quarterly data, finds a stable long-run relationship among monetary aggregates, domestic prices, real income, and foreign interest rates. In addition, the error-correction model shows that changes in the monetary aggregates, the exchange rate, and foreign interest rates exert a significant impact on inflation. The results also suggest that a disequilibrium in the money market has a lasting impact on inflation. The paper concludes with policy recommendations.
Keywords:
WP; real GDP
Cover IMF Staff Country Reports
Republic of Madagascar: Ex Post Assessment of Longer-Term Program Engagement
International Monetary Fund
This paper discusses key findings of the Ex Post Assessment of Longer-Term Program Engagement for Madagascar. The paper focuses on performance during the programs supported by the 1989 and 1996 Enhanced Structural Adjustment Facility programs, and the 2001 Poverty Reduction and Growth Facility. Despite nearly continuous involvement by the IMF, other international financial institutions, and bilateral donors, economic progress has been slow. Only the most recent years have witnessed inroads into poverty reduction of some significance. However, the country’s growth base remains narrow, and its institutional framework and governance weak.
Keywords:
ISCR; CR; exchange rate; economic growth; reform effort; government ownership; implementation capacity; banking system; macroeconomic policy; Structural reforms; Civil service reform; Poverty reduction; Sub-Saharan Africa
Cover IMF Staff Country Reports
Republic of Madagascar: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix analyzes the relationship among prices, income, and money in Madagascar over the period 1982–2004. It finds that a stable long-run relationship for the price level exists, but that the adjustment toward this long-term equilibrium is quite slow. The paper presents an assessment of the real effective exchange rate. It also presents some qualitative competitiveness indicators and examines the performance of exports in Madagascar at an aggregate and product level.
Keywords:
ISCR; CR; exchange rate; inflation expectation; chapter III; exchange rate regime; export base; inflation inertia; competitiveness indicator; Real effective exchange rates; Exchange rate arrangements; Exports; Terms of trade; Inflation; Europe
Cover IMF Staff Country Reports
Republic of Madagascar: Staff Report for the 2005 Article IV Consultation
International Monetary Fund
This 2005 Article IV Consultation highlights that macroeconomic developments in Madagascar in 2003 and 2004 were dominated by the sharp depreciation of the national currency, and rising inflation pressures, with year-over-year consumer price inflation reaching 30 percent at end-February 2005. At the same time, the current account deficit widened considerably in 2004. In the medium term, real GDP growth is expected to average 6 percent per year, and fiscal consolidation is projected to continue, driven by an improvement of revenue performance and modest expenditure increases.
Keywords:
ISCR; CR; authority; policy; plan; program ownership; Malagasy authorities; revenue performance; authorities consent; policy slippage; revenue-to-GDP ratio; donor assistance; revenue-enhancing policy; Credit; Exports; Southern Africa
Cover IMF Staff Country Reports
Republic of Madagascar: Sixth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility
International Monetary Fund
This paper examines Madagascar’s Sixth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility (PRGF). Madagascar’s performance under the program in 2004 has been broadly satisfactory, particularly in light of the difficult economic environment that prevailed during the first half of the year. All quantitative performance criteria at end-September and the structural performance criterion at end-December have been met. Further steps are needed to strengthen monetary policy implementation. Implementation of public enterprise reform, which has been uneven, also needs to be accelerated.
Keywords:
ISCR; CR; monetary policy; credit policy; PRGF arrangement; authority; monetary policy implementation; PRGF loan; policy implementation; Credit; Structural reforms; Poverty reduction strategy; Global
Cover IMF Staff Country Reports
Republic of Madagascar: Enhanced Initiative for Heavily Indebted Poor Countries Completion Point Document
International Monetary Fund
This paper reviews Madagascar’s progress under the Heavily Indebted Poor Countries (HIPC) Initiative. Total assistance to be provided to Madagascar under the HIPC Initiative amounts to US$836 million in net present value terms—US$22 million higher than the decision point estimate. The paper assesses Madagascar’s performance in meeting the requirements for reaching the completion point, as set out in the decision point document. The paper also reviews the status of creditor participation and the delivery of debt relief to Madagascar under the enhanced HIPC Initiative. It also presents results of the updated Debt Sustainability Analysis.
Keywords:
ISCR; CR; debt-to-exports ratio; gross revenue; completion point; HIPC assistance; NPV terms; reform program; sensitivity analysis; government project grant; HIPC expenditure; HIPC resource; HIPC document; government interest; HIPC savings; Debt relief; Debt service; Debt service ratios
Cover IMF Staff Country Reports
Republic of Madagascar: Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Request for Waiver of Nonobservance of Performance Criteria, and Modification of Performance Criteria
International Monetary Fund
This paper examines Madagascar’s Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, and Requests for Waiver of Nonobservance of Performance Criteria. Madagascar’s performance under the program was broadly satisfactory, taking into account the impact of the exogenous shocks and corrective actions taken by the authorities. Efforts to bring tax revenue and net foreign assets—the two indicative targets missed at end-June—back on track over the summer were successful. Progress was also made in structural reform, although with some delays.
Keywords:
ISCR; CR; government; PRGF arrangement; development goal; criterion; PRGF loan; implementation of the program; inflation front; debt relief; broad money; Poverty reduction strategy; Credit; Structural reforms; Global
Cover IMF Staff Country Reports
Republic of Madagascar: Joint Staff Assessment of the Poverty Reduction Strategy Paper Progress Report
International Monetary Fund
This paper presents a Joint Staff Assessment of the Poverty Reduction Strategy Paper Progress Report for Madagascar. The assessment reveals that following a strong noninflation growth performance in 2003, macroeconomic developments in 2004 have been affected by adverse exogenous shocks. Madagascar is making good progress in implementing its poverty reduction strategy, which is delivering results. Primary net enrolment rates have increased from about 70 percent in 2002 to 84 percent in 2003/04. The roads program has been successful and rehabilitated about 1,850 km of roads, a threefold increase over 2001.
Keywords:
ISCR; CR; authority; PRSP objective; sanitation authority; PRSP action; civil aviation authority; PRSP remains; Progress in the context; PRSP priority ministry; Poverty reduction strategy; Poverty reduction; Global
Cover IMF Staff Country Reports
Republic of Madagascar: Fourth Review Under the Poverty Reduction and Growth Facility and Requests for Extension of the Arrangement and Additional Interim Assistance Under the Enhanced Initiative for Heavily Indebted Poor Countries
International Monetary Fund
Madagascar showed strong economic growth and low inflation under the Poverty Reduction and Growth Facility (PRGF) Arrangement. Executive Directors commended these developments, and stressed the need to restore fiscal discipline, improve governance, strengthen the business climate to encourage private investment, and accelerate structural reforms. They welcomed the plan to privatize and rehabilitate the telecom, cotton, sugar, and utility companies, and agreed that Madagascar has successfully completed the fourth review under the PRGF program, and approved waiver, additional interim assistance, and an extension of the arrangement.
Keywords:
ISCR; CR; SDR; PRGF arrangement; staffs assessment; tariff relief law; cyclone Gafilo; vanilla export; PRGF loan; Poverty reduction strategy; Exports; Tariffs; Southern Africa; East Africa; Africa