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Africa > Madagascar, Republic of

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Cover IMF Staff Country Reports
Republic of Madagascar: 2019 Article IV Consultation and Sixth Review Under the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund. African Dept.
This paper presents 2019 Article IV Consultation with the Republic of Madagascar and its Sixth Review Under the Extended Credit Facility (ECF) Arrangement. Madagascar’s performance under its economic program supported by the ECF arrangement has been broadly satisfactory with solid growth, moderate single digit inflation, and a robust external position. As a fragile, low-income country, Madagascar continues to face risks associated with weak implementation capacity, potential fiscal slippages, social fragility in a context of widespread poverty, and vulnerability to exogenous shocks including to terms of trade and natural disasters. Going forward, a commitment to strong policies and an ambitious agenda to complete outstanding structural reforms remains crucial to mitigate internal and external risks, strengthen macroeconomic stability, and achieve higher, sustainable, and inclusive growth. The authorities’ economic reform agenda summarized in the Plan Emergence Madagascar aims to raise economic growth through increased public and private investment, strengthening human capital, and improving governance. Creating additional fiscal space by further improving revenue mobilization through a medium-term tax revenue strategy, containing lower priority spending, and enhancing investment implementation capacity is essential for scaling-up priority investment and social spending in education, health, and housing.
Keywords:
ISCR; CR; Malagasy authorities; Executive Board discussion; ECF arrangement; investment implementation capacity; reform agenda; scaling-up priority investment; Public investment and public-private partnerships (PPP); Credit; Sub-Saharan Africa; Global
Cover IMF Staff Country Reports
Republic of Madagascar: Technical Assistance Report—Government Finance Statistics Mission
International Monetary Fund. Statistics Dept.
This Technical Assistance paper on the Republic of Madagascar explains the need for the Malagasy authorities to adopt the Government Finance Statistics Manual (GFSM) 2014 concepts, definitions, and methodology as part of the macroeconomic statistics improvement Project. The report recommends that it is important to improve macroeconomic analysis and monitoring of the overall impact of government finances on the country’s economy, something that other public finance ‘figures’ of a budgetary and accounting nature are not intended to do. The report shows that steady progress continues with the preparation of a bridge table between the chart of accounts and the GFSM 2014 classifications. Notable improvements have been made in the presentation of Other Net Treasury Operations, the detailed components of which were identified and can now be presented on a gross basis. Based on the progress made, the prospect of compiling consolidated GFS covering all subsectors of the Malagasy general government in a not-too-distant future is encouraging.
Keywords:
ISCR; CR; accounting; CNaPS; CTD accounting balance; balance; government finance information; CTD accounting source; GFS compilation; compilation file; GFS coverage; Government finance statistics; Financial statements
Cover IMF Staff Country Reports
Republic of Madagascar: Fifth Review Under the Extended Credit Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund. African Dept.
Despite some electoral cycle-related uncertainties—the preparation and holding of the Presidential election in December 2018 and Parliamentary elections in May 2019—economic developments remained favorable in 2018 and the first months of 2019. Macroeconomic slippages were limited, with spending strictly contained within budget limits. The stable functioning of public institutions allowed for continued implementation of the economic reform program.
Keywords:
ISCR; CR; spending; agenda; reform agenda; priority investment spending
Cover IMF Staff Country Reports
Republic of Madagascar: Fifth Review Under the Extended Credit Facility Arrangement-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 Fifth Review Under the Extended Credit Facility (ECF) Arrangement. Madagascar’s performance under its economic program supported by the ECF arrangement has remained generally strong. Discussions focused on the recently adopted 2019 revised budget law, which reflects the priorities of the new government and accommodates additional investment spending without undermining the main program objectives, as well as on the two main challenges relating to fuel pricing and the losses of the public utility JIRAMA. Other issues discussed included the strengthening of social safety nets, reforms in the financial sector, and progress on governance. Growth has been solid, inflation has been moderate, and the external position has remained robust. Going forward, the authorities’ continued commitment to strong policies and an ambitious structural reform agenda will be key to mitigating internal and external risks, strengthening macroeconomic stability, and achieving higher, sustainable, and inclusive growth.
Keywords:
ISCR; CR; spending; agenda; reform agenda; priority investment spending; executive board discussion; disbursement of SDR; priority spending; Debt sustainability analysis; Public and publicly-guaranteed external debt; Global; Southern Africa
Cover IMF Staff Country Reports
Republic of Madagascar: Technical Assistance Report—Report on Technical Assistance Mission in External Sector Statistics (July 2-13, 2018)
International Monetary Fund. Statistics Dept.
This Technical Assistance report highlights that the mission visited Madagascar to aid in the external sector statistics (ESS), including the balance of payments and international investment position (IIP). The mission focused on assisting improving the coverage of IIP by better using the administrative sources or by identifying new data sources for private sector. A more sustained effort must be applied to the collection system to ensure the timelier submission of data of adequate quality. The compilation of the quarterly ESS, which is one of the main ESS objectives, requires both an increase in the number of compilers and a change of approach in the collection of source data. The quarterly data are compiled on the basis of the ESRI and should be supplemented by the collection of quarterly data using a simple survey of major public and private enterprises. The mission recommended a detailed one-year action plan with a set of priority recommendations carrying particular weight to make headway in improving the ESS.
Keywords:
ISCR; CR; data; balance of payments; BFM; transaction; balance of payments transaction; ESS data sets; goods data; reserve assets transaction; accounts receivable; import transaction; investment project; BFM survey form; account transactions; External sector statistics; Data collection; Balance of payments statistics; International investment position; Foreign direct investment
Cover IMF Staff Country Reports
Republic of Madagascar: Fourth Review Under the Extended Credit Facility and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Madagascar
International Monetary Fund. African Dept.
Madagascar’s economic recovery continued in 2018, notwithstanding challenges related to the presidential election in November/December 2018. While some economic pressures developed in the second half of 2018, economic conditions remained generally positive. Completion of the presidential election, continued implementation of the economic reform program, and stable functioning of public institutions have buttressed confidence, and the newly-elected President has committed to pursuing the country’s reform program, including plans to address some slippages.
Keywords:
ISCR; CR; fuel distributor; minister of energy; public utility JIRAMA; JIRAMA; budget
Cover IMF Staff Country Reports
Republic of Madagascar: Fourth Review Under the Extended Credit Facility and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Madagascar
International Monetary Fund. African Dept.
This paper discusses Madagascar’s Fourth Review under the Extended Credit Facility (ECF) and Request for Modification of Performance Criteria. Madagascar’s economic recovery continued in 2018, notwithstanding challenges related to the presidential election in November/December 2018. While some economic pressures developed in the second half of 2018, economic conditions remained generally positive. The discussions focused on maintaining progress on the key objectives of the program, especially boosting fiscal space for priority investment and social spending by containing lower priority spending. The main challenges involved fuel pricing and transfers to the public utility, JIRAMA. Other issues included structural reforms to promote inclusive growth, most notably in investment capacity, the financial sector, and governance. The outlook continues to be generally positive. Pursuit of economic reforms should yield results, while the pressures in 2018 from higher oil prices and pre-electoral weakness in confidence abate under the baseline. As a low-income country with an open economy, Madagascar remains vulnerable to exogenous shocks.
Keywords:
ISCR; CR; fuel distributor; minister of energy; public utility JIRAMA; JIRAMA; budget; executive board discussion; reform effort; disbursement of SDR; Public investment spending; Fiscal stance; Credit; Public investment and public-private partnerships (PPP); Global; Southern Africa; East Africa
Cover IMF Staff Country Reports
Republic of Madagascar: Technical Assistance Report-Government Finance Statistics
International Monetary Fund. Statistics Dept.
This mission’s goal was to have the Malagasy authorities adopt the methodology of the Government Finance Statistics Manual (GFSM) 2014 for their own needs. The desired outcome of adopting the manual is to develop a set of government finance statistics (GFSs) that are consistent with current international standards in order to conduct a macroeconomic analysis of government finance.
Keywords:
ISCR; CR; revenue; reserve account; OGT table; enterprise; Delaware; government enterprise; enterprise sector; tax debt; nonfinancial enterprise; Financial statements; Government finance statistics; Capital account; Africa
Cover IMF Staff Country Reports
Republic of Madagascar: Third Review Under the Extended Credit Facility and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund. African Dept.
The gradual economic recovery in this fragile state has persisted, with solid growth for the second consecutive year. Fiscal performance has been strong, inflation contained, and the external position robust. Implementation of the authorities’ economic program, supported by an Extended Credit Facility (ECF) arrangement approved in July 2016, has been generally strong, buttressing the recovery.
Keywords:
ISCR; CR; government; staff appraisal; presidential election date; parliament
Cover IMF Staff Country Reports
Republic of Madagascar: Third Review Under the Extended Credit Facility and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund. African Dept.
The gradual economic recovery in this fragile state has persisted, with solid growth for the second consecutive year. Fiscal performance has been strong, inflation contained, and the external position robust. Implementation of the authorities’ economic program, supported by an Extended Credit Facility (ECF) arrangement approved in July 2016, has been generally strong, buttressing the recovery.
Keywords:
ISCR; CR; government; staff appraisal; presidential election date; parliament; Extended Credit Facility arrangement; executive board discussion; ECF arrangement; Debt sustainability analysis; Public and publicly-guaranteed external debt; Fiscal stance; Sub-Saharan Africa; Global