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Africa > Madagascar, Republic of

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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 Technical Assistance Reports
République de Madagascar: Rapport D'assistance Technique; Vers une mise en œuvre effective des prix de transfert
International Monetary Fund. Fiscal Affairs Dept.
Ce rapport résume les ateliers de formation dispensés par la mission en matière de la législation sur les prix de transfert et évalue les progrès du gouvernement dans la mise en œuvre des recommandations précédentes de FAD. Il conclut que l'élaboration de la législation sur les prix de transfert et les conventions fiscales reste incomplète et nécessitera d'autres modifications.
Keywords:
République de Madagascar; prix de transfert; politique fiscale.
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
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: 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 Policy Papers
Review of the Climate Macroeconomic Assessment Program Pilots
International Monetary Fund. Fiscal Affairs Dept.
and
International Monetary Fund. Strategy, Policy, & Review Department
This paper reviews the two Climate Macroeconomic Assessment Program (CMAP) pilots and proposes a way forward. It builds on the experience of the previous six Climate Change Policy Assessment (CCPA) pilots, and the recent rollout of the World Bank’s Country Climate and Development Report (CCDR). It also accounts for early experience with countries requesting support under the Fund’s Resilience and Sustainability Trust (RST). Based on the lessons from pilots and recent developments, staff proposes to streamline the CMAP to focus on the Fund’s comparative advantages in the areas of mitigation, PFM and macro-fiscal impact of climate change policies, provide a streamlined CMAP in exceptional circumstances, and expand more targeted CD in particular in support of RSF countries. This focused and tailored approach would benefit members as it is more agile, allows the Fund to serve more members within the same resource envelope and enhance synergies with other Fund products and the World Bank’s CCDR.
Keywords:
climate diagnostic assessment; resilience to climate change; climate risks; national climate strategies; mitigation; adaptation; PFM; disaster risk financing; macro-fiscal impact of climate change; CMAP; CCPA; CMAP pilot; climate policy ASSESSMENT tool; CMAP template; pilot country authorities; program pilot; Climate change; Climate policy; Climate finance; Global
Cover Selected Issues Papers
Food Insecurity and Climate Shocks in Madagascar: Republic of Madagascar
Dominique Fayad
Food insecurity dramatically increased in Madagascar over the last 10 years, hampering human development. Using most recent data and surveys conducted by UN Agencies and local authorities, this paper analyzes the root causes of food insecurity in Madagascar related to demographic vulnerabilities, multidimensional poverty, lack of education, as well as structural weaknesses in the food value chain and the lack of basic infrastructure, such as irrigation and transportation, that hamper agricultural activity development. Moreover, Madagascar is exposed to a large variety of climate shocks that climate change will likely exacerbate. This paper formulates country specific macroeconomic and operational policy recommendations in collaboration with the World Food Program to reduce food insecurity, which include i) measures to improve the emergency response and preparedness, ii) policies to address structural food insecurity, by improving the food chain and addressing challenges posed by climate shocks, and iii) measures to improve Green PFM and climate related public investment management to invest in long-term resilience and mobilize external financing.
Keywords:
Food Insecurity; Climate Change; Public Finance; Madagascar; food value chain; policy recommendation; value chain; climate change risk; food inflation; food consumption; Natural disasters; Food security; Global; Caribbean; Sub-Saharan Africa
Cover Selected Issues Papers
Informality and Growth in Madagascar: Republic of Madagascar
Ghislain Afavi
,
Coffi Agossou
,
Mokhtar Benlamine
,
Ialy Rasoamanana
,
Nombàna Razafinisoa
, and
Ms. Veronique Salins
This chapter investigates the link between informality and growth in Madagascar and aims for a better understanding of the informal sector. It provides an analysis of the characteristics of informal production units and informal employment. Findings suggest that informality is a key feature of economic activity in Madagascar, and that informal production units are the main driver of employment with a deep concentration around self-employment. Overall, informality is associated with a lack of awareness of administrative procedures and the complexity and cost of tax and regulatory measures. The informal sector’s Total Factor Productivity (TFP) growth is more stable and higher on average than the formal sector TFP.
Keywords:
Madagascar; Informal sector; informality and growth; total factor productivity; social security; tax system; sector TFP; growth in Madagascar; production unit; copyright page; physical capital; Informal employment; Employment; Informal economy; Sub-Saharan Africa
Cover Selected Issues Papers
Social Spending and Outcomes in Madagascar: Republic of Madagascar
Samah Mazraani
The paper examines Madagascar's education, health, and social assistance spending and outcomes. Government spending on education is relatively low compared to peers, and the quality of education has deteriorated. The paper recommends allocating more resources to the sector, ensuring transparent and merit-based teacher recruitment mechanisms, and strengthening teacher training and incentives. Health spending is also low, and the health system faces challenges in malnutrition, immunization, and service delivery. Additional domestic resources and large-scale structural reforms are needed. Social safety net programs have limited coverage and low spending, and expanding them should be a top priority to reduce poverty and support vulnerable populations.
Keywords:
Social spending; Education; Health; Social Protection; Poverty; Madagascar; health system faces challenge; government health spending; commitment process; government education spending; recruitment mechanism; teacher training; Social assistance spending; Education spending; Global; Sub-Saharan Africa
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