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Africa > Madagascar, Republic of

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Cover IMF Staff Country Reports
Republic of Madagascar: Fourth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver of Performance Criteria, Modification of Performance Criteria, and Augmentation of Access-Staff Report; Staff Supplement and Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund
This paper discusses key findings of the Fourth Review Under the Poverty Reduction and Growth Facility (PRGF) for Madagascar. Program performance has been generally good. The authorities have continued to implement sound fiscal and monetary policies that have resulted in good macroeconomic outcomes. They met all of the quantitative performance criteria (PCs) for end-January 2008, but missed two structural PCs. The international reserves cover is expected to deteriorate markedly, prompting the authorities to ask for an augmentation of 15 percent of quota, a request that IMF staff supports.
Keywords:
ISCR; CR; growth facility; staff appraisal; authority; Three-Year arrangement; directorate General; IMF staff representative; International reserves; Inflation; Global; Southern Africa; Africa
Cover IMF Working Papers
The Macroeconomic Effects of Counterpart Funds and the Underlying Foreign Aid
Mr. Christian B. Mulder
Counterpart funds generated through foreign currency or commodity aid have again become an issue of interest, in view of the substantial buildup of these funds. Contrary to the usual approach a model is developed in this paper, which takes account of the budgetary impact, supply-side and money demand effects of counterpart funds and the underlying foreign aid. This model is used to show that counterpart funds need not have any economic impact if their creation, use, and effects are adequately monitored and understood, both by donors and by the authorities in the recipient country. The policy rules that ensure an inflation- and foreign reserves-neutral result from expected and unexpected foreign aid are derived and contrasted with a policy rule regarding unexpected foreign aid that is sometimes observed in IMF programs. A feasible alternative is developed. Various real world complications are shown not to alter the conclusions.
Keywords:
WP; money supply; counterpart funds; foreign currency; commodity aid; money supply equation; counterpart fund creation; counterpart fund spending; foreign currency aid; Monetary base; Credit; International reserves; Reserve positions; Africa
Cover Selected Decisions (7th Ed)
Selected Decisions (7th Ed)
International Monetary Fund

Abstract

This volume is the Seventh Issue of Selected Decisions of the IMF and Selected Documents. It contains the decisions, interpretations, and resolutions of the Executive Directors and the Board of Governors of the IMF to which frequent reference is made in the current activities of the Fund. In addition, the volume contains certain documents relating to the IMF and the United Nations. This issue contains most of the decisions that were published in earlier issues but not decisions that have ceased to be effective or that are referred to less frequently than in the past. A substantial part of this volume is devoted to decisions taken by the IMF since the last issue. With few exceptions, the decisions in this volume are general in application and relate to obligations, policies, or procedures under the Articles of Agreement. Subject to the few exceptions referred to, decisions that affect individual members are not included. Decisions of the Fund that are included in the By-Laws and the Rules and Regulations are general in application but are not reproduced in this volume.

Keywords:
SELD; fund; matter of interpretation; net income of the fund; capital transfer; decision No. 1238; exchange transaction; Currencies; Gold; Multiple currency practices; Credit; Exchange rates; Global; Reserve assets; International monetary system