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Africa > Madagascar, Republic of

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Cover Technical Notes and Manuals
Internal Evaluation of External Sector Statistics Capacity Development in Select African Countries
Mr. Rodolfo Maino
,
Theodore Pierre Bikoi
,
Mr. Marcelo Dinenzon
,
Dilek Goncalves
, and
Nelnan Fidèle Koumtingué
This technical note provides an assessment of how external sector statistics capacity development has improved the availability of balance of payments and international investment position data in select countries of sub-Saharan Africa over the period FY2015–22. All countries assessed have made strides to sustain the benefits of capacity development despite continuing challenges.
Keywords:
external sector statistics; capacity development; OECD Development Assistance Committee criteria; balance of payments and international investment position; IMF country team; IMF surveillance; ESS CD essential; IMF capacity development; evaluation team; IMF Library; Balance of payments statistics; International investment position; Data collection; Special Data Dissemination Standard (SDDS); Africa; Sub-Saharan 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: Second Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; and Staff Report
International Monetary Fund. African Dept.
This paper discusses Madagascar’s Second Review Under the Extended Credit Facility (ECF) Arrangement and Request for Modification of Performance Criteria (PC). Madagascar’s implementation of its economic program supported by the ECF has remained strong. All quantitative PCs and indicative targets were met at end-June 2017, and the program’s structural agenda is also advancing. The gradual economic recovery has continued, with solid growth and continued macroeconomic stability despite the drought and cyclone that affected Madagascar in early 2017. Fiscal performance has been roughly as planned, with strong revenue performance offsetting some unexpected spending pressures in 2017.
Keywords:
ISCR; CR; disbursement; investment spending; disbursement of SDR; inflation Analysis and Forecasting; IMF staff estimate; SDR equivalent; Credit; Budget planning and preparation; Foreign assets; Fiscal stance
Cover IMF Working Papers
The Equilibrium Real Exchange Rate of the Malagasy Franc: Estimation and Assessment
Mr. John Cady
Employing cointegration techniques, the long-run determinants of Madagascar's real exchange rate are examined from a stock-flow perspective. The long-run behavior of the real effective exchange rate is explained by the net foreign asset position and factors affecting trade flows. An index of the long-run equilibrium real exchange rate is developed to assess the degree of misalignment. The general conclusions are that the Malagasy franc has experienced significant misalignment in the past, but that the recent appreciation of the real effective exchange rate is consistent with changes in the fundamentals, particularly anticipated improvements in the net foreign assets position stemming from Madagascar's eligibility for assistance under the enhanced HIPC Initiative.
Keywords:
WP; estimation; coefficient; Madagascar; vector; real exchange rate; cointegration; exchange rate misalignment; coefficient estimate; Engle-granger estimation technique; Johansen estimation technique; integration vector; cointigration estimation technique; Johansen method estimate; estimation period; test statistics; Real exchange rates; Real effective exchange rates; Terms of trade; Estimation techniques; Foreign assets