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Africa > Madagascar, Republic of

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Cover Policy Papers
Fund Concessional Financial Support For Low-Income Countries—Responding To The Pandemic
International Monetary Fund
This paper proposes a package of policy reforms and a funding strategy to ensure that the Fund has the capacity to respond flexibly to LICs’ needs during the pandemic and recovery. The key policy reforms proposed include: • raising the normal annual/cumulative limits on access to PRGT resources to 145/435 percent of quota, the same thresholds for normal access in the GRA; • eliminating the hard limits on exceptional access (EA) to PRGT resources for the poorest LICs, enabling them to obtain all financing on concessional terms if the EA criteria are met; • changes to the framework for blending concessional and non-concessional resources to make it more robust and less complex; • stronger safeguards to address concerns regarding debt sustainability and capacity to repay the Fund; and • retaining zero interest rates on PRGT loans, consistent with the established rules for setting these interest rates.
Keywords:
PRGT lending; PRGT subsidization; fund financing commitment; PRGT account; PRGT resource; WB financing; COVID-19; Income; Loans; Credit; Concessional external borrowing; Global
Cover IMF Staff Country Reports
Republic of Madagascar: Technical Assistance Report-Government Finance Statistics
International Monetary Fund. Statistics Dept.
At the request of the Ministry of Economy and Finance (MEF) and in consultation with the Africa Department (AFR) of the International Monetary Fund (IMF), a remote Government Finance Statistics (GFS) mission from the Statistics Department (STA) took place in Madagascar from October 26 to November 13, 2020. The objective of this mission was to continue supporting the authorities in their project to adopt international GFS standards based on the methodology of the Government Finance Statistics Manual 2014 (GFSM 2014) and the Public Sector Debt Statistics Guide (PSDSG) and to improve GFS in general.
Keywords:
Public Sector Debt statistic; staff team of the International Monetary Fund; C. mission work; report constitute; GFS questionnaire; Government finance statistics; Financial statements; Data processing; Stocks; Africa
Cover Departmental Papers
Stress Testing in Sub-Saharan Africa: Practices, Communications, and Capacity Development
Mindaugas Leika
,
Hector Perez-Saiz
,
Ms. Olga Ilinichna Stankova
, and
Torsten Wezel
The paper finds that supervisory stress tests are conducted in more than half of sub-Saharan African countries, particularly in western and southern Africa, and that the number of individual stress tests has grown exponentially since the early 2010s. By contrast, few central banks publish assessments of macro-financial linkages; the focus leans more toward discussing trends and weaknesses within the financial sector than on outside risks that may negatively affect its performance.
Keywords:
DPPP; DP; risk; financial risk; bank; market; process; liquidity risk; market risk; interest rate; macro-financial risk assessment; risk analysis; Stress testing; Financial sector stability; Communications in revenue administration; Credit risk; Commercial banks; Africa; Sub-Saharan Africa; Global; stress test result; risk weight; IMF TA; banking sector risk; bank supervisor; concentration risk; banking risk; macro-financial risk analysis; asset concentration risk; risk driver
Cover IMF Staff Country Reports
Republic of Madagascar: Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses key findings of the Financial System Stability Assessment concerning Madagascar. The analysis reveals that the Madagascar’s banking sector is exposed to significant risks, though it has certain buffers, such as high profitability and a stable deposit base. Currently the economy is recovering, and enjoys the prospect of resumption in inflows of foreign aid and investment; inflation is coming down and the balance of payments has strengthened. Banking supervision is not yet able to proactively detect and address emerging risks; doing so will require additional resources and political will. Efforts are also needed to promote financial deepening and inclusion, consistent with the maintenance of stability and consumer protection.
Keywords:
ISCR; CR; bank; loan; Madagascar; asset; financing; investment funds; parent bank; cash settlement; B. bank intervention; bank resolution legislation; classification rule; bank resource; bank declaration; problem loan; bank Fsis; bank stress; internal control regulation; Credit; Loans; Operational risk; Commercial banks; Credit risk; Southern Africa; East Africa; Europe; Global
Cover IMF Staff Country Reports
Republic of Madagascar: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper presents a study on poverty in Madagascar. Madagascar is a country with general, widespread, and increasing poverty. Most of the population is extremely poor and struggling to pay for food. Madagascar has the potential to grow rapidly. It is endowed with abundant natural resources, a unique wildlife, and a young, vibrant, and rapidly growing population. Taking full advantage of the young population will require higher investment in education and healthcare. Economic inequality appears to have declined and the poorest have in fact increased their consumption. Thus, while it is true that more people are poor today than in 2001, on average those who are deepest into poverty appear to be economically better off today than in 2001. Poverty is primarily a rural challenge. An overriding majority of the population lives in rural areas and rural poverty rates are almost double those of urban areas.
Keywords:
ISCR; CR; Madagascar; pass-through; price; youth literacy rate; pass-through estimate; adjustment channel; pass-through coefficient; exchange rate depreciation; pass-through rate; world development indicator; bank lending take; Income and capital gains taxes; Commercial banks; Sub-Saharan Africa; Global; East Africa; Africa
Cover IMF Staff Country Reports
Republic of Madagascar: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision, and Anti-Money Laundering
International Monetary Fund
The insurance sector is underdeveloped and has been inadequately supervised to date, as the regulator lacks the requisite independence, skills, and resources. The three public pension systems, which cover less than 10 percent of the active population, appear to be fiscally unsustainable. The banking regulatory and supervisory framework is broadly adequate, although implementation and enforcement need further strengthening. The weak financial position of the Central Bank of Madagascar (BCM) could undermine macroeconomic and financial policies and contribute to economic and financial instability.
Keywords:
ISCR; CR; bank; loan; asset; capital adequacy ratio; enterprise; central bank; risk perception; balance sheet; financial situation; parent bank; bank savings accounts; banking law; credit history; BCM loan; Operational risk; Commercial banks; Loans; Credit; Nonperforming loans
Cover IMF Staff Country Reports
Mauritius: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix discusses initial performance and other issues relating to the implementation of the value-added tax in Mauritius in 1998. The paper highlights that as the Mauritius economy has continued to expand at a relatively rapid pace, the need for the monetary authorities to enhance their ability to influence domestic liquidity, as well as to ensure the integrity of the banking system, has become increasingly apparent. The paper also analyzes various issues in the banking sector of Mauritius.
Keywords:
ISCR; CR; company; government; VAT; joint venture; EPZ enterprise; customs duty; import duty; management consulting firm; joint-venture company; Value-added tax; Tariffs; Imports; Treasury bills and bonds; Commercial banks; Southern Africa; Africa
Cover IMF Staff Country Reports
Madagascar: Selected Issues and Statistical Annex
International Monetary Fund
This Selected Issues paper and Statistical Annex analyzes the inflation and monetary policy in Madagascar during the 1990s. The paper highlights that in 1995, Madagascar’s inflation performance was somewhat disappointing, although 12-month price increases slowed from 60 percent at end-1994 to 38 percent at end-1995. The paper provides selected stylized facts concerning money and prices. A simple model of price formation in a small open economy is presented. The paper also addresses issues in estimating long-term relationships, discusses the results, and presents a forecast for inflation in 1996.
Keywords:
ISCR; CR; broad money; exchange rate; central bank; broad money money supply; repurchase facility rate; error-correction term; penalty rate; opportunity cost; exchange rate fluctuation; rate of inflation; Monetary base; Inflation; Commercial banks; Real exchange rates; Agroindustries
Cover IMF Staff Country Reports
Madagascar: Recent Economic Developments
International Monetary Fund
This paper describes the economic developments in Madagascar during the 1990s. In early 1994, the authorities prepared a medium-term policy statement with an outward orientation. Accordingly, a sweeping reform of the exchange and trade system was implemented in May 1994, including the floating of the Malagasy franc. However, financial policy was not sufficiently supportive: ad hoc tax exemptions were granted, particularly to foodstuffs and petroleum products, and other taxes were not fully collected. Thus, the fiscal deficit deteriorated, leading to a sharp acceleration in money creation and inflation, which rose to 61 percent by end-1994.
Keywords:
ISCR; CR; exchange rate; broad money; trade balance; balance of payments; SDR terms; free trade zone; equity capital; stabilization fund; payments arrears; basic rate; GDP ratio; Commercial banks; Arrears; Exports; Sub-Saharan Africa
Cover Multilateral Official Debt Rescheduling
Multilateral Official Debt Rescheduling
Recent Experience, November 1990
Mr. Jorge P. Guzmán
and
Mr. Michael G. Kuhn

Abstract

This paper reviews trends in official debt rescheduling and recent experience with debt renegotiations in the face of the persistent problems of heavily indebted developing countries.

Keywords:
WEFS; debtor country; debt; Paris Club creditor; debt-service reduction operation; Paris Club reschedulings; bank financing package; debt-service obligation; Debt service; Debt rescheduling; Debt reduction; Commercial banks; Debt service payments; Middle East; Eastern Europe