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Africa > Madagascar, Republic of

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Cover IMF Staff Country Reports
Republic of Madagascar: Request for a 40-Month Arrangement under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund. African Dept.
The COVID-19 pandemic has hit Madagascar hard, reversing recent progress in per capita income and poverty reduction. GDP is estimated to have contracted by 4.2 percent in 2020. Two RCF disbursements approved on April 3 and July 30 (totaling 2.4 percent of GDP) helped close short-term financing gaps, supported mitigation measures, and contributed to catalyzing donor budget support. The authorities are seeking renewed Fund assistance to help the country face protracted balance of payment needs aggravated by the impact of the pandemic and support the authorities’ reform agenda summarized in the Plan Emergence Madagascar (PEM).
Keywords:
ECF arrangement; financing gap; reform strategy; financing needs; frontloaded disbursement; COVID-19; Credit; Global
Cover IMF Staff Country Reports
Republic of Madagascar: Request for a 40-Month Arrangement under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund. African Dept.
The COVID-19 pandemic has hit Madagascar hard, reversing recent progress in per capita income and poverty reduction. GDP is estimated to have contracted by 4.2 percent in 2020. Two RCF disbursements approved on April 3 and July 30 (totaling 2.4 percent of GDP) helped close short-term financing gaps, supported mitigation measures, and contributed to catalyzing donor budget support. The authorities are seeking renewed Fund assistance to help the country face protracted balance of payment needs aggravated by the impact of the pandemic and support the authorities’ reform agenda summarized in the Plan Emergence Madagascar (PEM).
Keywords:
ECF arrangement; financing gap; reform strategy; financing needs; frontloaded disbursement; COVID-19; Credit; Global
Cover Policy Papers
FY2020 - Output Cost Estimates and Budget Outturn
International Monetary Fund. Office of Budget and Planning
The paper presents highlights from the FY 2020 budget, followed by a discussion of outputs based on the Fund Thematic Categories and of inputs.
Keywords:
PP; expenditures FY; dollar spending; spending execution; unspent FY 18; digitalization strategy; management fee; Medium-term budget; Budget planning and preparation; Capital spending; Financial Sector Assessment Program; COVID-19; Middle East and Central Asia; Global; Asia and Pacific; Western Hemisphere
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: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper analyses tax revenue mobilization potential in Madagascar and lessons learned from successful episodes in sub-Saharan African (SSA) countries. The analysis shows that there is a significant tax potential including through a possible broadening of the tax base, notably for consumption taxation; and underscores the importance of a comprehensive revenue strategy, including by combining reforms in tax policy and in tax and customs administrations. Significant progress has been made in terms of organization, simplification of procedures, management, and dialogue with the taxpayers. Communication between the two tax administrations could be improved. The tax administrations should notify each other if a case of fraud. Also, the domestic tax administration should have access to customs import/export data: many importers are active and make customs declarations without being identified by the domestic tax administration. Given the weaknesses in the provision of public services, social dialogue and consultation are important to explain the rationality of the tax system and the use of the tax revenue by the State.
Keywords:
ISCR; CR; investment; country; public investment; theorical tax potential; audit performance; tax frontier; PPP investment portfolio; investment-growth linkage; Public investment spending; Public investment and public-private partnerships (PPP); Credit; Central bank policy rate; Sub-Saharan Africa
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
République de Madagascar : programme de référence et demande de décaissement au titre de la facilité de crédit rapide — communiqué de presse, rapport des services du FMI et déclaration de l’administrateur pour la République de Madagascar
International Monetary Fund. African Dept.
La reprise économique n’a pas pris de l’ampleur en 2015, principalement à cause de chocs extérieurs, de l’instabilité politique persistante et de la faiblesse de la gouvernance. Néanmoins, les autorités ont su mettre en œuvre une combinaison de politique économique qui a permis de maintenir dans l’ensemble la stabilité macroéconomique. Cependant, la croissance et l’investissement ne sont pas suffisants à l’heure actuelle pour accomplir des progrès significatifs sur le plan de la situation sociale, et il est nécessaire d’accroître les recettes et les financements extérieurs pour satisfaire les besoins élevés sur le plan des infrastructures et du secteur social. Les besoins de financement de la balance des paiements restent à la fois urgents et de longue durée.
Keywords:
ISCR; CR; draft budget document; RCF disbursement; draft revision
Cover IMF Staff Country Reports
Republic of Madagascar: Staff-Monitored Program and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund. African Dept.
This paper discusses Madagascar’s Staff-Monitored Program (SMP) and Request for Disbursement under the Rapid Credit Facility (RCF). Madagascar’s economic recovery has failed to gain momentum in 2015, largely due to external shocks, persistent political instability, and weak governance. Nonetheless, the authorities have implemented an adequate policy mix that has broadly maintained macroeconomic stability. In light of urgent balance of payments needs, the Malagasy authorities are requesting a second disbursement under the RCF, accompanied by a SMP. The IMF staff supports the authorities’ request for a disbursement under the RCF based on the policy track record over the past six months.
Keywords:
ISCR; CR; draft budget document; RCF disbursement; draft revision; reform effort; update assessment; Credit; Debt sustainability analysis; Global
Cover Policy Papers
List of IMF Member Countries With Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments Over 18 Months
International Monetary Fund
The following table lists the IMF member countries for which the Article IV consultation or the mandatory financial stability assessment has been delayed by more than 18 months. The delay is counted past the scheduled expected date for conclusion, plus any applicable grace period.
Keywords:
PP; consultation; IMF staff; government; delay incompletion; grace period; IMF member countries with delay; government change; Financial stability assessment