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Africa > Madagascar, Republic of

You are looking at 1 - 7 of 7 items for :

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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: 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
République de Madagascar: Évaluation de la stabilité du système financier
International Monetary Fund. Monetary and Capital Markets Department
Le défi posé aux autorités malgaches est de développer le système financier tout en préservant la stabilité financière. Le secteur financier a survécu relativement bien aux turbulences économiques et politiques des dix dernières années grâce à une stratégie prudente, mais peu de progrès ont été accomplis dans l’approfondissement du marché financier ou l’inclusion financière. Le passage à un régime plus dynamique et ouvert pourrait s’accompagner de risques importants si les règlementations et pratiques prudentielles ne sont pas très sensiblement renforcées.
Keywords:
ISCR; CR; bank; loan; Madagascar; asset; financing; investment funds
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
Mauritius: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
A detailed assessment report on Anti-Money Laundering and Combating the Financing of Terrorism for Mauritius is discussed. Mauritius is well placed to capitalize on its national strategy to diversify its economy into global financial services by taking advantage of its linkages with both African and long-standing arrangements with the larger Asian economies. Additionally, Mauritius intends to offer new products in Islamic financial services and wealth management. The investigative and prosecutorial authorities have the necessary powers to execute their respective functions.
Keywords:
ISCR; CR; management company; due diligence; central bank; criminal offense; police force; senior management; chief executive; guidance note; disciplinary action; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Terrorism financing; Global
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: Staff Report for the 2002 Article IV Consultation
International Monetary Fund
This 2002 Article IV Consultation highlights that the Mauritian economy has weathered the global economic slowdown relatively well. Economic output is expected to expand by about 5.3 percent in 2001/02 (July–June), only slightly below its trend rate of growth of the past 20 years. Tourism weakened somewhat in the second quarter of 2001 but picked up in the second half, partly reflecting Mauritius’ reputation as a safe destination. Notwithstanding the relatively robust economic growth over the past decade, unemployment has risen steadily and is projected to reach about 9 percent in 2001/02.
Keywords:
ISCR; CR; IMF Concludes; government; EPZ firm; Mauritian rupee; broad money; government finances; U.S. dollar; interest rate; labor market; Labor markets; Africa; Global