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Africa > Madagascar, Republic of

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Cover IMF Staff Country Reports
Republic of Madagascar: Request for Disbursement under the Rapid Credit Facility-Press Release and Staff Report; and Statement by the Executive Director for the Republic of Madagascar
International Monetary Fund. African Dept.
This paper discusses Republic of Madagascar’s Request for Disbursement Under the Rapid Credit Facility (RCF). The coronavirus disease 2019 pandemic is having a severe impact on Madagascar’s economy. Due to dramatic declines in tourism and disruptions to manufacturing and extractive industry exports, as well as transport, communications, and services, real gross domestic product growth is likely to decline sharply. The fiscal situation is also deteriorating rapidly with additional health and social spending outlays and a significant shortfall in tax revenue. Fund support under the RCF is expected to help the authorities meet the urgent fiscal and external financing needs to mitigate the impact of the pandemic. The authorities are taking immediate measures to address the human and economic impact of the pandemic, while preserving macroeconomic stability. These include increases in health spending, help to the most vulnerable, support to the private sector, and actions to preserve the stability of the financial sector and maintain the flexible exchange rate regime.
Keywords:
ISCR; CR; IMF support; financing; RCF disbursement; SDR; disbursement; executive board discussion; SDR exchange rate; disbursement under the Rapid Credit Facility; Credit; COVID-19; Imports; Fiscal stance; Global; Budget planning and preparation
Cover IMF Working Papers
Madagascar: A Competitiveness and Exchange Rate Assessment
Luc Eyraud
The purpose of this paper is to assess Madagascar's competitiveness in recent years, using both price and nonprice indicators and an exchange rate assessment of the currency. We estimate the distance between the equilibrium and the actual real exchange rates using three methods: the macroeconomic balance approach, the external sustainability approach, and the reduced-form equilibrium real exchange rate approach. These methods suggest that in the medium term the real exchange rate is only slightly overvalued. We also carry out a comparative analysis of nonprice indicators and find that Madagascar performs less favorably than its competitors on structural competitiveness.
Keywords:
WP; exchange rate; Madagascar; current account; price
Cover IMF Staff Country Reports
République de Madagascar: Quatrième revue de l'accord triennal au titre de la facilité pour la réduction de la pauvreté et pour la croissance, demande de dérogation à des critères de réalisation, demande de modification de critères de réalisation, et demande d'augmentation de l'accès : rapport des services du FMI ; suppléments et déclaration des services du FMI ; communiqué de presse sur les délibérations du conseil d'administration ; et déclaration de l'administrateur pour la République de Madagascar
International Monetary Fund
Depuis plusieurs années, le FMI publie un nombre croissant de rapports et autres documents couvrant l'évolution et les tendances économiques et financières dans les pays membres. Chaque rapport, rédigé par une équipe des services du FMI à la suite d'entretiens avec des représentants des autorités, est publié avec l'accord du pays concerné.
Keywords:
ISCR; CR; growth facility; staff appraisal; authority
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
How does a domestic tax reform affect protection against imports? The case of the Republic of Madagascar
Mr. Jean-Jacques Hallaert
In 2008, Madagascar reformed its domestic tax system. Because the excise duties and VAT regimes were reformed, the taxation of imports has changed. This paper quantifies how the reform changes the protection against imports and the fiscal revenues from taxation of imports. It shows that, even if the reform has only a limited impact on the average rate of protection, it substantially alters the structure of protection across goods. Moreover, because the reform further increases the already high rate of taxation of imports, it will also boost revenue from taxes on imports and reduce the fiscal losses from the SADC FTA.
Keywords:
WP; import; tariff; rate; taxation of imports
Cover IMF Staff Country Reports
Republic of Madagascar: Second and Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver and Modification of Performance Criteria—Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund
There has been progress in strengthening public financial management; however, improving budget execution and strengthening public finances is required. The tax and custom administration reforms will help bolster private sector-led growth and meet the ambitious revenue target to finance priority expenditure. Monetary and exchange rate policy is required to reduce inflation while preventing an overshooting of the exchange rate. Further progress is needed to foster financial sector development. A more ambitious rehabilitation plan for the electricity sector needs to be designed and implemented with urgency.
Keywords:
ISCR; CR; customs revenue; staff appraisal; tax revenue collection; authority; IMF staff representative; PRGF arrangement; Poverty reduction strategy; Monetary base; Imports; Southern Africa; Africa; Global; East Africa
Cover IMF Working Papers
Evaluating Alternative Approaches to Poverty Alleviation: Rice Tariffs Versus Targeted Transfers in Madagascar
Paul A. Dorosh
,
Mr. David Coady
, and
Bart Minten
This paper uses a partial equilibrium framework to evaluate the relative efficiency, distributional and revenue implications of rice tariffs and targeted transfers in Madagascar, especially in the context of identifying their respective roles for poverty alleviation. Although there are likely to be substantial efficiency gains from tariff reductions, these accrue mainly to higher income households. In addition, poor net rice sellers will lose from lower tariffs. Developing a system of well designed and implemented targeted direct transfers to poor households is thus likely to be a substantially more costeffective approach to poverty alleviation. Such an approach should be financed by switching revenue raising from rice tariffs to more efficient tax instruments. These policy conclusions are likely to be robust to the incorporation of general equilibrium considerations.
Keywords:
WP; transfer program; demand and supply
Cover IMF Staff Country Reports
Republic of Madagascar: Selected Issues
International Monetary Fund
This Selected Issues paper on the Republic of Madagascar reports on the several key themes associated with longer-term development issues in Madagascar. As one of the poorest countries in sub-Saharan Africa, Madagascar suffers from low levels of social indicators across all fronts including education, health, water and sanitation, and infrastructure. To make progress toward the Millennium Development Goals, the country will need to scale up substantially both public and private investment while taking actions to increase absorptive and institutional capacity and implementing supportive policies in each of the priority sectors.
Keywords:
ISCR; CR; Madagascar; trade; tariff; core inflation measure; Madagascar imports; core rate; inflation trend; SADC imports; Inflation; Imports; Tariffs; Africa; Sub-Saharan Africa; Global
Cover IMF Working Papers
Can Regional Integration Accelerate Development in Africa? CGE Model Simulations of the Impact of the SADC FTA on the Republic of Madagascar
Mr. Jean-Jacques Hallaert
Madagascar plans to start phasing out its customs tariffs on imports from the Southern African Development Community in 2007. This paper uses a CGE model to evaluate the impact of the SADC FTA on Madagascar economy. The results suggest that the SADC FTA would only have a limited impact on Madagascar's real GDP because the liberalization affects only a small share of its total imports. However, Madagascar's trade and production pattern would change and benefit the textile and clothing sector. Removing rigidities in the labor and capital market would increase the gains but they would remain limited. Gains from the SADC FTA become substantial only when the regional liberalization is accompanied by a multilateral liberalization.
Keywords:
WP; Madagascar; trade diversion; SADC FTA; liberalization
Cover IMF Staff Country Reports
Republic of Madagascar: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix analyzes the relationship among prices, income, and money in Madagascar over the period 1982–2004. It finds that a stable long-run relationship for the price level exists, but that the adjustment toward this long-term equilibrium is quite slow. The paper presents an assessment of the real effective exchange rate. It also presents some qualitative competitiveness indicators and examines the performance of exports in Madagascar at an aggregate and product level.
Keywords:
ISCR; CR; exchange rate; inflation expectation; chapter III; exchange rate regime; export base; inflation inertia; competitiveness indicator; Real effective exchange rates; Exchange rate arrangements; Exports; Terms of trade; Inflation; Europe