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Africa > Madagascar, Republic of

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Cover IMF Staff Country Reports
Republic of Madagascar: Request for an Arrangement Under the Extended Credit Facility and Cancellation of the Current Arrangement Under the Extended Credit Facility and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; Staff Supplement; Staff Statement; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund. African Dept.
This paper presents Republic of Madagascar’s Request for an Arrangement under the Extended Credit Facility (ECF) and Cancellation of the Current Arrangement under the ECF and Request for an Arrangement under the Resilience and Sustainability Facility (RSF). The RSF arrangement will underpin reforms to strengthen adaptation to climate change and resilience against natural disasters, support climate change mitigation efforts, enhance the protection of ecosystems, and create conditions for green private sector investment. Madagascar continues to face challenges, with economic growth easing in a context of weak fiscal performance and gradual reform progress. Going forward, climate change poses significant risks to Madagascar’s economy. The authorities are implementing measures to create fiscal space for much needed social spending and investment. These include medium-term revenue mobilization efforts through tax policy and revenue administration measures. Tackling climate change challenges will be critical for Madagascar’s medium-term macroeconomic resilience. The report suggests that the authorities should take full advantage of the support provided by the IMF and the World Bank through the Enhanced Cooperation Framework for Climate Action, and by other development partners to catalyze private climate financing.
Keywords:
Republic of Madagascar executive board meeting; staff appraisal; ECF arrangement; automatic fuel; RSF arrangement; Climate change; Debt sustainability; Global
Cover IMF Staff Country Reports
République de Madagascar: quatrième revue de l’accord au titre de la facilité élargie de crédit, et demandes de dérogation pour non-respect de critères de réalisation et de modification de critères de réalisation-communiqué de presse; rapport des services du FMI; et déclaration de l’administrateur pour la République de Madagascar
International Monetary Fund. African Dept.
En 2022, le PIB réel a dépassé son niveau antérieur à la pandémie. Cela étant, le repli de la demande émanant des partenaires commerciaux, les phénomènes météorologiques récents et le risque d’accentuation des tensions politiques à l’approche des élections présidentielles, prévues en novembre 2023, continueront de peser sur les perspectives en 2023. Le déficit budgétaire s’est creusé dernièrement, mais le règlement des dettes croisées avec les distributeurs de pétrole devrait améliorer le solde budgétaire en 2023 et réduire les risques budgétaires à l’avenir.
Keywords:
oil distributor; ECF review; IMF team; policy adjustment; IMF's transparency policy; liabilities to oil distributor; government financial support; Fiscal stance; Credit; Oil, gas and mining taxes; Global
Cover IMF Staff Country Reports
Republic of Madagascar: Fourth Review Under the Extended Credit Facility Arrangement and Requests for a Waiver of Nonobservance of Performance Criteria and Modification of Performance Criteria-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 Fourth Review under the Extended Credit Facility Arrangement and Requests for a Waiver of Nonobservance of Performance Criteria and Modification of Performance Criteria. Madagascar’s growth has decelerated, and inflation remains high. Program performance remains mixed with a breach of the 2022 deficit target but progress on the structural reform agenda. The authorities have also adopted the necessary changes to the public procurement legal framework to allow for the collection and publication of ultimate beneficiary owner information and submitted a revised mining code in line with IMF staff recommendations to Parliament. The authorities are taking measures to adjust non-priority spending in the face of lower-than-expected revenue in 2023. It is proposed to relax the 2023 domestic primary deficit target to accommodate higher transfers to the electricity state-owned enterprises that reported record losses in 2022 and accumulated large arrears. Related modifications of other quantitative performance criteria are also proposed. Improvement in budget execution, transparency, and governance are critically needed to foster stronger and sustainable growth.
Keywords:
oil distributor; ECF review; IMF team; policy adjustment; IMF's transparency policy; liabilities to oil distributor; government financial support; Fiscal stance; Credit; Oil, gas and mining taxes; Global
Cover IMF Staff Country Reports
Republic of Madagascar: 2022 Article IV Consultation, Third Review Under The Extended Credit Facility Arrangement, and Requests for A Waiver of Nonobservance of Performance Criteria and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund. African Dept.
This paper focuses on Republic of Madagascar’s 2022 Article IV Consultation, Third Review under the Extended Credit Facility Arrangement, and Requests for a Waiver of Nonobservance of Performance Criteria and Modification of Performance Criteria. Two years of pandemic and multiple climate shocks have aggravated Madagascar’s fragility. The outlook is highly uncertain with risks tilted to the downside. Madagascar continues to face risks associated with social fragility, weak state capacity, and climate shocks. While Madagascar’s economy rebounded faster than expected in 2021, growth is projected at 4.2 percent in 2022–2023. The authorities should further their efforts to enhance budget credibility and fiscal transparency. Recently adopted public financial management reforms are expected to contribute to better budget execution in 2023. Measures to enhance the legal framework for public procurement contracts would be welcome. Overall program performance is mixed. Despite some macroeconomic slippages, the implementation of structural reforms is gaining momentum. Improving governance and accelerating reforms to increase transparency and accountability are key to deliver higher and more inclusive growth.
Keywords:
fund assistance; government institution; Policy discussion; implementation support AFS PFM regulation; mining taxation reform; fund-supported program; financial support; Budget planning and preparation; Global; Africa
Cover IMF Staff Country Reports
Republic of Madagascar: 2022 Article IV Consultation, Third Review Under The Extended Credit Facility Arrangement, and Requests for A Waiver of Nonobservance of Performance Criteria and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund. African Dept.
This paper focuses on Republic of Madagascar’s 2022 Article IV Consultation, Third Review under the Extended Credit Facility Arrangement, and Requests for a Waiver of Nonobservance of Performance Criteria and Modification of Performance Criteria. Two years of pandemic and multiple climate shocks have aggravated Madagascar’s fragility. The outlook is highly uncertain with risks tilted to the downside. Madagascar continues to face risks associated with social fragility, weak state capacity, and climate shocks. While Madagascar’s economy rebounded faster than expected in 2021, growth is projected at 4.2 percent in 2022–2023. The authorities should further their efforts to enhance budget credibility and fiscal transparency. Recently adopted public financial management reforms are expected to contribute to better budget execution in 2023. Measures to enhance the legal framework for public procurement contracts would be welcome. Overall program performance is mixed. Despite some macroeconomic slippages, the implementation of structural reforms is gaining momentum. Improving governance and accelerating reforms to increase transparency and accountability are key to deliver higher and more inclusive growth.
Keywords:
fund assistance; government institution; Policy discussion; implementation support AFS PFM regulation; mining taxation reform; fund-supported program; financial support; Budget planning and preparation; Global; Africa
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; Staff Report; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund. African Dept.
Madagascar has not yet recovered from the pandemic and is struggling with the aftermath of a severe cyclone season and the fallout of Russia’s war in Ukraine. After a sharp contraction of GDP in 2020 (-7.1 percent) and a modest recovery in 2021 (4.3 percent), growth is projected to stall in 2022. Lower demand from trading partners, higher fuel and food prices, and recent weather events are weighing on economic activity and leading to widening fiscal and external deficits in the short term.
Keywords:
liabilities vis-à-vis fuel distributor; IMF team; transparency policy; spending commitment authorization process; budget transparency; governance reform agenda; Budget planning and preparation; Credit; Fiscal stance; Global; Sub-Saharan Africa
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; Staff Report; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund. African Dept.
Madagascar has not yet recovered from the pandemic and is struggling with the aftermath of a severe cyclone season and the fallout of Russia’s war in Ukraine. After a sharp contraction of GDP in 2020 (-7.1 percent) and a modest recovery in 2021 (4.3 percent), growth is projected to stall in 2022. Lower demand from trading partners, higher fuel and food prices, and recent weather events are weighing on economic activity and leading to widening fiscal and external deficits in the short term.
Keywords:
liabilities vis-à-vis fuel distributor; IMF team; transparency policy; spending commitment authorization process; budget transparency; governance reform agenda; Budget planning and preparation; Credit; Fiscal stance; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
Republic of Madagascar: First 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.
Madagascar continues to be severely affected by the COVID-19 pandemic. After a contraction of GDP estimated at 7.1 percent in 2020, the economic recovery has been sluggish, partly reflecting a delayed reopening of the economy. Postponement of some external budget support, following delays in structural reforms, will open a fiscal financing gap in 2022.
Keywords:
authorities' intention; government plan; revenue administration measure; authorities' effort; IMF's transparency policy; Budget planning and preparation; Credit; Global; Southern Africa; East Africa
Cover IMF Staff Country Reports
Republic of Madagascar: First 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.
Madagascar continues to be severely affected by the COVID-19 pandemic. After a contraction of GDP estimated at 7.1 percent in 2020, the economic recovery has been sluggish, partly reflecting a delayed reopening of the economy. Postponement of some external budget support, following delays in structural reforms, will open a fiscal financing gap in 2022.
Keywords:
authorities' intention; government plan; revenue administration measure; authorities' effort; IMF's transparency policy; Budget planning and preparation; Credit; Global; Southern Africa; East Africa
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