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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
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
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