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Africa > Madagascar, Republic of

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  • Type: Journal Issue x
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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
The Macroeconomic Effects of Counterpart Funds and the Underlying Foreign Aid
Mr. Christian B. Mulder
Counterpart funds generated through foreign currency or commodity aid have again become an issue of interest, in view of the substantial buildup of these funds. Contrary to the usual approach a model is developed in this paper, which takes account of the budgetary impact, supply-side and money demand effects of counterpart funds and the underlying foreign aid. This model is used to show that counterpart funds need not have any economic impact if their creation, use, and effects are adequately monitored and understood, both by donors and by the authorities in the recipient country. The policy rules that ensure an inflation- and foreign reserves-neutral result from expected and unexpected foreign aid are derived and contrasted with a policy rule regarding unexpected foreign aid that is sometimes observed in IMF programs. A feasible alternative is developed. Various real world complications are shown not to alter the conclusions.
Keywords:
WP; money supply; counterpart funds; foreign currency; commodity aid; money supply equation; counterpart fund creation; counterpart fund spending; foreign currency aid; Monetary base; Credit; International reserves; Reserve positions; Africa