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Africa > Madagascar, Republic of

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Cover Technical Notes and Manuals
Internal Evaluation of External Sector Statistics Capacity Development in Select African Countries
Mr. Rodolfo Maino
,
Theodore Pierre Bikoi
,
Mr. Marcelo Dinenzon
,
Dilek Goncalves
, and
Nelnan Fidèle Koumtingué
This technical note provides an assessment of how external sector statistics capacity development has improved the availability of balance of payments and international investment position data in select countries of sub-Saharan Africa over the period FY2015–22. All countries assessed have made strides to sustain the benefits of capacity development despite continuing challenges.
Keywords:
external sector statistics; capacity development; OECD Development Assistance Committee criteria; balance of payments and international investment position; IMF country team; IMF surveillance; ESS CD essential; IMF capacity development; evaluation team; IMF Library; Balance of payments statistics; International investment position; Data collection; Special Data Dissemination Standard (SDDS); Africa; Sub-Saharan 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: 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: Technical Assistance Report-Government Finance Statistics
International Monetary Fund. Statistics Dept.
At the request of the Ministry of the Economy and Finance (Ministère de l’Économie et des Finances (MEF)) and in consultation with the African Department (AFR) of the International Monetary Fund (IMF), the IMF Statistics Department (STA) carried out a remote mission on government finance statistics (GFS) from November 29–December 10, 2021. The purpose of the mission was to continue to support the Malagasy authorities in their work to adopt international standards of the Government Finance Statistics Manual 2014 (GFSM 2014) for their GFS. The mission would like to thank the Research Directorate (Direction des Études (DE)) of the Directorate General of the Treasury (Direction Générale du Trésor (DGT)) for its close collaboration and more specifically for the timely communication of the required documents, which was essential to the success of the mission given the remote working conditions.
Keywords:
government finance statistics manual; authorities of the Republic of Madagascar; government finance statistics yearbook; staff team of the International Monetary Fund; government accounting directorate; Government finance statistics; Financial statements; Depreciation; Chart of accounts
Cover IMF Working Papers
Building Statistical Capacity in Fragile and Conflict-Affected States
Yasmin Alem
and
Jacinta Bernadette Shirakawa
Based on internal data, this paper finds that the capacity development program of the IMF’s Statistics Department has prioritized technical assistance and training to fragile and conflict-affected states. These interventions have yielded only slightly weaker results in fragile states than in other states. However, capacity development is constantly needed to make up for the dissipation of progress resulting from insufficient resources that fragile and conflict-affected states allocate to the statistical function, inadequate inter-agency coordination, and the pervasive impact of shocks exogenous to the statistical system. Greater coordination with other capacity development providers and within the IMF can help partially overcome low absorptive capacity in fragile states. Statistical capacity development is more effective when it is tailored to countries’ level of fragility.
Keywords:
Capacity Development; Statistics; Data; Fragile States; Sta CD mission; government finance statistics manual; Sta CD delivery; Sta CD spending; World Bank methodology assessment; Income; Government finance statistics; External sector statistics; Information and data management; Middle East and Central Asia; Pacific Islands; Middle East; West Africa; Africa; Central Africa; Global
Cover IMF Staff Country Reports
Republic of Madagascar: Technical Assistance Report-Government Finance Statistics
International Monetary Fund. Statistics Dept.
At the request of the Ministry of Economy and Finance (MEF) and in consultation with the Africa Department (AFR) of the International Monetary Fund (IMF), a remote Government Finance Statistics (GFS) mission from the Statistics Department (STA) took place in Madagascar from October 26 to November 13, 2020. The objective of this mission was to continue supporting the authorities in their project to adopt international GFS standards based on the methodology of the Government Finance Statistics Manual 2014 (GFSM 2014) and the Public Sector Debt Statistics Guide (PSDSG) and to improve GFS in general.
Keywords:
Public Sector Debt statistic; staff team of the International Monetary Fund; C. mission work; report constitute; GFS questionnaire; Government finance statistics; Financial statements; Data processing; Stocks; Africa
Cover IMF Staff Country Reports
Republic of Madagascar: Technical Assistance Report—Government Finance Statistics Mission
International Monetary Fund. Statistics Dept.
This Technical Assistance paper on the Republic of Madagascar explains the need for the Malagasy authorities to adopt the Government Finance Statistics Manual (GFSM) 2014 concepts, definitions, and methodology as part of the macroeconomic statistics improvement Project. The report recommends that it is important to improve macroeconomic analysis and monitoring of the overall impact of government finances on the country’s economy, something that other public finance ‘figures’ of a budgetary and accounting nature are not intended to do. The report shows that steady progress continues with the preparation of a bridge table between the chart of accounts and the GFSM 2014 classifications. Notable improvements have been made in the presentation of Other Net Treasury Operations, the detailed components of which were identified and can now be presented on a gross basis. Based on the progress made, the prospect of compiling consolidated GFS covering all subsectors of the Malagasy general government in a not-too-distant future is encouraging.
Keywords:
ISCR; CR; accounting; CNaPS; CTD accounting balance; balance; government finance information; CTD accounting source; GFS compilation; compilation file; GFS coverage; Government finance statistics; Financial statements
Cover IMF Staff Country Reports
Republic of Madagascar: Technical Assistance Report—Report on Technical Assistance Mission in External Sector Statistics (July 2-13, 2018)
International Monetary Fund. Statistics Dept.
This Technical Assistance report highlights that the mission visited Madagascar to aid in the external sector statistics (ESS), including the balance of payments and international investment position (IIP). The mission focused on assisting improving the coverage of IIP by better using the administrative sources or by identifying new data sources for private sector. A more sustained effort must be applied to the collection system to ensure the timelier submission of data of adequate quality. The compilation of the quarterly ESS, which is one of the main ESS objectives, requires both an increase in the number of compilers and a change of approach in the collection of source data. The quarterly data are compiled on the basis of the ESRI and should be supplemented by the collection of quarterly data using a simple survey of major public and private enterprises. The mission recommended a detailed one-year action plan with a set of priority recommendations carrying particular weight to make headway in improving the ESS.
Keywords:
ISCR; CR; data; balance of payments; BFM; transaction; balance of payments transaction; ESS data sets; goods data; reserve assets transaction; accounts receivable; import transaction; investment project; BFM survey form; account transactions; External sector statistics; Data collection; Balance of payments statistics; International investment position; Foreign direct investment
Cover IMF Staff Country Reports
Republic of Madagascar: Technical Assistance Report-Government Finance Statistics
International Monetary Fund. Statistics Dept.
This mission’s goal was to have the Malagasy authorities adopt the methodology of the Government Finance Statistics Manual (GFSM) 2014 for their own needs. The desired outcome of adopting the manual is to develop a set of government finance statistics (GFSs) that are consistent with current international standards in order to conduct a macroeconomic analysis of government finance.
Keywords:
ISCR; CR; revenue; reserve account; OGT table; enterprise; Delaware; government enterprise; enterprise sector; tax debt; nonfinancial enterprise; Financial statements; Government finance statistics; Capital account; Africa
Cover IMF Working Papers
The Equilibrium Real Exchange Rate of the Malagasy Franc: Estimation and Assessment
Mr. John Cady
Employing cointegration techniques, the long-run determinants of Madagascar's real exchange rate are examined from a stock-flow perspective. The long-run behavior of the real effective exchange rate is explained by the net foreign asset position and factors affecting trade flows. An index of the long-run equilibrium real exchange rate is developed to assess the degree of misalignment. The general conclusions are that the Malagasy franc has experienced significant misalignment in the past, but that the recent appreciation of the real effective exchange rate is consistent with changes in the fundamentals, particularly anticipated improvements in the net foreign assets position stemming from Madagascar's eligibility for assistance under the enhanced HIPC Initiative.
Keywords:
WP; estimation; coefficient; Madagascar; vector; real exchange rate; cointegration; exchange rate misalignment; coefficient estimate; Engle-granger estimation technique; Johansen estimation technique; integration vector; cointigration estimation technique; Johansen method estimate; estimation period; test statistics; Real exchange rates; Real effective exchange rates; Terms of trade; Estimation techniques; Foreign assets