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Africa > Madagascar, Republic of

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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; and Staff Report
International Monetary Fund. African Dept.
Context. The gradual economic recovery has continued, with solid growth despite the drought and cyclone that hit Madagascar in early 2017. Fiscal performance has been roughly as planned, with strong revenue performance offsetting unexpected spending pressures in 2017. Monetary and exchange rate policy has successfully managed the challenges from external developments. Focus. Discussions focused on creating fiscal space for priority investment and social spending, promoting investment for inclusive and sustainable growth, maintaining stable inflation, and advancing key structural reforms in economic governance and financial sector development.
Keywords:
ISCR; CR; disbursement; investment spending; disbursement of SDR
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; and Staff Report
International Monetary Fund. African Dept.
This paper discusses Madagascar’s Second Review Under the Extended Credit Facility (ECF) Arrangement and Request for Modification of Performance Criteria (PC). Madagascar’s implementation of its economic program supported by the ECF has remained strong. All quantitative PCs and indicative targets were met at end-June 2017, and the program’s structural agenda is also advancing. The gradual economic recovery has continued, with solid growth and continued macroeconomic stability despite the drought and cyclone that affected Madagascar in early 2017. Fiscal performance has been roughly as planned, with strong revenue performance offsetting some unexpected spending pressures in 2017.
Keywords:
ISCR; CR; disbursement; investment spending; disbursement of SDR; inflation Analysis and Forecasting; IMF staff estimate; SDR equivalent; Credit; Budget planning and preparation; Foreign assets; Fiscal stance
Cover IMF Staff Country Reports
République de Madagascar : questions générales
International Monetary Fund. African Dept.
Keywords:
ISCR; CR; Madagascar; pass-through; price
Cover IMF Staff Country Reports
Republic of Madagascar: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper presents a study on poverty in Madagascar. Madagascar is a country with general, widespread, and increasing poverty. Most of the population is extremely poor and struggling to pay for food. Madagascar has the potential to grow rapidly. It is endowed with abundant natural resources, a unique wildlife, and a young, vibrant, and rapidly growing population. Taking full advantage of the young population will require higher investment in education and healthcare. Economic inequality appears to have declined and the poorest have in fact increased their consumption. Thus, while it is true that more people are poor today than in 2001, on average those who are deepest into poverty appear to be economically better off today than in 2001. Poverty is primarily a rural challenge. An overriding majority of the population lives in rural areas and rural poverty rates are almost double those of urban areas.
Keywords:
ISCR; CR; Madagascar; pass-through; price; youth literacy rate; pass-through estimate; adjustment channel; pass-through coefficient; exchange rate depreciation; pass-through rate; world development indicator; bank lending take; Income and capital gains taxes; Commercial banks; Sub-Saharan Africa; Global; East Africa; Africa
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: Consultation de 2007 au titre de l'article IV : rapport des services du FMI ; déclaration des services du FMI ; note d'information publique 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; foreign exchange inflow; authority; FDI; staff appraisal
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 Staff Country Reports
Republic of Madagascar: 2007 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussions; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; foreign exchange inflow; authority; FDI; staff appraisal
Cover IMF Working Papers
Money Demand and Inflation in Madagascar
Koffie Ben Nassar
This paper uses a two-sector model to estimate the relationship between prices, money, and the exchange rate in Madagascar during the period 1982-2004. The estimated model, using quarterly data, finds a stable long-run relationship among monetary aggregates, domestic prices, real income, and foreign interest rates. In addition, the error-correction model shows that changes in the monetary aggregates, the exchange rate, and foreign interest rates exert a significant impact on inflation. The results also suggest that a disequilibrium in the money market has a lasting impact on inflation. The paper concludes with policy recommendations.
Keywords:
WP; real GDP
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