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Africa > Madagascar, Republic of

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Cover Selected Issues Papers
Food Insecurity and Climate Shocks in Madagascar: Republic of Madagascar
Dominique Fayad
Food insecurity dramatically increased in Madagascar over the last 10 years, hampering human development. Using most recent data and surveys conducted by UN Agencies and local authorities, this paper analyzes the root causes of food insecurity in Madagascar related to demographic vulnerabilities, multidimensional poverty, lack of education, as well as structural weaknesses in the food value chain and the lack of basic infrastructure, such as irrigation and transportation, that hamper agricultural activity development. Moreover, Madagascar is exposed to a large variety of climate shocks that climate change will likely exacerbate. This paper formulates country specific macroeconomic and operational policy recommendations in collaboration with the World Food Program to reduce food insecurity, which include i) measures to improve the emergency response and preparedness, ii) policies to address structural food insecurity, by improving the food chain and addressing challenges posed by climate shocks, and iii) measures to improve Green PFM and climate related public investment management to invest in long-term resilience and mobilize external financing.
Keywords:
Food Insecurity; Climate Change; Public Finance; Madagascar; food value chain; policy recommendation; value chain; climate change risk; food inflation; food consumption; Natural disasters; Food security; Global; Caribbean; Sub-Saharan Africa
Cover IMF Working Papers
Will the Economic Impact of COVID-19 Persist? Prognosis from 21st Century Pandemics
Johannes Emmerling
,
Davide Furceri
,
Francisco Líbano Monteiro
,
Mr. Prakash Loungani
,
Mr. Jonathan David Ostry
,
Pietro Pizzuto
, and
Massimo Tavoni
COVID-19 has had a disruptive economic impact in 2020, but how long its impact will persist remains unclear. We offer a prognosis based on an analysis of the effects of five previous major epidemics in this century. We find that these pandemics led to significant and persistent reductions in disposable income, along with increases in unemployment, income inequality and public debt-to-GDP ratios. Energy use and CO2 emissions dropped, but mostly because of the persistent decline in the level of economic activity rather than structural changes in the energy sector. Applying our empirical estimates to project the impact of COVID-19, we foresee significant scarring in economic performance and income distribution through 2025, which be associated with an increase in poverty of about 75 million people. Policy responses more effective than those in the past would be required to forestall these outcomes.
Keywords:
impulse response; effects of pandemic; list of pandemic; pandemic event; baseline estimate; impact of COVID-19; COVID-19; Greenhouse gas emissions; Income inequality; Income distribution; Global
Cover IMF Staff Country Reports
Republic of Madagascar: Selected Issues
International Monetary Fund. African Dept.
Selected Issues
Keywords:
ISCR; CR; investment project; infrastructure investment; private sector; investment efficiency; Malagasy authorities
Cover IMF Staff Country Reports
Republic of Madagascar: Economic Development Document
International Monetary Fund. African Dept.
This Economic Development Document describes the strategy adopted by the government of Madagascar to reverse the trend of modest economic performance, deteriorating social conditions, and persistent poverty observed in recent years. This strategy addresses the underlying causes of poverty. The primary aim of the fiscal policy is to increase revenue and rationalize budget expenditure to provide ample margins to finance priority spending, specifically social and infrastructure spending. The priorities are to expand the tax base and continuing reform of tax and customs administration, and to eliminate the causes of inefficient public expenditure. The monetary policy is given the role of regulating domestic liquidity to normalize trends in economic activities and achieve the inflation targets of less than 10.0 percent.
Keywords:
ISCR; CR; poverty rate; purchasing power; economic growth; private sector; per capita income; development framework; land tenure; poverty profile; energy security; air Madagascar; economic system; government securities market; asset recovery authority; financing requirement; Infrastructure; Poverty reduction; Sub-Saharan Africa
Cover IMF Staff Country Reports
Republic of Madagascar: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper surveys the economic costs of corruption in Madagascar, and provides a few ideas on how to advance anticorruption reforms. Madagascar’s governance indicators weakened significantly during the transition period 2009–13. Governance indicators that generally were on par with middle-income countries in Sub-Saharan Africa (SSA) ten years ago have regressed and converged to the average of fragile SSA countries. After the return of constitutional order in 2014, the government has started to address corruption, mainly through the introduction of new laws so far. More emphasis is needed on effective implementation and raising sufficient resources to fight corruption.
Keywords:
ISCR; CR; investment project; infrastructure investment; private sector; investment efficiency; Malagasy authorities; anti-corruption agency; investment coordination unit; Public investment and public-private partnerships (PPP); Public investment spending; Corruption; Infrastructure; Global; Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Union of the Comoros: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
This report provides a summary of the Antimoney Laundering and Combating the Financing of Terrorism (AML/CFT) measures in effect in the Union of the Comoros on the date of or shortly after the onsite visit. It describes and analyzes these measures, indicates the level of the Union of the Comoros’s compliance with the 40 + 9 Financial Action Task Force (FATF) Recommendations, and makes recommendations on measures to be taken to strengthen certain aspects of the system. The authorities agreed with the mission that the Comoros is a potential transit point for international terrorism.
Keywords:
ISCR; CR; sum of money; criminal offense; due diligence; terrorist financing; drug trafficking; penal code; Comorian authorities; predicate offense; Money laundering; Terrorism financing; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Southern Africa; East Africa
Cover IMF Staff Country Reports
Republic of Madagascar: Poverty Reduction Strategy Paper: Annual Progress Report for 2007 and First Semester of 2008
International Monetary Fund
The report examines the annual report of Madagascar’s Poverty Reduction Strategy Paper. Madagascar’s economic situation has been characterized by steady growth estimated at 5.0 percent on average against an average annual demographic growth rate of 2.8 percent. However, the living standard of the population as captured by the indicators related to the big objectives of the Madagascar Action Plan has not kept up with this pace. The organic law on public finances and the new code of public procurements have become more effective.
Keywords:
ISCR; CR; private sector; financial support; economic growth; budget deficit; completion rate; Budget planning and preparation; Global; Africa; East Africa
Cover IMF Staff Country Reports
Republic of Madagascar: Poverty Reduction Strategy Paper: Annual Progress Report: Joint Staff Advisory Note
International Monetary Fund
This Joint Staff Advisory Note provides feedback from the World Bank and IMF staff on the first and second progress reports on the Madagascar Action Plan (MAP)—the poverty reduction and growth strategy for 2007–12. Progress on governance has been reported with improvements in the functioning of the national anticorruption agency (BIANCO), the establishment of a financial intelligence unit, and improved national security indicators. To further improve transparency, the government will need to make an effort to secure property rights through the judicial system or alternative conflict-resolution mechanisms.
Keywords:
ISCR; CR; monetary policy; fiscal policy; government; development partner; evolution; utility company; sterilization operation; private sector development; sound fiscal policy; Poverty reduction strategy; Budget planning and preparation; Africa
Cover IMF Staff Country Reports
Mauritius: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
A detailed assessment report on Anti-Money Laundering and Combating the Financing of Terrorism for Mauritius is discussed. Mauritius is well placed to capitalize on its national strategy to diversify its economy into global financial services by taking advantage of its linkages with both African and long-standing arrangements with the larger Asian economies. Additionally, Mauritius intends to offer new products in Islamic financial services and wealth management. The investigative and prosecutorial authorities have the necessary powers to execute their respective functions.
Keywords:
ISCR; CR; management company; due diligence; central bank; criminal offense; police force; senior management; chief executive; guidance note; disciplinary action; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Terrorism financing; Global
Cover IMF Working Papers
Financial Development and Poverty Reduction: Can There Be a Benefit Without a Cost?
Sylviane Guillaumont Jeanneney
and
Mr. Kangni R Kpodar
This article investigates how financial development helps to reduce poverty directly through the McKinnon conduit effect and indirectly through economic growth. The results obtained with data for a sample of developing countries from 1966 through 2000 suggest that the poor benefit from the ability of the banking system to facilitate transactions and provide savings opportunities but to some extent fail to reap the benefit from greater availability of credit. Moreover, financial development is accompanied by financial instability, which is detrimental to the poor. Nevertheless, the benefits of financial development for the poor outweigh the cost.
Keywords:
WP; GDP; poverty gap; headcount poverty