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Africa > Madagascar, Republic of

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Cover Policy Papers
Multilateral Debt Relief Initiative: A First Assessment of Eligible Countries--Supplemental Information
International Monetary Fund
This supplement summarizes new information available to staff since the issuance of The Multilateral Debt Relief Initiative: A First Assessment of Eligible Countries (December 8, 2005). It focuses on the six members (Ethiopia, Madagascar, Mauritania, Nicaragua, Rwanda, and Senegal) for which staff recommends that remedial actions be taken before the Board determines whether they qualify for debt relief from the Fund under the Multilateral Debt Relief Initiative.
Keywords:
PP; article IV consultation; Nicaragua; Madagascar; MDRI qualification to the Board; IMF staff mission; MDRI debt relief; Senegal's MDRI qualification; MDRI's criteria; Debt relief
Cover IMF Staff Country Reports
Republic of Madagascar: Enhanced Initiative for Heavily Indebted Poor Countries Completion Point Document
International Monetary Fund
This paper reviews Madagascar’s progress under the Heavily Indebted Poor Countries (HIPC) Initiative. Total assistance to be provided to Madagascar under the HIPC Initiative amounts to US$836 million in net present value terms—US$22 million higher than the decision point estimate. The paper assesses Madagascar’s performance in meeting the requirements for reaching the completion point, as set out in the decision point document. The paper also reviews the status of creditor participation and the delivery of debt relief to Madagascar under the enhanced HIPC Initiative. It also presents results of the updated Debt Sustainability Analysis.
Keywords:
ISCR; CR; debt-to-exports ratio; gross revenue; completion point; HIPC assistance; NPV terms; reform program; sensitivity analysis; government project grant; HIPC expenditure; HIPC resource; HIPC document; government interest; HIPC savings; Debt relief; Debt service; Debt service ratios
Cover IMF Staff Country Reports
Madagascar: Third Review Under the Poverty Reduction and Growth Facility
International Monetary Fund
Madagascar showed satisfactory performance under the Poverty Reduction and Growth Facility (PRGF) program. Executive Directors agreed that the crisis has undermined the timely achievement of the program, requiring the government to redouble its efforts. They welcomed the 2003 budget and stressed the need for strengthening fiscal and monetary policies and accelerating structural reforms. They urged the need to address the problems of inefficiency and corruption in the public administration. They emphasized the need to decisively implement the strategy, and successfully complete the third review under the PRGF arrangement.
Keywords:
ISCR; CR; currency conversion; PRGF arrangement; information campaign; joint staff assessment; PRGF loan; price data; two-step approach; Debt relief; Exports; Southern Africa
Cover IMF Staff Country Reports
Madagascar: Staff Report for the 2002 Article IV Consultation, Second Review Under the Poverty Reduction and Growth Facility, and Requests for Extension of Arrangement, Waiver of Performance Criteria, and for Interim Assistance under the Enhanced Initiative for Heavily Indebted Poor Countries
International Monetary Fund
This paper examines Madagascar’s 2002 Article IV Consultation, Second Review Under the Poverty Reduction and Growth Facility (PRGF), and Requests for Extension of Arrangement. Madagascar’s performance under the PRGF-supported program in 2001 was strong, with the exception of weak revenue collection, an issue that the new government has begun to address. The budget for 2003 is consistent with the macroeconomic constraints, and places an appropriate emphasis on revenue mobilization and on wage restraint. Administrative procedures need to be streamlined to ensure faster expenditure commitment and execution of donor-funded projects.
Keywords:
ISCR; CR; poverty reduction strategy paper; authority; financing; PRGF arrangement; poverty alleviation effort; PRGF loan; expenditure prioritization; Structural reforms; Credit; Debt relief; Exports; Southern Africa; East Africa
Cover IMF Staff Country Reports
Madagascar: Recent Economic Developments
International Monetary Fund
This paper analyzes the recent economic developments in Madagascar under the new Poverty Reduction and Growth Facility Arrangement. It highlights the production, income, and overall fiscal developments; discusses various measures to simplify the tax system, improve tax and customs administration; and tighten the expenditure management of the country. The paper provides a detailed study of the monetary developments, structure of the financial sector, balance of payments, external debt, and structural reforms of the country.
Keywords:
ISCR; CR; broad money; exchange rate; debt service; GDP; Madagascar; debt relief; bank profits; net bank earnings; primary sector; Debt relief; Exports; Arrears; Africa; Southern Africa; East Africa
Cover IMF Survey
IMF Survey: Volume 28, Issue 15
International Monetary Fund. External Relations Dept.
In a press release issued on July 28, the IMF announced it has approved a 17-month Stand-By credit for Russia equivalent to SDR 3.3 billion (about $4.5 billion) to support the government’s 1999–2000 economic program. There will be seven equal disbursements of SDR 471.4 million (about $640 million), with the first installment to be released immediately. Subsequent installments will depend on quarterly reviews being completed and performance criteria and structural benchmarks beingmet. At the conclusion of the IMF Executive Board meeting, IMF First Deputy Managing Director Stanley Fischer made the following statement.
Keywords:
SV; IMF's website; recommendations of the IMF; IMF staff country report; IMF publications catalog; IMF survey; IMF staff country; IMF Office of internal audit; Structural reforms; Poverty reduction and development; Poverty reduction; Debt relief; Financial sector reform; Asia and Pacific; Global; Europe; Baltics; Africa; Caribbean
Cover Multilateral Official Debt Rescheduling
Multilateral Official Debt Rescheduling
Recent Experience, November 1990
Mr. Jorge P. Guzmán
and
Mr. Michael G. Kuhn

Abstract

This paper reviews trends in official debt rescheduling and recent experience with debt renegotiations in the face of the persistent problems of heavily indebted developing countries.

Keywords:
WEFS; debtor country; debt; Paris Club creditor; debt-service reduction operation; Paris Club reschedulings; bank financing package; debt-service obligation; Debt service; Debt rescheduling; Debt reduction; Commercial banks; Debt service payments; Middle East; Eastern Europe
Cover Multilateral Official Debt Rescheduling
Multilateral Official Debt Rescheduling
Recent Experience, May 1988
International Monetary Fund

Abstract

This paper describes developments in multilateral official debt renegotiations over the 18 months through December 1987. The most important new departure in multilateral official debt renegotiations was the adaptation of policies by Paris Club creditors in response to the protracted problems of the poorest and most heavily indebted countries at the same time that other initiatives were launched for low-income countries, including the proposal for enhancement of the IMF’s structural adjustment facility. Official creditors have generally preserved concessional interest rates in the restructuring of official development assistance (ODA) loans; moreover, for the poorest debtors, some creditors have converted such loans into grants. The question of interest concessions on other categories of debts rescheduled by the Paris Club was raised, inter alia, by the Venice summit but no consensus exists among creditors for changing the current practice. By regularly excluding short-term debt from reschedulings, debtors and creditors have also frequently succeeded in protecting the flow of short-term trade financing, which is often vital to the financing of an IMF-supported program.

Keywords:
WEFS; rescheduling agreement; Paris Club creditor; bilateral agreement; repayment term; Paris Club reschedulings; Debt relief; Debt rescheduling; Debt service; Arrears; Private debt; Sub-Saharan Africa; Middle East; Western Hemisphere; Central Asia; East Asia; Paris Club agreement; interest concession; reschedulings debt relief
Cover Recent Developments in External Debt Restructuring
Recent Developments in External Debt Restructuring
Mr. G. Russell Kincaid
,
K. Burke Dillon
,
Mr. Maxwell Watson
, and
Ms. Chanpen Puckahtikom

Abstract

This paper, following two earlier studies, reviews the arrangements for restructuring commercial bank and official debt up to early 1985.

Keywords:
OP; debtor country; debt; lending; clause; debtor; fund arrangement; creditor bank; goodwill clause; restructuring agreement; debtor government; a number of debtor countries; Paris Club creditor; grace period; Debt restructuring; Bank credit; Debt service; Private debt; Western Hemisphere; Africa; Global
Cover Summary Proceedings of the Eighteenth Annual Meetings of the Board of Governors, 1963
Summary Proceedings of the Eighteenth Annual Meetings of the Board of Governors, 1963
International Monetary Fund. Secretary's Department

Abstract

The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.

Keywords:
AS; I-Shuan sun; articles of agreement; fund study ways and means; central bank Governors; development assistance committee; Currencies; International liquidity; International monetary system; Exports; Gold; Central America; Africa; Europe; Central Africa; Eastern Europe; fund stand-by arrangement