Abstract
There has been progress in strengthening public financial management; however, improving budget execution and strengthening public finances is required. The tax and custom administration reforms will help bolster private sector-led growth and meet the ambitious revenue target to finance priority expenditure. Monetary and exchange rate policy is required to reduce inflation while preventing an overshooting of the exchange rate. Further progress is needed to foster financial sector development. A more ambitious rehabilitation plan for the electricity sector needs to be designed and implemented with urgency.
I. Introduction
1. The completion of the second review, initially scheduled in conjunction with the Article IV consultation (which took place on June 25, 2007), was postponed at the request of the authorities. Evidence of one case of misreporting regarding a continuous structural performance criterion on no waiver of established procedures for valuation and clearance of goods at customs (MEFP, Table 2) was identified in March 2007, and the authorities asked for additional time to conduct an audit.
II. Recent Economic Developments
2. Economic growth picked up while inflation abated in 2007 (Tables 2 and 3). The start up of construction of two large mining projects more than offset the adverse effect on agriculture (particularly rice and vanilla) of the cyclones and floods that occurred early in the year. Following a food-related price increase early in the year and a nonfood-related price moderation owing to currency appreciation during the first half of the year, overall inflation and core inflation (excluding rice and energy) declined to single digits (year-on-year).
Madagascar: Tentative Work Program Under the Three-Year PRGF Arrangement, 2006–08
Madagascar: Tentative Work Program Under the Three-Year PRGF Arrangement, 2006–08
| Date | Action | Disbursement |
|---|---|---|
| On or after October 31, 2007 | Board consideration of the second and third reviews | SDR 15.712 million |
| On or after April 30, 2008 | Board consideration of the fourth review | SDR 7.856 million |
| On or after October 31, 2008 | Board consideration of the fifth review | SDR 7.856 million |
| On or after April 30, 2009 | Board consideration of the sixth review | SDR 7.854 million |
Madagascar: Tentative Work Program Under the Three-Year PRGF Arrangement, 2006–08
| Date | Action | Disbursement |
|---|---|---|
| On or after October 31, 2007 | Board consideration of the second and third reviews | SDR 15.712 million |
| On or after April 30, 2008 | Board consideration of the fourth review | SDR 7.856 million |
| On or after October 31, 2008 | Board consideration of the fifth review | SDR 7.856 million |
| On or after April 30, 2009 | Board consideration of the sixth review | SDR 7.854 million |
Madagascar: Selected Economic and Financial Indicators, 2005–09
IMF Country Report No. 07/7, Republic of Madagascar: First Review under the Three-Year Arrangement under the PRGF.
IMF Country Report No. 07/236; Republic of Madagascar-Staff Report for the 2007 Article IV Consultation.
Growth in percent of beginning of period money stock (M3).
Year-on-year growth.
Includes MDRI capital transfers in 2006.
Program definition: see Table 4a, footnote 7.
Madagascar: Selected Economic and Financial Indicators, 2005–09
| 2005 | 2006 | 2007 | 2008 | 2009 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Prog.1 | Proj.2 | Rev. Proj. | Rev. Proj.2 | Prog. | Proj.2 | Rev. Proj. | |||||
| (Percentage change, unless otherwise indicated) | |||||||||||
| National income and prices | |||||||||||
| Real GDP growth | 4.6 | 5.0 | 5.6 | 6.5 | 6.3 | 7.3 | 7.3 | 7.5 | 7.5 | ||
| GDP deflator | 17.8 | 11.5 | 9.7 | 9.5 | 9.3 | 6.4 | 7.4 | 5.6 | 6.7 | ||
| Consumer price index (period average) | 18.4 | 10.8 | 9.6 | 9.8 | 10.3 | 7.1 | 8.0 | 5.5 | 6.1 | ||
| Consumer price index (end of period) | 11.4 | 10.9 | 8.0 | 7.9 | 8.4 | 6.0 | 7.0 | 5.0 | 5.0 | ||
| External sector | |||||||||||
| Export of goods volume | 16.6 | 10.2 | 1.3 | 3.0 | 8.0 | 3.2 | 8.0 | 6.8 | 11.2 | ||
| Import of goods volume | -13.0 | -5.3 | 2.5 | 33.9 | 49.8 | 16.4 | 18.8 | -0.2 | -6.1 | ||
| Terms of trade (deterioration = -) | -36.6 | -5.8 | -1.8 | 3.0 | -3.4 | -0.6 | 1.5 | 0.8 | 2.0 | ||
| Money and credit3 | |||||||||||
| Reserve money4 | 11.7 | 13.3 | 13.6 | 21.8 | 21.7 | 19.3 | 22.0 | 17.1 | 19.3 | ||
| Broad money | 3.1 | 25.9 | 15.5 | 26.7 | 22.9 | 24.1 | 23.6 | 19.4 | 20.5 | ||
| Net foreign assets | 1.9 | 29.9 | 5.3 | 7.1 | 9.0 | 7.9 | 9.6 | 3.6 | 11.8 | ||
| Net domestic assets | 1.2 | -4.0 | 10.1 | 19.6 | 13.9 | 16.2 | 14.0 | 15.9 | 8.6 | ||
| Credit to government | -5.3 | -16.2 | 0.5 | 4.4 | 4.5 | -0.1 | 0.6 | -0.1 | 0.0 | ||
| Credit to the private sector4 | 22.4 | 19.5 | 23.0 | 29.4 | 25.0 | 37.0 | 26.0 | 32.2 | 19.7 | ||
| Velocity of money (M3; average) | 4.6 | 4.3 | 4.6 | 4.0 | 4.1 | 3.6 | 3.8 | 3.5 | 3.6 | ||
| (Percent of GDP) | |||||||||||
| Public finance | |||||||||||
| Total revenue (excluding grants) | 10.9 | 11.2 | 11.4 | 11.1 | 11.1 | 11.6 | 11.8 | 12.1 | 12.3 | ||
| Of which: tax revenue | 10.1 | 10.7 | 11.2 | 10.9 | 10.9 | 11.4 | 11.6 | 11.9 | 12.1 | ||
| Grants5 | 5.7 | 47.9 | 5.1 | 5.0 | 5.1 | 3.5 | 4.5 | 3.4 | 4.4 | ||
| Total expenditure (commitment basis) | 21.2 | 21.3 | 20.7 | 21.7 | 20.7 | 19.4 | 20.9 | 19.6 | 20.7 | ||
| Current expenditure | 11.0 | 11.1 | 10.4 | 11.8 | 11.3 | 10.2 | 10.9 | 10.4 | 10.1 | ||
| Capital expenditure | 10.3 | 10.2 | 10.3 | 9.9 | 9.5 | 9.3 | 10.0 | 9.2 | 10.6 | ||
| Domestic balance | -2.2 | -1.9 | -1.4 | -2.7 | -2.4 | -1.3 | -1.5 | -1.3 | -1.1 | ||
| Overall balance (cash basis, incl. grants) | -4.3 | 37.4 | -4.4 | -5.8 | -4.7 | -4.3 | -4.9 | -4.1 | -4.1 | ||
| Overall balance (cash basis, excl. grants) | -10.1 | -10.5 | -9.5 | -10.7 | -9.8 | -7.8 | -9.4 | -7.5 | -8.4 | ||
| Domestic financing | 0.5 | -2.4 | 0.3 | 1.5 | 1.4 | 0.3 | 0.8 | 0.4 | 0.1 | ||
| Domestic financing6 | 0.8 | 0.4 | 0.1 | 0.4 | 0.4 | 0.3 | 0.4 | 0.2 | 0.1 | ||
| Savings and investment | |||||||||||
| Investment | 22.6 | 23.2 | 22.1 | 29.2 | 30.0 | 33.9 | 34.4 | 31.7 | 30.6 | ||
| Government | 10.3 | 10.2 | 10.3 | 9.9 | 9.5 | 9.2 | 10.0 | 9.2 | 10.6 | ||
| Nongovernment | 12.3 | 13.0 | 11.7 | 19.3 | 20.6 | 24.7 | 24.3 | 22.5 | 20.0 | ||
| Gross domestic savings | 8.4 | 12.2 | 9.3 | 9.9 | 8.9 | 11.8 | 9.4 | 11.7 | 12.7 | ||
| Gross national savings | 11.6 | 14.6 | 12.2 | 11.7 | 10.7 | 13.0 | 10.8 | 12.5 | 13.6 | ||
| External sector and public debt | |||||||||||
| Exports of goods, f.o.b. | 17.0 | 17.8 | 15.9 | 14.5 | 15.1 | 12.8 | 14.6 | 12.4 | 14.7 | ||
| Imports of goods, c.i.f. | 33.9 | 32.4 | 30.6 | 33.7 | 39.5 | 33.6 | 41.5 | 30.2 | 34.6 | ||
| Current account balance (excl. grants) | -12.2 | -9.8 | -10.7 | -18.2 | -19.7 | -21.3 | -24.0 | -19.6 | -17.4 | ||
| Current account balance (incl. grants) | -10.9 | -8.6 | -9.9 | -17.5 | -19.3 | -20.9 | -23.6 | -19.2 | -17.0 | ||
| Public debt | 80.3 | 38.5 | 34.7 | 36.4 | 35.9 | 34.8 | 34.4 | 35.4 | 34.3 | ||
| External | 69.9 | 28.7 | 27.2 | 26.8 | 25.9 | 26.2 | 25.2 | 27.5 | 26.1 | ||
| Domestic | 10.4 | 9.8 | 7.4 | 9.6 | 9.9 | 8.6 | 9.2 | 7.8 | 8.1 | ||
| Net present value (NPV) of external debt | |||||||||||
| NPV of debt-to-exports ratio | 134.3 | 38.6 | 59.4 | 46.2 | 40.4 | 54.1 | 45.6 | 60.9 | 50.5 | ||
| NPV of debt-to-fiscal revenue ratio | 215.0 | 64.3 | 93.8 | 71.2 | 68.4 | 78.1 | 72.0 | 83.3 | 77.7 | ||
| (Units as indicated) | |||||||||||
| Gross official reserves (millions of SDRs) | 337.4 | 381.6 | 391.8 | 460.3 | 495.5 | 554.7 | 633.5 | 623.8 | 760.6 | ||
| Months of imports of goods and services | 2.9 | 3.0 | 3.0 | 2.7 | 2.6 | 2.7 | 2.7 | 2.9 | 3.4 | ||
| Months of imports, excl. large mining projects | … | … | … | 3.3 | 3.3 | 3.6 | 3.7 | 3.7 | 4.1 | ||
| Financing gap (millions of SDRs) | 0.0 | 0.0 | 15.7 | 15.7 | 0.0 | 15.7 | 23.6 | 7.9 | 15.7 | ||
| Ariary per SDR (period average) | 2,958 | 3,146 | … | … | … | … | … | … | … | ||
| Real effective exchange rate (period average, percent change) | 5.7 | 0.6 | -0.1 | 16.1 | 18.3 | 10.0 | 8.5 | 0.0 | 0.0 | ||
| Ariary per U.S. dollar (period average) | 2,006 | 2,142 | … | … | … | … | … | … | … | ||
| GDP per capita (U.S. dollars) | 270 | 288 | 319 | 374 | 369 | 439 | 430 | 473 | 464 | ||
| Nominal GDP (billions of ariary) | 10,093 | 11,815 | 13,622 | 13,729 | 13,727 | 15,677 | 15,813 | 17,788 | 18,135 | ||
IMF Country Report No. 07/7, Republic of Madagascar: First Review under the Three-Year Arrangement under the PRGF.
IMF Country Report No. 07/236; Republic of Madagascar-Staff Report for the 2007 Article IV Consultation.
Growth in percent of beginning of period money stock (M3).
Year-on-year growth.
Includes MDRI capital transfers in 2006.
Program definition: see Table 4a, footnote 7.
Madagascar: Selected Economic and Financial Indicators, 2005–09
| 2005 | 2006 | 2007 | 2008 | 2009 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Prog.1 | Proj.2 | Rev. Proj. | Rev. Proj.2 | Prog. | Proj.2 | Rev. Proj. | |||||
| (Percentage change, unless otherwise indicated) | |||||||||||
| National income and prices | |||||||||||
| Real GDP growth | 4.6 | 5.0 | 5.6 | 6.5 | 6.3 | 7.3 | 7.3 | 7.5 | 7.5 | ||
| GDP deflator | 17.8 | 11.5 | 9.7 | 9.5 | 9.3 | 6.4 | 7.4 | 5.6 | 6.7 | ||
| Consumer price index (period average) | 18.4 | 10.8 | 9.6 | 9.8 | 10.3 | 7.1 | 8.0 | 5.5 | 6.1 | ||
| Consumer price index (end of period) | 11.4 | 10.9 | 8.0 | 7.9 | 8.4 | 6.0 | 7.0 | 5.0 | 5.0 | ||
| External sector | |||||||||||
| Export of goods volume | 16.6 | 10.2 | 1.3 | 3.0 | 8.0 | 3.2 | 8.0 | 6.8 | 11.2 | ||
| Import of goods volume | -13.0 | -5.3 | 2.5 | 33.9 | 49.8 | 16.4 | 18.8 | -0.2 | -6.1 | ||
| Terms of trade (deterioration = -) | -36.6 | -5.8 | -1.8 | 3.0 | -3.4 | -0.6 | 1.5 | 0.8 | 2.0 | ||
| Money and credit3 | |||||||||||
| Reserve money4 | 11.7 | 13.3 | 13.6 | 21.8 | 21.7 | 19.3 | 22.0 | 17.1 | 19.3 | ||
| Broad money | 3.1 | 25.9 | 15.5 | 26.7 | 22.9 | 24.1 | 23.6 | 19.4 | 20.5 | ||
| Net foreign assets | 1.9 | 29.9 | 5.3 | 7.1 | 9.0 | 7.9 | 9.6 | 3.6 | 11.8 | ||
| Net domestic assets | 1.2 | -4.0 | 10.1 | 19.6 | 13.9 | 16.2 | 14.0 | 15.9 | 8.6 | ||
| Credit to government | -5.3 | -16.2 | 0.5 | 4.4 | 4.5 | -0.1 | 0.6 | -0.1 | 0.0 | ||
| Credit to the private sector4 | 22.4 | 19.5 | 23.0 | 29.4 | 25.0 | 37.0 | 26.0 | 32.2 | 19.7 | ||
| Velocity of money (M3; average) | 4.6 | 4.3 | 4.6 | 4.0 | 4.1 | 3.6 | 3.8 | 3.5 | 3.6 | ||
| (Percent of GDP) | |||||||||||
| Public finance | |||||||||||
| Total revenue (excluding grants) | 10.9 | 11.2 | 11.4 | 11.1 | 11.1 | 11.6 | 11.8 | 12.1 | 12.3 | ||
| Of which: tax revenue | 10.1 | 10.7 | 11.2 | 10.9 | 10.9 | 11.4 | 11.6 | 11.9 | 12.1 | ||
| Grants5 | 5.7 | 47.9 | 5.1 | 5.0 | 5.1 | 3.5 | 4.5 | 3.4 | 4.4 | ||
| Total expenditure (commitment basis) | 21.2 | 21.3 | 20.7 | 21.7 | 20.7 | 19.4 | 20.9 | 19.6 | 20.7 | ||
| Current expenditure | 11.0 | 11.1 | 10.4 | 11.8 | 11.3 | 10.2 | 10.9 | 10.4 | 10.1 | ||
| Capital expenditure | 10.3 | 10.2 | 10.3 | 9.9 | 9.5 | 9.3 | 10.0 | 9.2 | 10.6 | ||
| Domestic balance | -2.2 | -1.9 | -1.4 | -2.7 | -2.4 | -1.3 | -1.5 | -1.3 | -1.1 | ||
| Overall balance (cash basis, incl. grants) | -4.3 | 37.4 | -4.4 | -5.8 | -4.7 | -4.3 | -4.9 | -4.1 | -4.1 | ||
| Overall balance (cash basis, excl. grants) | -10.1 | -10.5 | -9.5 | -10.7 | -9.8 | -7.8 | -9.4 | -7.5 | -8.4 | ||
| Domestic financing | 0.5 | -2.4 | 0.3 | 1.5 | 1.4 | 0.3 | 0.8 | 0.4 | 0.1 | ||
| Domestic financing6 | 0.8 | 0.4 | 0.1 | 0.4 | 0.4 | 0.3 | 0.4 | 0.2 | 0.1 | ||
| Savings and investment | |||||||||||
| Investment | 22.6 | 23.2 | 22.1 | 29.2 | 30.0 | 33.9 | 34.4 | 31.7 | 30.6 | ||
| Government | 10.3 | 10.2 | 10.3 | 9.9 | 9.5 | 9.2 | 10.0 | 9.2 | 10.6 | ||
| Nongovernment | 12.3 | 13.0 | 11.7 | 19.3 | 20.6 | 24.7 | 24.3 | 22.5 | 20.0 | ||
| Gross domestic savings | 8.4 | 12.2 | 9.3 | 9.9 | 8.9 | 11.8 | 9.4 | 11.7 | 12.7 | ||
| Gross national savings | 11.6 | 14.6 | 12.2 | 11.7 | 10.7 | 13.0 | 10.8 | 12.5 | 13.6 | ||
| External sector and public debt | |||||||||||
| Exports of goods, f.o.b. | 17.0 | 17.8 | 15.9 | 14.5 | 15.1 | 12.8 | 14.6 | 12.4 | 14.7 | ||
| Imports of goods, c.i.f. | 33.9 | 32.4 | 30.6 | 33.7 | 39.5 | 33.6 | 41.5 | 30.2 | 34.6 | ||
| Current account balance (excl. grants) | -12.2 | -9.8 | -10.7 | -18.2 | -19.7 | -21.3 | -24.0 | -19.6 | -17.4 | ||
| Current account balance (incl. grants) | -10.9 | -8.6 | -9.9 | -17.5 | -19.3 | -20.9 | -23.6 | -19.2 | -17.0 | ||
| Public debt | 80.3 | 38.5 | 34.7 | 36.4 | 35.9 | 34.8 | 34.4 | 35.4 | 34.3 | ||
| External | 69.9 | 28.7 | 27.2 | 26.8 | 25.9 | 26.2 | 25.2 | 27.5 | 26.1 | ||
| Domestic | 10.4 | 9.8 | 7.4 | 9.6 | 9.9 | 8.6 | 9.2 | 7.8 | 8.1 | ||
| Net present value (NPV) of external debt | |||||||||||
| NPV of debt-to-exports ratio | 134.3 | 38.6 | 59.4 | 46.2 | 40.4 | 54.1 | 45.6 | 60.9 | 50.5 | ||
| NPV of debt-to-fiscal revenue ratio | 215.0 | 64.3 | 93.8 | 71.2 | 68.4 | 78.1 | 72.0 | 83.3 | 77.7 | ||
| (Units as indicated) | |||||||||||
| Gross official reserves (millions of SDRs) | 337.4 | 381.6 | 391.8 | 460.3 | 495.5 | 554.7 | 633.5 | 623.8 | 760.6 | ||
| Months of imports of goods and services | 2.9 | 3.0 | 3.0 | 2.7 | 2.6 | 2.7 | 2.7 | 2.9 | 3.4 | ||
| Months of imports, excl. large mining projects | … | … | … | 3.3 | 3.3 | 3.6 | 3.7 | 3.7 | 4.1 | ||
| Financing gap (millions of SDRs) | 0.0 | 0.0 | 15.7 | 15.7 | 0.0 | 15.7 | 23.6 | 7.9 | 15.7 | ||
| Ariary per SDR (period average) | 2,958 | 3,146 | … | … | … | … | … | … | … | ||
| Real effective exchange rate (period average, percent change) | 5.7 | 0.6 | -0.1 | 16.1 | 18.3 | 10.0 | 8.5 | 0.0 | 0.0 | ||
| Ariary per U.S. dollar (period average) | 2,006 | 2,142 | … | … | … | … | … | … | … | ||
| GDP per capita (U.S. dollars) | 270 | 288 | 319 | 374 | 369 | 439 | 430 | 473 | 464 | ||
| Nominal GDP (billions of ariary) | 10,093 | 11,815 | 13,622 | 13,729 | 13,727 | 15,677 | 15,813 | 17,788 | 18,135 | ||
IMF Country Report No. 07/7, Republic of Madagascar: First Review under the Three-Year Arrangement under the PRGF.
IMF Country Report No. 07/236; Republic of Madagascar-Staff Report for the 2007 Article IV Consultation.
Growth in percent of beginning of period money stock (M3).
Year-on-year growth.
Includes MDRI capital transfers in 2006.
Program definition: see Table 4a, footnote 7.
Madagascar: National Accounts and Savings-Investment Balance, 2005–09
IMF Country Report No. 07/236; Republic of Madagascar-Staff Report for the 2007 Article IV Consultation.
Includes non-inputed banking services.
Excluding MDRI capital transfers in 2006.
Including MDRI capital transfers in 2006.
Madagascar: National Accounts and Savings-Investment Balance, 2005–09
| 2005 | 2006 | 2007 | 2008 | 2009 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | Proj.1 | Rev. Proj. | Proj.1 | Prog. | Proj.1 | Rev. Proj. | |||||||
| Real supply side growth | Share of GDP in 2004 | (Percentage change) | |||||||||||
| Primary sector | 0.32 | 2.5 | 2.1 | 2.6 | 1.9 | 3.2 | 3.2 | 3.2 | 3.2 | ||||
| Agriculture | 0.15 | 4.5 | 2.6 | 2.3 | 2.9 | 3.5 | 3.5 | 3.5 | 3.5 | ||||
| Cattle and fishing | 0.14 | 0.8 | 1.9 | 3.2 | 1.0 | 3.2 | 3.2 | 3.2 | 3.2 | ||||
| Forestry | 0.03 | 1.0 | 1.0 | 1.0 | 1.0 | 1.5 | 1.5 | 1.5 | 1.5 | ||||
| Secondary sector | 0.12 | 2.4 | 4.2 | 6.4 | 9.0 | 6.6 | 7.6 | 7.1 | 7.6 | ||||
| Food and drink | 0.04 | 0.3 | 3.6 | 9.3 | 9.9 | 9.2 | 9.9 | 9.2 | 9.9 | ||||
| Export processing zone | 0.02 | -3.7 | 5.0 | 0.0 | 8.3 | 0.0 | 4.0 | 0.0 | 2.5 | ||||
| Energy | 0.01 | 2.5 | 4.4 | 5.6 | 5.6 | 5.6 | 5.6 | 5.6 | 5.6 | ||||
| Extractive industry | 0.00 | 4.4 | 9.1 | 10.5 | 10.5 | 11.5 | 11.5 | 31.6 | 28.3 | ||||
| Other | 0.04 | 8.2 | 11.0 | 5.9 | 9.5 | 6.3 | 7.2 | 6.1 | 6.5 | ||||
| Tertiary sector2 | 0.45 | 9.3 | 6.8 | 8.9 | 4.8 | 10.1 | 7.5 | 10.3 | 8.1 | ||||
| Transportation | 0.15 | 5.3 | 7.3 | 9.3 | 8.8 | 10.9 | 10.9 | 10.8 | 10.8 | ||||
| Services | 0.12 | 18.3 | 5.6 | 8.4 | -3.6 | 9.6 | 0.8 | 9.6 | 1.1 | ||||
| Trade | 0.10 | 4.5 | 4.3 | 7.3 | 6.1 | 8.9 | 8.9 | 8.9 | 8.9 | ||||
| Public administration | 0.05 | 3.0 | 2.1 | 2.5 | 3.0 | 4.1 | 3.0 | 5.6 | 5.6 | ||||
| Public works/construction | 0.03 | 20.8 | 25.1 | 22.8 | 18.8 | 18.1 | 17.0 | 18.0 | 17.3 | ||||
| Indirect taxes | 0.12 | -5.4 | 6.4 | 6.7 | 22.3 | 6.7 | 15.9 | 6.7 | 14.4 | ||||
| Real GDP at market prices | 1.00 | 4.6 | 5.0 | 6.5 | 6.3 | 7.3 | 7.3 | 7.5 | 7.5 | ||||
| Nominal demand side composition | (Percent of GDP) | ||||||||||||
| Resource balance | -14.1 | -14.2 | -11.0 | -19.3 | -21.1 | -22.1 | -24.9 | -20.0 | -17.9 | ||||
| Imports of goods and nonfactor services | 41.0 | 41.0 | 40.8 | 44.0 | 48.5 | 43.9 | 50.6 | 41.2 | 43.5 | ||||
| Exports of goods and nonfactor services | 26.9 | 26.9 | 29.8 | 24.7 | 27.4 | 21.8 | 25.7 | 21.2 | 25.6 | ||||
| Current account balance (including grants) = (S-I) | -10.9 | -10.9 | -8.6 | -17.5 | -19.3 | -20.9 | -23.6 | -19.2 | -17.0 | ||||
| Consumption | 91.6 | 91.6 | 87.8 | 90.1 | 91.1 | 88.2 | 90.6 | 88.3 | 87.3 | ||||
| Government | 8.4 | 8.4 | 8.8 | 9.9 | 9.9 | 8.7 | 9.6 | 9.1 | 9.1 | ||||
| Nongovernment | 83.2 | 83.2 | 79.1 | 80.2 | 81.2 | 79.4 | 80.9 | 79.1 | 78.3 | ||||
| Investment | 22.5 | 22.6 | 23.2 | 29.2 | 30.0 | 33.9 | 34.4 | 31.7 | 30.6 | ||||
| Government | 10.3 | 10.3 | 10.2 | 9.9 | 9.5 | 9.2 | 10.0 | 9.2 | 10.6 | ||||
| Non-government | 12.3 | 12.3 | 13.0 | 19.3 | 20.6 | 24.7 | 24.3 | 22.5 | 20.0 | ||||
| Of which: foreign direct investment | 1.7 | 1.7 | 4.0 | 11.5 | 13.6 | 15.3 | 18.0 | 13.1 | 10.9 | ||||
| National savings | 11.7 | 11.6 | 14.6 | 11.7 | 10.7 | 13.0 | 10.8 | 12.5 | 13.6 | ||||
| Government3 | 5.9 | 6.0 | 6.2 | 4.1 | 4.7 | 4.9 | 5.1 | 5.1 | 6.5 | ||||
| Nongovernment | 5.7 | 5.7 | 8.4 | 7.6 | 6.0 | 8.1 | 5.7 | 7.3 | 7.1 | ||||
| Memoranda items: | (Billions of ariary) | ||||||||||||
| Nominal GDP (at market prices) | 8,190 | 10,093 | 11,815 | 13,729 | 13,727 | 15,677 | 15,813 | 17,788 | 18,135 | ||||
| Net factor income | -370 | -157 | -171 | -154 | -107 | -171 | -157 | -247 | -231 | ||||
| Transfers4 | 3,545 | 805 | 5,964 | 938 | 956 | 812 | 975 | 883 | 1,076 | ||||
| Nominal GNP | 11,365 | 10,741 | 17,608 | 14,513 | 14,576 | 16,317 | 16,631 | 18,423 | 18,980 | ||||
IMF Country Report No. 07/236; Republic of Madagascar-Staff Report for the 2007 Article IV Consultation.
Includes non-inputed banking services.
Excluding MDRI capital transfers in 2006.
Including MDRI capital transfers in 2006.
Madagascar: National Accounts and Savings-Investment Balance, 2005–09
| 2005 | 2006 | 2007 | 2008 | 2009 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | Proj.1 | Rev. Proj. | Proj.1 | Prog. | Proj.1 | Rev. Proj. | |||||||
| Real supply side growth | Share of GDP in 2004 | (Percentage change) | |||||||||||
| Primary sector | 0.32 | 2.5 | 2.1 | 2.6 | 1.9 | 3.2 | 3.2 | 3.2 | 3.2 | ||||
| Agriculture | 0.15 | 4.5 | 2.6 | 2.3 | 2.9 | 3.5 | 3.5 | 3.5 | 3.5 | ||||
| Cattle and fishing | 0.14 | 0.8 | 1.9 | 3.2 | 1.0 | 3.2 | 3.2 | 3.2 | 3.2 | ||||
| Forestry | 0.03 | 1.0 | 1.0 | 1.0 | 1.0 | 1.5 | 1.5 | 1.5 | 1.5 | ||||
| Secondary sector | 0.12 | 2.4 | 4.2 | 6.4 | 9.0 | 6.6 | 7.6 | 7.1 | 7.6 | ||||
| Food and drink | 0.04 | 0.3 | 3.6 | 9.3 | 9.9 | 9.2 | 9.9 | 9.2 | 9.9 | ||||
| Export processing zone | 0.02 | -3.7 | 5.0 | 0.0 | 8.3 | 0.0 | 4.0 | 0.0 | 2.5 | ||||
| Energy | 0.01 | 2.5 | 4.4 | 5.6 | 5.6 | 5.6 | 5.6 | 5.6 | 5.6 | ||||
| Extractive industry | 0.00 | 4.4 | 9.1 | 10.5 | 10.5 | 11.5 | 11.5 | 31.6 | 28.3 | ||||
| Other | 0.04 | 8.2 | 11.0 | 5.9 | 9.5 | 6.3 | 7.2 | 6.1 | 6.5 | ||||
| Tertiary sector2 | 0.45 | 9.3 | 6.8 | 8.9 | 4.8 | 10.1 | 7.5 | 10.3 | 8.1 | ||||
| Transportation | 0.15 | 5.3 | 7.3 | 9.3 | 8.8 | 10.9 | 10.9 | 10.8 | 10.8 | ||||
| Services | 0.12 | 18.3 | 5.6 | 8.4 | -3.6 | 9.6 | 0.8 | 9.6 | 1.1 | ||||
| Trade | 0.10 | 4.5 | 4.3 | 7.3 | 6.1 | 8.9 | 8.9 | 8.9 | 8.9 | ||||
| Public administration | 0.05 | 3.0 | 2.1 | 2.5 | 3.0 | 4.1 | 3.0 | 5.6 | 5.6 | ||||
| Public works/construction | 0.03 | 20.8 | 25.1 | 22.8 | 18.8 | 18.1 | 17.0 | 18.0 | 17.3 | ||||
| Indirect taxes | 0.12 | -5.4 | 6.4 | 6.7 | 22.3 | 6.7 | 15.9 | 6.7 | 14.4 | ||||
| Real GDP at market prices | 1.00 | 4.6 | 5.0 | 6.5 | 6.3 | 7.3 | 7.3 | 7.5 | 7.5 | ||||
| Nominal demand side composition | (Percent of GDP) | ||||||||||||
| Resource balance | -14.1 | -14.2 | -11.0 | -19.3 | -21.1 | -22.1 | -24.9 | -20.0 | -17.9 | ||||
| Imports of goods and nonfactor services | 41.0 | 41.0 | 40.8 | 44.0 | 48.5 | 43.9 | 50.6 | 41.2 | 43.5 | ||||
| Exports of goods and nonfactor services | 26.9 | 26.9 | 29.8 | 24.7 | 27.4 | 21.8 | 25.7 | 21.2 | 25.6 | ||||
| Current account balance (including grants) = (S-I) | -10.9 | -10.9 | -8.6 | -17.5 | -19.3 | -20.9 | -23.6 | -19.2 | -17.0 | ||||
| Consumption | 91.6 | 91.6 | 87.8 | 90.1 | 91.1 | 88.2 | 90.6 | 88.3 | 87.3 | ||||
| Government | 8.4 | 8.4 | 8.8 | 9.9 | 9.9 | 8.7 | 9.6 | 9.1 | 9.1 | ||||
| Nongovernment | 83.2 | 83.2 | 79.1 | 80.2 | 81.2 | 79.4 | 80.9 | 79.1 | 78.3 | ||||
| Investment | 22.5 | 22.6 | 23.2 | 29.2 | 30.0 | 33.9 | 34.4 | 31.7 | 30.6 | ||||
| Government | 10.3 | 10.3 | 10.2 | 9.9 | 9.5 | 9.2 | 10.0 | 9.2 | 10.6 | ||||
| Non-government | 12.3 | 12.3 | 13.0 | 19.3 | 20.6 | 24.7 | 24.3 | 22.5 | 20.0 | ||||
| Of which: foreign direct investment | 1.7 | 1.7 | 4.0 | 11.5 | 13.6 | 15.3 | 18.0 | 13.1 | 10.9 | ||||
| National savings | 11.7 | 11.6 | 14.6 | 11.7 | 10.7 | 13.0 | 10.8 | 12.5 | 13.6 | ||||
| Government3 | 5.9 | 6.0 | 6.2 | 4.1 | 4.7 | 4.9 | 5.1 | 5.1 | 6.5 | ||||
| Nongovernment | 5.7 | 5.7 | 8.4 | 7.6 | 6.0 | 8.1 | 5.7 | 7.3 | 7.1 | ||||
| Memoranda items: | (Billions of ariary) | ||||||||||||
| Nominal GDP (at market prices) | 8,190 | 10,093 | 11,815 | 13,729 | 13,727 | 15,677 | 15,813 | 17,788 | 18,135 | ||||
| Net factor income | -370 | -157 | -171 | -154 | -107 | -171 | -157 | -247 | -231 | ||||
| Transfers4 | 3,545 | 805 | 5,964 | 938 | 956 | 812 | 975 | 883 | 1,076 | ||||
| Nominal GNP | 11,365 | 10,741 | 17,608 | 14,513 | 14,576 | 16,317 | 16,631 | 18,423 | 18,980 | ||||
IMF Country Report No. 07/236; Republic of Madagascar-Staff Report for the 2007 Article IV Consultation.
Includes non-inputed banking services.
Excluding MDRI capital transfers in 2006.
Including MDRI capital transfers in 2006.
Madagascar: Consumer Price Index, June 2005–November 2007
(Annual percent change)
Citation: IMF Staff Country Reports 2008, 066; 10.5089/9781451825459.002.A001
Source: Malagasy authorities.
Madagascar: Consumer Price Index, June 2005–November 2007
(Annual percent change)
Citation: IMF Staff Country Reports 2008, 066; 10.5089/9781451825459.002.A001
Source: Malagasy authorities.Madagascar: Consumer Price Index, June 2005–November 2007
(Annual percent change)
Citation: IMF Staff Country Reports 2008, 066; 10.5089/9781451825459.002.A001
Source: Malagasy authorities.3. Budget execution has been broadly on track (Table 5). Tax revenue performance at end-September 2007 was below target owing to some weakening in tax administration during the transition to a new management team at the tax directorate, and the currency appreciation which dampened the domestic currency equivalent of foreign trade taxes. Net domestic financing of the budget was nonetheless below the program ceiling owing to slow execution of expenditure, and cuts in nonpriority spending (0.5 percent of GDP) to allow for higher than programmed obligatory spending (e.g., under budgeted civil service pensions and VAT reimbursements) and transfers to the electricity company. In June 2007, the President announced an amnesty (expiring at end-2007) on penalties related to breaches of tax, customs and foreign exchange legislation.
Madagascar: Government Financial Operations, 2005–09
(Billions of ariary, unless otherwise indicated)
IMF Country Report No. 07/7, Republic of Madgascar: First Review under the Three-Year Arrangement under the PRGF.
IMF Country Report No. 07/236; Republic of Madagascar-Staff Report for the 2007 Article IV Consultation.
After MDRI debt relief from 2006 onward.
Includes annexed budgets of quasi-public entities (i.e. port authorities, post office, government printing office, civil service, retirement funds, and correspondent accounts of local authorities).
Total revenue minus expenditure, excluding foreign interest payments and foreign-financed capital expenditure.
Difference between committed and paid expenditure.
Program definition: banking system, nonbanking system, Treasury correspondent accounts, privatization receipts, float, and variation in arrears, excluding capital transfer flowing from MDRI assistance from IMF via central bank in 2006, transfers to recapitalize the central bank in 2007, interest payment on central bank recapitilization bond in 2007, and transfers to the central bank to defray sterilization costs in 2008 (TMU, ¶12).
Spending of education, health, agriculture, public works and tranport, justice, environment, energy and mining ministries.
Madagascar: Government Financial Operations, 2005–09
(Billions of ariary, unless otherwise indicated)
| 2005 | 2006 | 2007 | 2008 | 2009 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | Prog.1 | Proj.2 | Rev. Proj. | Rev. Proj.2 | Prog. | Proj.2 | Rev. Proj. | |||||||
| Total revenue and grants | 1,682.2 | 6,978.5 | 2,251.4 | 2,205.1 | 2,222.7 | 2,370.2 | 2,569.7 | 2,762.4 | 3,018.7 | |||||
| Total revenue and grants (excl. MDRI capital | ||||||||||||||
| transfers) | … | 2,116.1 | … | … | … | … | … | … | … | |||||
| Total revenue | 1,102.7 | 1,323.1 | 1,552.1 | 1,521.1 | 1,521.1 | 1,815.2 | 1,862.1 | 2,148.6 | 2,226.3 | |||||
| Tax revenue | 1,020.0 | 1,260.8 | 1,523.8 | 1,492.8 | 1,492.8 | 1,782.9 | 1,827.1 | 2,111.9 | 2,186.1 | |||||
| Domestic taxes | 529.0 | 631.9 | 765.8 | 773.7 | 773.7 | 989.8 | 921.9 | 1,222.6 | 1,129.8 | |||||
| Taxes on foreign trade | 491.0 | 628.9 | 758.0 | 719.1 | 719.1 | 793.0 | 905.2 | 889.3 | 1,056.3 | |||||
| Nontax revenue | 82.8 | 62.2 | 28.3 | 28.3 | 28.3 | 32.3 | 35.0 | 36.7 | 40.2 | |||||
| Grants | 579.5 | 5,655.4 | 699.3 | 684.1 | 701.6 | 555.0 | 707.6 | 613.9 | 792.4 | |||||
| Current grants | 141.0 | 173.2 | 150.5 | 132.0 | 102.7 | 98.8 | 111.0 | 107.5 | 120.3 | |||||
| Capital grants | 438.5 | 5,482.2 | 548.8 | 552.1 | 598.9 | 456.2 | 596.6 | 506.4 | 672.0 | |||||
| Project grants | 438.5 | 619.8 | 548.8 | 552.1 | 598.9 | 456.2 | 596.6 | 506.4 | 672.0 | |||||
| Capital transfers MDRI | … | 4,862.4 | … | … | … | … | … | … | … | |||||
| Total expenditure (commitment basis) | 2,145.5 | 2,521.3 | 2,822.4 | 2,973.3 | 2,847.0 | 3,047.7 | 3,303.8 | 3,489.1 | 3,755.3 | |||||
| Current expenditure | 1,107.2 | 1,312.5 | 1,415.6 | 1,617.0 | 1,549.1 | 1,596.3 | 1,718.0 | 1,847.4 | 1,835.1 | |||||
| Personnel | 456.4 | 589.9 | 721.1 | 721.1 | 721.1 | 836.1 | 810.6 | 965.8 | 929.6 | |||||
| Interest obligations | 266.6 | 284.8 | 221.1 | 251.2 | 190.0 | 230.4 | 192.9 | 220.7 | 187.6 | |||||
| Foreign interest obligations3 | 97.9 | 55.5 | 21.5 | 33.5 | 22.6 | 36.4 | 32.2 | 42.2 | 36.6 | |||||
| Domestic interest obligations | 168.7 | 229.3 | 199.6 | 217.6 | 167.4 | 193.9 | 160.7 | 178.5 | 151.1 | |||||
| Other | 300.0 | 381.1 | 459.7 | 475.7 | 437.2 | 462.4 | 642.0 | 584.4 | 634.7 | |||||
| Of which: transfers to central bank | … | … | … | … | … | 0.0 | 19.4 | … | … | |||||
| Treasury operations (net)4 | 84.2 | 56.7 | 13.7 | 169.0 | 200.8 | 67.4 | 72.5 | 76.4 | 83.1 | |||||
| Of which: central bank recap. | … | … | 0.0 | 110.0 | 110.8 | … | … | … | … | |||||
| Capital expenditure | 1,038.3 | 1,208.8 | 1,406.8 | 1,356.3 | 1,297.9 | 1,451.4 | 1,585.7 | 1,641.7 | 1,920.2 | |||||
| Domestically financed | 304.8 | 286.2 | 349.0 | 306.5 | 326.5 | 466.2 | 416.6 | 567.3 | 622.9 | |||||
| 45.2 | 85.0 | 85.0 | 74.0 | 105.0 | 130.8 | |||||||||
| Foreign-financed | 733.5 | 922.6 | 1,057.8 | 1,049.8 | 971.4 | 985.3 | 1,169.1 | 1,074.4 | 1,297.3 | |||||
| Domestic balance (commitment basis)5 | -219.8 | -230.0 | -191.0 | -368.9 | -331.9 | -210.8 | -240.3 | -223.9 | -195.2 | |||||
| Float6 | 44.9 | -28.6 | -3.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Variation of domestic arrears | -10.9 | -4.7 | -23.4 | -23.4 | -22.1 | 0.0 | -38.5 | 0.0 | 0.0 | |||||
| Overall balance (cash basis) | ||||||||||||||
| Excluding grants | -1,017.2 | -1,241.4 | -1,297.0 | -1,475.7 | -1,348.1 | -1,232.5 | -1,480.1 | -1,340.6 | -1,529.0 | |||||
| Including grants | -437.7 | 4,414.0 | -597.8 | -791.6 | -646.4 | -677.5 | -772.5 | -726.7 | -736.6 | |||||
| Including grants, excl. MDRI capital transfers and central bank recap. | … | -448.4 | -597.8 | -667.5 | -529.0 | … | … | … | … | |||||
| Financing | 437.7 | -4,414.0 | 597.8 | 791.6 | 646.4 | 677.5 | 772.5 | 726.7 | 736.6 | |||||
| Foreign (net) | 387.8 | -4,133.2 | 560.3 | 585.3 | 448.2 | 631.5 | 649.1 | 683.0 | 713.3 | |||||
| Drawings | 454.5 | 467.2 | 634.4 | 605.3 | 476.7 | 651.6 | 686.0 | 704.1 | 753.3 | |||||
| Amortization3 | -177.0 | -4,600.4 | -74.1 | -20.0 | -28.5 | -20.5 | -36.9 | -21.5 | -40.3 | |||||
| External debt relief | 110.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.4 | 0.0 | 0.4 | 0.4 | |||||
| Domestic (net) | 49.4 | -285.8 | 37.5 | 202.3 | 194.3 | 46.0 | 123.4 | 43.7 | 23.3 | |||||
| Banking system | -111.6 | -352.2 | 12.1 | 120.5 | 123.3 | -5.0 | 21.7 | -5.0 | 0.0 | |||||
| Of which: MDRI account | … | -325.5 | 36.2 | 36.2 | 36.2 | 36.2 | 32.6 | 36.2 | 32.6 | |||||
| Nonbanking system | 120.0 | 73.5 | 25.4 | 81.8 | 71.0 | 51.0 | 101.7 | 48.7 | 23.3 | |||||
| Treasury correspondent accounts (net) | 41.0 | -7.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Privatization receipts | 0.6 | 5.0 | 0.0 | 4.0 | 4.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Memorandum items: | ||||||||||||||
| MDRI flow debt-service savings | … | 65.5 | 111.6 | 101.1 | 99.2 | 104.8 | 101.7 | 115.4 | 112.6 | |||||
| Net domestic financing7 | 84.0 | 47.6 | 10.8 | 58.8 | 58.7 | 46.0 | 65.6 | 43.7 | 23.3 | |||||
| Priority spending8 | 1,133.9 | 1,412.3 | 1,619.3 | 1,500.8 | 1,574.7 | … | 1,825.9 | … | … | |||||
IMF Country Report No. 07/7, Republic of Madgascar: First Review under the Three-Year Arrangement under the PRGF.
IMF Country Report No. 07/236; Republic of Madagascar-Staff Report for the 2007 Article IV Consultation.
After MDRI debt relief from 2006 onward.
Includes annexed budgets of quasi-public entities (i.e. port authorities, post office, government printing office, civil service, retirement funds, and correspondent accounts of local authorities).
Total revenue minus expenditure, excluding foreign interest payments and foreign-financed capital expenditure.
Difference between committed and paid expenditure.
Program definition: banking system, nonbanking system, Treasury correspondent accounts, privatization receipts, float, and variation in arrears, excluding capital transfer flowing from MDRI assistance from IMF via central bank in 2006, transfers to recapitalize the central bank in 2007, interest payment on central bank recapitilization bond in 2007, and transfers to the central bank to defray sterilization costs in 2008 (TMU, ¶12).
Spending of education, health, agriculture, public works and tranport, justice, environment, energy and mining ministries.
Madagascar: Government Financial Operations, 2005–09
(Billions of ariary, unless otherwise indicated)
| 2005 | 2006 | 2007 | 2008 | 2009 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | Prog.1 | Proj.2 | Rev. Proj. | Rev. Proj.2 | Prog. | Proj.2 | Rev. Proj. | |||||||
| Total revenue and grants | 1,682.2 | 6,978.5 | 2,251.4 | 2,205.1 | 2,222.7 | 2,370.2 | 2,569.7 | 2,762.4 | 3,018.7 | |||||
| Total revenue and grants (excl. MDRI capital | ||||||||||||||
| transfers) | … | 2,116.1 | … | … | … | … | … | … | … | |||||
| Total revenue | 1,102.7 | 1,323.1 | 1,552.1 | 1,521.1 | 1,521.1 | 1,815.2 | 1,862.1 | 2,148.6 | 2,226.3 | |||||
| Tax revenue | 1,020.0 | 1,260.8 | 1,523.8 | 1,492.8 | 1,492.8 | 1,782.9 | 1,827.1 | 2,111.9 | 2,186.1 | |||||
| Domestic taxes | 529.0 | 631.9 | 765.8 | 773.7 | 773.7 | 989.8 | 921.9 | 1,222.6 | 1,129.8 | |||||
| Taxes on foreign trade | 491.0 | 628.9 | 758.0 | 719.1 | 719.1 | 793.0 | 905.2 | 889.3 | 1,056.3 | |||||
| Nontax revenue | 82.8 | 62.2 | 28.3 | 28.3 | 28.3 | 32.3 | 35.0 | 36.7 | 40.2 | |||||
| Grants | 579.5 | 5,655.4 | 699.3 | 684.1 | 701.6 | 555.0 | 707.6 | 613.9 | 792.4 | |||||
| Current grants | 141.0 | 173.2 | 150.5 | 132.0 | 102.7 | 98.8 | 111.0 | 107.5 | 120.3 | |||||
| Capital grants | 438.5 | 5,482.2 | 548.8 | 552.1 | 598.9 | 456.2 | 596.6 | 506.4 | 672.0 | |||||
| Project grants | 438.5 | 619.8 | 548.8 | 552.1 | 598.9 | 456.2 | 596.6 | 506.4 | 672.0 | |||||
| Capital transfers MDRI | … | 4,862.4 | … | … | … | … | … | … | … | |||||
| Total expenditure (commitment basis) | 2,145.5 | 2,521.3 | 2,822.4 | 2,973.3 | 2,847.0 | 3,047.7 | 3,303.8 | 3,489.1 | 3,755.3 | |||||
| Current expenditure | 1,107.2 | 1,312.5 | 1,415.6 | 1,617.0 | 1,549.1 | 1,596.3 | 1,718.0 | 1,847.4 | 1,835.1 | |||||
| Personnel | 456.4 | 589.9 | 721.1 | 721.1 | 721.1 | 836.1 | 810.6 | 965.8 | 929.6 | |||||
| Interest obligations | 266.6 | 284.8 | 221.1 | 251.2 | 190.0 | 230.4 | 192.9 | 220.7 | 187.6 | |||||
| Foreign interest obligations3 | 97.9 | 55.5 | 21.5 | 33.5 | 22.6 | 36.4 | 32.2 | 42.2 | 36.6 | |||||
| Domestic interest obligations | 168.7 | 229.3 | 199.6 | 217.6 | 167.4 | 193.9 | 160.7 | 178.5 | 151.1 | |||||
| Other | 300.0 | 381.1 | 459.7 | 475.7 | 437.2 | 462.4 | 642.0 | 584.4 | 634.7 | |||||
| Of which: transfers to central bank | … | … | … | … | … | 0.0 | 19.4 | … | … | |||||
| Treasury operations (net)4 | 84.2 | 56.7 | 13.7 | 169.0 | 200.8 | 67.4 | 72.5 | 76.4 | 83.1 | |||||
| Of which: central bank recap. | … | … | 0.0 | 110.0 | 110.8 | … | … | … | … | |||||
| Capital expenditure | 1,038.3 | 1,208.8 | 1,406.8 | 1,356.3 | 1,297.9 | 1,451.4 | 1,585.7 | 1,641.7 | 1,920.2 | |||||
| Domestically financed | 304.8 | 286.2 | 349.0 | 306.5 | 326.5 | 466.2 | 416.6 | 567.3 | 622.9 | |||||
| 45.2 | 85.0 | 85.0 | 74.0 | 105.0 | 130.8 | |||||||||
| Foreign-financed | 733.5 | 922.6 | 1,057.8 | 1,049.8 | 971.4 | 985.3 | 1,169.1 | 1,074.4 | 1,297.3 | |||||
| Domestic balance (commitment basis)5 | -219.8 | -230.0 | -191.0 | -368.9 | -331.9 | -210.8 | -240.3 | -223.9 | -195.2 | |||||
| Float6 | 44.9 | -28.6 | -3.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Variation of domestic arrears | -10.9 | -4.7 | -23.4 | -23.4 | -22.1 | 0.0 | -38.5 | 0.0 | 0.0 | |||||
| Overall balance (cash basis) | ||||||||||||||
| Excluding grants | -1,017.2 | -1,241.4 | -1,297.0 | -1,475.7 | -1,348.1 | -1,232.5 | -1,480.1 | -1,340.6 | -1,529.0 | |||||
| Including grants | -437.7 | 4,414.0 | -597.8 | -791.6 | -646.4 | -677.5 | -772.5 | -726.7 | -736.6 | |||||
| Including grants, excl. MDRI capital transfers and central bank recap. | … | -448.4 | -597.8 | -667.5 | -529.0 | … | … | … | … | |||||
| Financing | 437.7 | -4,414.0 | 597.8 | 791.6 | 646.4 | 677.5 | 772.5 | 726.7 | 736.6 | |||||
| Foreign (net) | 387.8 | -4,133.2 | 560.3 | 585.3 | 448.2 | 631.5 | 649.1 | 683.0 | 713.3 | |||||
| Drawings | 454.5 | 467.2 | 634.4 | 605.3 | 476.7 | 651.6 | 686.0 | 704.1 | 753.3 | |||||
| Amortization3 | -177.0 | -4,600.4 | -74.1 | -20.0 | -28.5 | -20.5 | -36.9 | -21.5 | -40.3 | |||||
| External debt relief | 110.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.4 | 0.0 | 0.4 | 0.4 | |||||
| Domestic (net) | 49.4 | -285.8 | 37.5 | 202.3 | 194.3 | 46.0 | 123.4 | 43.7 | 23.3 | |||||
| Banking system | -111.6 | -352.2 | 12.1 | 120.5 | 123.3 | -5.0 | 21.7 | -5.0 | 0.0 | |||||
| Of which: MDRI account | … | -325.5 | 36.2 | 36.2 | 36.2 | 36.2 | 32.6 | 36.2 | 32.6 | |||||
| Nonbanking system | 120.0 | 73.5 | 25.4 | 81.8 | 71.0 | 51.0 | 101.7 | 48.7 | 23.3 | |||||
| Treasury correspondent accounts (net) | 41.0 | -7.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Privatization receipts | 0.6 | 5.0 | 0.0 | 4.0 | 4.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Memorandum items: | ||||||||||||||
| MDRI flow debt-service savings | … | 65.5 | 111.6 | 101.1 | 99.2 | 104.8 | 101.7 | 115.4 | 112.6 | |||||
| Net domestic financing7 | 84.0 | 47.6 | 10.8 | 58.8 | 58.7 | 46.0 | 65.6 | 43.7 | 23.3 | |||||
| Priority spending8 | 1,133.9 | 1,412.3 | 1,619.3 | 1,500.8 | 1,574.7 | … | 1,825.9 | … | … | |||||
IMF Country Report No. 07/7, Republic of Madgascar: First Review under the Three-Year Arrangement under the PRGF.
IMF Country Report No. 07/236; Republic of Madagascar-Staff Report for the 2007 Article IV Consultation.
After MDRI debt relief from 2006 onward.
Includes annexed budgets of quasi-public entities (i.e. port authorities, post office, government printing office, civil service, retirement funds, and correspondent accounts of local authorities).
Total revenue minus expenditure, excluding foreign interest payments and foreign-financed capital expenditure.
Difference between committed and paid expenditure.
Program definition: banking system, nonbanking system, Treasury correspondent accounts, privatization receipts, float, and variation in arrears, excluding capital transfer flowing from MDRI assistance from IMF via central bank in 2006, transfers to recapitalize the central bank in 2007, interest payment on central bank recapitilization bond in 2007, and transfers to the central bank to defray sterilization costs in 2008 (TMU, ¶12).
Spending of education, health, agriculture, public works and tranport, justice, environment, energy and mining ministries.
Madagascar: Government Financial Operations, 2005–09
(Percent of GDP, unless otherwise indicated)
See Table 4a, footnote 1.
See Table 4a, footnote 2.
See Table 4a, footnote 2.
See Table 4a, footnote 4.
See Table 4a, footnote 5.
See Table 4a, footnote 6.
See Table 4a, footnote 7.
See Table 4a, footnote 8.
Foreign grants and loans, less debt service (excluding MDRI capital transfers in 2006).
Madagascar: Government Financial Operations, 2005–09
(Percent of GDP, unless otherwise indicated)
| 2005 | 2006 | 2007 | 2008 | 2009 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | Prog.1 | Proj.2 | Rev. Proj. | Rev. Proj.2 | Prog. | Proj.2 | Rev. Proj. | |||||
| Total revenue and grants | 16.7 | 59.1 | 16.5 | 16.1 | 16.2 | 15.1 | 16.3 | 15.5 | 16.6 | |||
| Total revenue and grants (excl. MDRI capital transfers) | … | 17.9 | … | … | … | … | … | … | … | |||
| Total revenue | 10.9 | 11.2 | 11.4 | 11.1 | 11.1 | 11.6 | 11.8 | 12.1 | 12.3 | |||
| Tax revenue | 10.1 | 10.7 | 11.2 | 10.9 | 10.9 | 11.4 | 11.6 | 11.9 | 12.1 | |||
| Domestic taxes | 5.2 | 5.3 | 5.6 | 5.6 | 5.6 | 6.3 | 5.8 | 6.9 | 6.2 | |||
| Taxes on foreign trade | 4.9 | 5.3 | 5.6 | 5.2 | 5.2 | 5.1 | 5.7 | 5.0 | 5.8 | |||
| Nontax revenue | 0.8 | 0.5 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | |||
| Grants | 5.7 | 47.9 | 5.1 | 5.0 | 5.1 | 3.5 | 4.5 | 3.5 | 4.4 | |||
| Current grants | 1.4 | 1.5 | 1.1 | 1.0 | 0.7 | 0.6 | 0.7 | 0.6 | 0.7 | |||
| Capital grants | 4.3 | 46.4 | 4.0 | 4.0 | 4.4 | 2.9 | 3.8 | 2.8 | 3.7 | |||
| Project grants | 4.3 | 5.2 | 4.0 | 4.0 | 4.4 | 2.9 | 3.8 | 2.8 | 3.7 | |||
| Capital transfers MDRI | … | 41.2 | … | … | … | … | … | … | … | |||
| Total expenditure (commitment basis) | 21.2 | 21.3 | 20.7 | 21.7 | 20.7 | 19.4 | 20.9 | 19.6 | 20.7 | |||
| Current expenditure | 11.0 | 11.1 | 10.4 | 11.8 | 11.3 | 10.2 | 10.9 | 10.4 | 10.1 | |||
| Personnel | 4.5 | 5.0 | 5.3 | 5.3 | 5.3 | 5.3 | 5.1 | 5.4 | 5.1 | |||
| Interest obligations | 2.6 | 2.4 | 1.6 | 1.8 | 1.4 | 1.5 | 1.2 | 1.2 | 1.0 | |||
| Domestic Interest | 1.7 | 1.9 | 1.5 | 1.6 | 1.2 | 1.2 | 1.0 | 1.0 | 0.8 | |||
| Foreign Interest3 | 1.0 | 0.5 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | |||
| Other | 3.0 | 3.2 | 3.4 | 3.5 | 3.2 | 2.9 | 4.1 | 3.3 | 3.5 | |||
| Treasury operations4 | 0.8 | 0.5 | 0.1 | 1.2 | 1.5 | 0.4 | 0.5 | 0.4 | 0.5 | |||
| Of which: central bank recap. | … | … | 0.0 | 0.8 | 0.8 | … | … | … | … | |||
| Capital expenditure | 10.3 | 10.2 | 10.3 | 9.9 | 9.5 | 9.3 | 10.0 | 9.2 | 10.6 | |||
| Domestically financed expenditure | 3.0 | 2.4 | 2.6 | 2.2 | 2.4 | 3.0 | 2.6 | 3.2 | 3.4 | |||
| Foreign-financed expenditure | 7.3 | 7.8 | 7.8 | 7.6 | 7.1 | 6.3 | 7.4 | 6.0 | 7.2 | |||
| Domestic balance (commitment basis)5 | -2.2 | -1.9 | -1.4 | -2.7 | -2.4 | -1.3 | -1.5 | -1.3 | -1.1 | |||
| Float6 | 0.4 | -0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Variation of domestic arrears | -0.1 | 0.0 | -0.2 | -0.2 | -0.2 | 0.0 | -0.2 | 0.0 | 0.0 | |||
| Overall balance (cash basis) | ||||||||||||
| Excluding grants | -10.1 | -10.5 | -9.5 | -10.7 | -9.8 | -7.9 | -9.4 | -7.5 | -8.4 | |||
| Including grants | -4.3 | 37.4 | -4.4 | -5.8 | -4.7 | -4.3 | -4.9 | -4.1 | -4.1 | |||
| Including grants, excl. MDRI capital transfers and central bank recap. | … | -3.8 | -4.4 | -4.9 | -3.9 | … | … | … | … | |||
| Financing | 4.3 | -37.4 | 4.4 | 5.8 | 4.7 | 4.3 | 4.9 | 4.1 | 4.1 | |||
| Foreign (net) | 3.8 | -35.0 | 4.1 | 4.3 | 3.3 | 4.0 | 4.1 | 3.8 | 3.9 | |||
| Drawings | 4.5 | 4.0 | 4.7 | 4.4 | 3.5 | 4.2 | 4.3 | 4.0 | 4.2 | |||
| Budget | 1.6 | 1.4 | 0.9 | 0.8 | 0.8 | 0.8 | 0.7 | 0.8 | 0.7 | |||
| Projects | 2.9 | 2.6 | 3.7 | 3.6 | 2.7 | 3.4 | 3.6 | 3.2 | 3.4 | |||
| Amortization3 | -1.8 | -38.9 | -0.5 | -0.1 | -0.2 | -0.1 | -0.2 | -0.1 | -0.2 | |||
| External debt relief | 1.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Domestic (net) | 0.5 | -2.4 | 0.3 | 1.5 | 1.4 | 0.3 | 0.8 | 0.2 | 0.1 | |||
| Banking sector | -1.1 | -3.0 | 0.1 | 0.9 | 0.9 | 0.0 | 0.1 | 0.0 | 0.0 | |||
| Nonbanking sector | 1.2 | 0.6 | 0.2 | 0.6 | 0.5 | 0.3 | 0.6 | 0.3 | 0.1 | |||
| Treasury correspondent accounts | 0.4 | -0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Memorandum items: | ||||||||||||
| Nominal GDP (billions of ariary) | 10,093 | 11,815 | 13,622 | 13,729 | 13,727 | 15,677 | 15,813 | 17,788 | 18,135 | |||
| MDRI flow debt-service savings | … | 0.6 | 0.8 | 0.7 | 0.7 | 0.7 | 0.6 | 0.6 | 0.6 | |||
| Net domestic financing, program definition.7 | 0.8 | 0.4 | 0.1 | 0.4 | 0.4 | 0.3 | 0.4 | 0.2 | 0.1 | |||
| Priority spending8 | 11.2 | 12.0 | 11.9 | 10.9 | 11.5 | … | 11.5 | … | … | |||
| Net external aid9 | 8.6 | 9.4 | 9.1 | 9.0 | 8.2 | 7.3 | 8.4 | 7.1 | 8.1 | |||
See Table 4a, footnote 1.
See Table 4a, footnote 2.
See Table 4a, footnote 2.
See Table 4a, footnote 4.
See Table 4a, footnote 5.
See Table 4a, footnote 6.
See Table 4a, footnote 7.
See Table 4a, footnote 8.
Foreign grants and loans, less debt service (excluding MDRI capital transfers in 2006).
Madagascar: Government Financial Operations, 2005–09
(Percent of GDP, unless otherwise indicated)
| 2005 | 2006 | 2007 | 2008 | 2009 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | Prog.1 | Proj.2 | Rev. Proj. | Rev. Proj.2 | Prog. | Proj.2 | Rev. Proj. | |||||
| Total revenue and grants | 16.7 | 59.1 | 16.5 | 16.1 | 16.2 | 15.1 | 16.3 | 15.5 | 16.6 | |||
| Total revenue and grants (excl. MDRI capital transfers) | … | 17.9 | … | … | … | … | … | … | … | |||
| Total revenue | 10.9 | 11.2 | 11.4 | 11.1 | 11.1 | 11.6 | 11.8 | 12.1 | 12.3 | |||
| Tax revenue | 10.1 | 10.7 | 11.2 | 10.9 | 10.9 | 11.4 | 11.6 | 11.9 | 12.1 | |||
| Domestic taxes | 5.2 | 5.3 | 5.6 | 5.6 | 5.6 | 6.3 | 5.8 | 6.9 | 6.2 | |||
| Taxes on foreign trade | 4.9 | 5.3 | 5.6 | 5.2 | 5.2 | 5.1 | 5.7 | 5.0 | 5.8 | |||
| Nontax revenue | 0.8 | 0.5 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | |||
| Grants | 5.7 | 47.9 | 5.1 | 5.0 | 5.1 | 3.5 | 4.5 | 3.5 | 4.4 | |||
| Current grants | 1.4 | 1.5 | 1.1 | 1.0 | 0.7 | 0.6 | 0.7 | 0.6 | 0.7 | |||
| Capital grants | 4.3 | 46.4 | 4.0 | 4.0 | 4.4 | 2.9 | 3.8 | 2.8 | 3.7 | |||
| Project grants | 4.3 | 5.2 | 4.0 | 4.0 | 4.4 | 2.9 | 3.8 | 2.8 | 3.7 | |||
| Capital transfers MDRI | … | 41.2 | … | … | … | … | … | … | … | |||
| Total expenditure (commitment basis) | 21.2 | 21.3 | 20.7 | 21.7 | 20.7 | 19.4 | 20.9 | 19.6 | 20.7 | |||
| Current expenditure | 11.0 | 11.1 | 10.4 | 11.8 | 11.3 | 10.2 | 10.9 | 10.4 | 10.1 | |||
| Personnel | 4.5 | 5.0 | 5.3 | 5.3 | 5.3 | 5.3 | 5.1 | 5.4 | 5.1 | |||
| Interest obligations | 2.6 | 2.4 | 1.6 | 1.8 | 1.4 | 1.5 | 1.2 | 1.2 | 1.0 | |||
| Domestic Interest | 1.7 | 1.9 | 1.5 | 1.6 | 1.2 | 1.2 | 1.0 | 1.0 | 0.8 | |||
| Foreign Interest3 | 1.0 | 0.5 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | |||
| Other | 3.0 | 3.2 | 3.4 | 3.5 | 3.2 | 2.9 | 4.1 | 3.3 | 3.5 | |||
| Treasury operations4 | 0.8 | 0.5 | 0.1 | 1.2 | 1.5 | 0.4 | 0.5 | 0.4 | 0.5 | |||
| Of which: central bank recap. | … | … | 0.0 | 0.8 | 0.8 | … | … | … | … | |||
| Capital expenditure | 10.3 | 10.2 | 10.3 | 9.9 | 9.5 | 9.3 | 10.0 | 9.2 | 10.6 | |||
| Domestically financed expenditure | 3.0 | 2.4 | 2.6 | 2.2 | 2.4 | 3.0 | 2.6 | 3.2 | 3.4 | |||
| Foreign-financed expenditure | 7.3 | 7.8 | 7.8 | 7.6 | 7.1 | 6.3 | 7.4 | 6.0 | 7.2 | |||
| Domestic balance (commitment basis)5 | -2.2 | -1.9 | -1.4 | -2.7 | -2.4 | -1.3 | -1.5 | -1.3 | -1.1 | |||
| Float6 | 0.4 | -0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Variation of domestic arrears | -0.1 | 0.0 | -0.2 | -0.2 | -0.2 | 0.0 | -0.2 | 0.0 | 0.0 | |||
| Overall balance (cash basis) | ||||||||||||
| Excluding grants | -10.1 | -10.5 | -9.5 | -10.7 | -9.8 | -7.9 | -9.4 | -7.5 | -8.4 | |||
| Including grants | -4.3 | 37.4 | -4.4 | -5.8 | -4.7 | -4.3 | -4.9 | -4.1 | -4.1 | |||
| Including grants, excl. MDRI capital transfers and central bank recap. | … | -3.8 | -4.4 | -4.9 | -3.9 | … | … | … | … | |||
| Financing | 4.3 | -37.4 | 4.4 | 5.8 | 4.7 | 4.3 | 4.9 | 4.1 | 4.1 | |||
| Foreign (net) | 3.8 | -35.0 | 4.1 | 4.3 | 3.3 | 4.0 | 4.1 | 3.8 | 3.9 | |||
| Drawings | 4.5 | 4.0 | 4.7 | 4.4 | 3.5 | 4.2 | 4.3 | 4.0 | 4.2 | |||
| Budget | 1.6 | 1.4 | 0.9 | 0.8 | 0.8 | 0.8 | 0.7 | 0.8 | 0.7 | |||
| Projects | 2.9 | 2.6 | 3.7 | 3.6 | 2.7 | 3.4 | 3.6 | 3.2 | 3.4 | |||
| Amortization3 | -1.8 | -38.9 | -0.5 | -0.1 | -0.2 | -0.1 | -0.2 | -0.1 | -0.2 | |||
| External debt relief | 1.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Domestic (net) | 0.5 | -2.4 | 0.3 | 1.5 | 1.4 | 0.3 | 0.8 | 0.2 | 0.1 | |||
| Banking sector | -1.1 | -3.0 | 0.1 | 0.9 | 0.9 | 0.0 | 0.1 | 0.0 | 0.0 | |||
| Nonbanking sector | 1.2 | 0.6 | 0.2 | 0.6 | 0.5 | 0.3 | 0.6 | 0.3 | 0.1 | |||
| Treasury correspondent accounts | 0.4 | -0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Memorandum items: | ||||||||||||
| Nominal GDP (billions of ariary) | 10,093 | 11,815 | 13,622 | 13,729 | 13,727 | 15,677 | 15,813 | 17,788 | 18,135 | |||
| MDRI flow debt-service savings | … | 0.6 | 0.8 | 0.7 | 0.7 | 0.7 | 0.6 | 0.6 | 0.6 | |||
| Net domestic financing, program definition.7 | 0.8 | 0.4 | 0.1 | 0.4 | 0.4 | 0.3 | 0.4 | 0.2 | 0.1 | |||
| Priority spending8 | 11.2 | 12.0 | 11.9 | 10.9 | 11.5 | … | 11.5 | … | … | |||
| Net external aid9 | 8.6 | 9.4 | 9.1 | 9.0 | 8.2 | 7.3 | 8.4 | 7.1 | 8.1 | |||
See Table 4a, footnote 1.
See Table 4a, footnote 2.
See Table 4a, footnote 2.
See Table 4a, footnote 4.
See Table 4a, footnote 5.
See Table 4a, footnote 6.
See Table 4a, footnote 7.
See Table 4a, footnote 8.
Foreign grants and loans, less debt service (excluding MDRI capital transfers in 2006).
Madagascar: Quarterly Government Financial Operations, 2007
(Billions of ariary, cumulated since the beginning of the year)
See Table 4a, footnote 2.
See Table 4a, footnote 3.
See Table 4a, footnote 4.
See Table 4a, footnote 5.
See Table 4a, footnote 6.
See Table 4a, footnote 7.
See Table 4a, footnote 8.
Madagascar: Quarterly Government Financial Operations, 2007
(Billions of ariary, cumulated since the beginning of the year)
| March | June | September | December | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Prog.1 | Est. | Prog.1 | Est. | Prog.1 | Proj.2 | Est. | Prog.1 | Proj.2 | Rev. Proj. | |||||||
| Total revenue and grants | 501.6 | 382.0 | 1,135.6 | 1,019.6 | 1,659.1 | 1,558.4 | 1,528.7 | 2,251.4 | 2,205.1 | 2,222.7 | ||||||
| Total revenue | 340.8 | 299.3 | 767.2 | 734.5 | 1,154.9 | 1,105.3 | 1,109.4 | 1,552.1 | 1,521.1 | 1,521.1 | ||||||
| Tax revenue | 339.7 | 292.2 | 761.3 | 718.8 | 1,136.9 | 1,087.3 | 1,088.5 | 1,523.8 | 1,492.8 | 1,492.8 | ||||||
| Domestic taxes | 162.1 | 138.8 | 392.3 | 381.3 | 574.0 | 574.8 | 532.8 | 765.8 | 773.7 | 773.7 | ||||||
| Taxes on foreign trade | 177.5 | 153.4 | 369.0 | 337.5 | 563.0 | 512.5 | 555.7 | 758.0 | 719.1 | 719.1 | ||||||
| Nontax revenue | 1.1 | 7.1 | 5.9 | 15.7 | 17.9 | 17.9 | 20.9 | 28.3 | 28.3 | 28.3 | ||||||
| Grants | 160.8 | 82.7 | 368.4 | 285.1 | 504.2 | 453.1 | 419.3 | 699.3 | 684.1 | 701.6 | ||||||
| Current grants | 7.2 | 55.4 | 88.5 | 73.2 | 92.7 | 107.3 | 82.5 | 150.5 | 132.0 | 102.7 | ||||||
| Capital grants | 153.7 | 27.3 | 279.9 | 211.9 | 411.6 | 345.8 | 336.8 | 548.8 | 552.1 | 598.9 | ||||||
| Total expenditure (commitment basis) | 721.2 | 453.1 | 1,378.4 | 1,219.7 | 2,065.0 | 2,139.8 | 1,793.4 | 2,822.4 | 2,973.3 | 2,847.0 | ||||||
| Current expenditure | 363.8 | 319.7 | 705.7 | 808.8 | 1,044.9 | 1,217.0 | 1,120.1 | 1,415.6 | 1,617.0 | 1,549.1 | ||||||
| Personnel | 180.3 | 161.5 | 360.6 | 331.9 | 540.8 | 540.8 | 536.7 | 721.1 | 721.1 | 721.1 | ||||||
| Interest expenditure | 54.5 | 73.3 | 115.2 | 110.0 | 163.0 | 186.3 | 124.9 | 221.1 | 251.2 | 190.0 | ||||||
| Foreign interest obligations3 | 1.9 | 3.3 | 11.4 | 9.9 | 12.8 | 23.2 | 14.3 | 21.5 | 33.5 | 22.6 | ||||||
| Domestic interest obligations | 52.6 | 70.0 | 103.8 | 100.1 | 152.2 | 163.1 | 110.6 | 199.6 | 217.6 | 167.4 | ||||||
| Other | 120.2 | 65.6 | 217.2 | 205.1 | 328.2 | 337.8 | 295.5 | 459.7 | 475.7 | 437.2 | ||||||
| Treasury operations (net)4 | 8.9 | 19.3 | 12.7 | 161.8 | 12.8 | 154.0 | 163.1 | 13.7 | 169.0 | 200.8 | ||||||
| Of which: central bank recap. | 0.0 | 0.0 | 0.0 | 110.8 | 0.0 | 110.0 | 110.8 | 0.0 | 110.0 | 110.8 | ||||||
| Capital expenditure | 357.4 | 133.4 | 672.7 | 410.9 | 1,020.1 | 922.8 | 673.3 | 1,406.8 | 1,356.3 | 1,297.9 | ||||||
| Domestically financed | 61.2 | 41.5 | 133.2 | 88.1 | 226.7 | 199.2 | 183.4 | 349.0 | 306.5 | 326.5 | ||||||
| Foreign financed | 296.2 | 91.9 | 539.5 | 322.8 | 793.4 | 723.6 | 489.9 | 1,057.8 | 1,049.8 | 971.4 | ||||||
| Overall balance (commitment basis) | ||||||||||||||||
| Excluding grants | -380.5 | -153.9 | -611.2 | -485.2 | -910.1 | -1,034.5 | -684.0 | -1,270.3 | -1,452.3 | -1,325.9 | ||||||
| Including grants | -219.7 | -71.1 | -242.8 | -200.1 | -405.8 | -581.5 | -264.7 | -571.1 | -768.2 | -624.3 | ||||||
| Including grants, excluding central bank recapitalization | -219.7 | -71.1 | -242.8 | -89.3 | -405.8 | -461.9 | -153.9 | -571.1 | -644.1 | -506.9 | ||||||
| Domestic balance (commitment basis)5 | -82.4 | -58.7 | -60.3 | -152.5 | -104.0 | -287.7 | -179.8 | -191.0 | -368.9 | -331.9 | ||||||
| Float6 | -10.0 | -20.6 | 17.2 | 20.9 | 9.2 | 38.1 | 0.1 | -3.3 | 0.0 | 0.0 | ||||||
| Variation of domestic arrears | -23.4 | 0.0 | -23.4 | -22.1 | -23.4 | -23.4 | -22.1 | -23.4 | -23.4 | -22.1 | ||||||
| Overall balance (cash basis) | ||||||||||||||||
| Excluding grants | -413.9 | -174.5 | -617.4 | -486.5 | -924.3 | -1,019.8 | -706.0 | -1,297.0 | -1,475.7 | -1,348.1 | ||||||
| Including grants | -253.1 | -91.7 | -249.0 | -201.3 | -420.0 | -566.7 | -286.7 | -597.8 | -791.6 | -646.4 | ||||||
| Including grants, excluding central bank recapitalization | -253.1 | -91.7 | -249.0 | -90.5 | -420.0 | -447.2 | -175.9 | -597.8 | -667.5 | -529.0 | ||||||
| Financing | 253.1 | 91.7 | 249.0 | 201.3 | 420.0 | 566.7 | 286.7 | 597.8 | 791.6 | 646.4 | ||||||
| Foreign (net) | 132.7 | 61.0 | 259.5 | 95.3 | 459.6 | 469.8 | 237.4 | 560.3 | 585.3 | 448.2 | ||||||
| Drawings | 142.5 | 64.6 | 294.8 | 110.9 | 507.2 | 485.3 | 257.3 | 634.4 | 605.3 | 476.7 | ||||||
| Budget | 0.0 | 0.0 | 35.2 | 0.0 | 125.4 | 107.5 | 104.2 | 125.4 | 107.5 | 104.2 | ||||||
| Projects | 142.5 | 64.6 | 259.6 | 110.9 | 381.8 | 377.8 | 153.1 | 509.0 | 497.8 | 372.5 | ||||||
| Amortization3 | -9.8 | -3.6 | -35.2 | -15.6 | -47.6 | -15.5 | -19.9 | -74.1 | -20.0 | -28.5 | ||||||
| Domestic (net) | 120.3 | 30.1 | -10.6 | 105.4 | -39.6 | 95.5 | 47.6 | 37.5 | 202.3 | 194.3 | ||||||
| Banking system | 52.0 | -39.1 | -4.6 | 61.6 | -41.3 | 67.9 | -52.2 | 12.1 | 120.5 | 123.3 | ||||||
| Central bank | 2.0 | -86.0 | 5.4 | 102.1 | 8.7 | 92.9 | 35.8 | 12.1 | 150.5 | 153.3 | ||||||
| Of which: MDRI account | 9.0 | 9.0 | 18.1 | 18.1 | 27.1 | 27.1 | 27.1 | 36.2 | 36.2 | 36.2 | ||||||
| Commercial banks & OPCA | 50.0 | 45.3 | -10.0 | -43.2 | -50.0 | -25.0 | -91.2 | 0.0 | -30.0 | -30.0 | ||||||
| Nonbanking system | 68.3 | 83.7 | -5.9 | 5.6 | 1.7 | 27.6 | 10.1 | 25.4 | 81.8 | 71.0 | ||||||
| Treasury correspondent accounts (net | 0.0 | -14.5 | 0.0 | 38.2 | 0.0 | 0.0 | 89.7 | 0.0 | 0.0 | 0.0 | ||||||
| Privatization receipts | 0.0 | 0.6 | 0.0 | 0.6 | 0.0 | 1.4 | 1.7 | 0.0 | 4.0 | 4.0 | ||||||
| Memorandum items: | ||||||||||||||||
| MDRI flow debt-service savings | 27.9 | 24.8 | 55.8 | 49.6 | 83.7 | 75.8 | 74.4 | 111.6 | 101.1 | 99.2 | ||||||
| Net domestic financing7 | 86.9 | 10.1 | -16.8 | -6.0 | -53.8 | -7.9 | -83.5 | 10.8 | 58.8 | 58.7 | ||||||
See Table 4a, footnote 2.
See Table 4a, footnote 3.
See Table 4a, footnote 4.
See Table 4a, footnote 5.
See Table 4a, footnote 6.
See Table 4a, footnote 7.
See Table 4a, footnote 8.
Madagascar: Quarterly Government Financial Operations, 2007
(Billions of ariary, cumulated since the beginning of the year)
| March | June | September | December | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Prog.1 | Est. | Prog.1 | Est. | Prog.1 | Proj.2 | Est. | Prog.1 | Proj.2 | Rev. Proj. | |||||||
| Total revenue and grants | 501.6 | 382.0 | 1,135.6 | 1,019.6 | 1,659.1 | 1,558.4 | 1,528.7 | 2,251.4 | 2,205.1 | 2,222.7 | ||||||
| Total revenue | 340.8 | 299.3 | 767.2 | 734.5 | 1,154.9 | 1,105.3 | 1,109.4 | 1,552.1 | 1,521.1 | 1,521.1 | ||||||
| Tax revenue | 339.7 | 292.2 | 761.3 | 718.8 | 1,136.9 | 1,087.3 | 1,088.5 | 1,523.8 | 1,492.8 | 1,492.8 | ||||||
| Domestic taxes | 162.1 | 138.8 | 392.3 | 381.3 | 574.0 | 574.8 | 532.8 | 765.8 | 773.7 | 773.7 | ||||||
| Taxes on foreign trade | 177.5 | 153.4 | 369.0 | 337.5 | 563.0 | 512.5 | 555.7 | 758.0 | 719.1 | 719.1 | ||||||
| Nontax revenue | 1.1 | 7.1 | 5.9 | 15.7 | 17.9 | 17.9 | 20.9 | 28.3 | 28.3 | 28.3 | ||||||
| Grants | 160.8 | 82.7 | 368.4 | 285.1 | 504.2 | 453.1 | 419.3 | 699.3 | 684.1 | 701.6 | ||||||
| Current grants | 7.2 | 55.4 | 88.5 | 73.2 | 92.7 | 107.3 | 82.5 | 150.5 | 132.0 | 102.7 | ||||||
| Capital grants | 153.7 | 27.3 | 279.9 | 211.9 | 411.6 | 345.8 | 336.8 | 548.8 | 552.1 | 598.9 | ||||||
| Total expenditure (commitment basis) | 721.2 | 453.1 | 1,378.4 | 1,219.7 | 2,065.0 | 2,139.8 | 1,793.4 | 2,822.4 | 2,973.3 | 2,847.0 | ||||||
| Current expenditure | 363.8 | 319.7 | 705.7 | 808.8 | 1,044.9 | 1,217.0 | 1,120.1 | 1,415.6 | 1,617.0 | 1,549.1 | ||||||
| Personnel | 180.3 | 161.5 | 360.6 | 331.9 | 540.8 | 540.8 | 536.7 | 721.1 | 721.1 | 721.1 | ||||||
| Interest expenditure | 54.5 | 73.3 | 115.2 | 110.0 | 163.0 | 186.3 | 124.9 | 221.1 | 251.2 | 190.0 | ||||||
| Foreign interest obligations3 | 1.9 | 3.3 | 11.4 | 9.9 | 12.8 | 23.2 | 14.3 | 21.5 | 33.5 | 22.6 | ||||||
| Domestic interest obligations | 52.6 | 70.0 | 103.8 | 100.1 | 152.2 | 163.1 | 110.6 | 199.6 | 217.6 | 167.4 | ||||||
| Other | 120.2 | 65.6 | 217.2 | 205.1 | 328.2 | 337.8 | 295.5 | 459.7 | 475.7 | 437.2 | ||||||
| Treasury operations (net)4 | 8.9 | 19.3 | 12.7 | 161.8 | 12.8 | 154.0 | 163.1 | 13.7 | 169.0 | 200.8 | ||||||
| Of which: central bank recap. | 0.0 | 0.0 | 0.0 | 110.8 | 0.0 | 110.0 | 110.8 | 0.0 | 110.0 | 110.8 | ||||||
| Capital expenditure | 357.4 | 133.4 | 672.7 | 410.9 | 1,020.1 | 922.8 | 673.3 | 1,406.8 | 1,356.3 | 1,297.9 | ||||||
| Domestically financed | 61.2 | 41.5 | 133.2 | 88.1 | 226.7 | 199.2 | 183.4 | 349.0 | 306.5 | 326.5 | ||||||
| Foreign financed | 296.2 | 91.9 | 539.5 | 322.8 | 793.4 | 723.6 | 489.9 | 1,057.8 | 1,049.8 | 971.4 | ||||||
| Overall balance (commitment basis) | ||||||||||||||||
| Excluding grants | -380.5 | -153.9 | -611.2 | -485.2 | -910.1 | -1,034.5 | -684.0 | -1,270.3 | -1,452.3 | -1,325.9 | ||||||
| Including grants | -219.7 | -71.1 | -242.8 | -200.1 | -405.8 | -581.5 | -264.7 | -571.1 | -768.2 | -624.3 | ||||||
| Including grants, excluding central bank recapitalization | -219.7 | -71.1 | -242.8 | -89.3 | -405.8 | -461.9 | -153.9 | -571.1 | -644.1 | -506.9 | ||||||
| Domestic balance (commitment basis)5 | -82.4 | -58.7 | -60.3 | -152.5 | -104.0 | -287.7 | -179.8 | -191.0 | -368.9 | -331.9 | ||||||
| Float6 | -10.0 | -20.6 | 17.2 | 20.9 | 9.2 | 38.1 | 0.1 | -3.3 | 0.0 | 0.0 | ||||||
| Variation of domestic arrears | -23.4 | 0.0 | -23.4 | -22.1 | -23.4 | -23.4 | -22.1 | -23.4 | -23.4 | -22.1 | ||||||
| Overall balance (cash basis) | ||||||||||||||||
| Excluding grants | -413.9 | -174.5 | -617.4 | -486.5 | -924.3 | -1,019.8 | -706.0 | -1,297.0 | -1,475.7 | -1,348.1 | ||||||
| Including grants | -253.1 | -91.7 | -249.0 | -201.3 | -420.0 | -566.7 | -286.7 | -597.8 | -791.6 | -646.4 | ||||||
| Including grants, excluding central bank recapitalization | -253.1 | -91.7 | -249.0 | -90.5 | -420.0 | -447.2 | -175.9 | -597.8 | -667.5 | -529.0 | ||||||
| Financing | 253.1 | 91.7 | 249.0 | 201.3 | 420.0 | 566.7 | 286.7 | 597.8 | 791.6 | 646.4 | ||||||
| Foreign (net) | 132.7 | 61.0 | 259.5 | 95.3 | 459.6 | 469.8 | 237.4 | 560.3 | 585.3 | 448.2 | ||||||
| Drawings | 142.5 | 64.6 | 294.8 | 110.9 | 507.2 | 485.3 | 257.3 | 634.4 | 605.3 | 476.7 | ||||||
| Budget | 0.0 | 0.0 | 35.2 | 0.0 | 125.4 | 107.5 | 104.2 | 125.4 | 107.5 | 104.2 | ||||||
| Projects | 142.5 | 64.6 | 259.6 | 110.9 | 381.8 | 377.8 | 153.1 | 509.0 | 497.8 | 372.5 | ||||||
| Amortization3 | -9.8 | -3.6 | -35.2 | -15.6 | -47.6 | -15.5 | -19.9 | -74.1 | -20.0 | -28.5 | ||||||
| Domestic (net) | 120.3 | 30.1 | -10.6 | 105.4 | -39.6 | 95.5 | 47.6 | 37.5 | 202.3 | 194.3 | ||||||
| Banking system | 52.0 | -39.1 | -4.6 | 61.6 | -41.3 | 67.9 | -52.2 | 12.1 | 120.5 | 123.3 | ||||||
| Central bank | 2.0 | -86.0 | 5.4 | 102.1 | 8.7 | 92.9 | 35.8 | 12.1 | 150.5 | 153.3 | ||||||
| Of which: MDRI account | 9.0 | 9.0 | 18.1 | 18.1 | 27.1 | 27.1 | 27.1 | 36.2 | 36.2 | 36.2 | ||||||
| Commercial banks & OPCA | 50.0 | 45.3 | -10.0 | -43.2 | -50.0 | -25.0 | -91.2 | 0.0 | -30.0 | -30.0 | ||||||
| Nonbanking system | 68.3 | 83.7 | -5.9 | 5.6 | 1.7 | 27.6 | 10.1 | 25.4 | 81.8 | 71.0 | ||||||
| Treasury correspondent accounts (net | 0.0 | -14.5 | 0.0 | 38.2 | 0.0 | 0.0 | 89.7 | 0.0 | 0.0 | 0.0 | ||||||
| Privatization receipts | 0.0 | 0.6 | 0.0 | 0.6 | 0.0 | 1.4 | 1.7 | 0.0 | 4.0 | 4.0 | ||||||
| Memorandum items: | ||||||||||||||||
| MDRI flow debt-service savings | 27.9 | 24.8 | 55.8 | 49.6 | 83.7 | 75.8 | 74.4 | 111.6 | 101.1 | 99.2 | ||||||
| Net domestic financing7 | 86.9 | 10.1 | -16.8 | -6.0 | -53.8 | -7.9 | -83.5 | 10.8 | 58.8 | 58.7 | ||||||
See Table 4a, footnote 2.
See Table 4a, footnote 3.
See Table 4a, footnote 4.
See Table 4a, footnote 5.
See Table 4a, footnote 6.
See Table 4a, footnote 7.
See Table 4a, footnote 8.
4. Monetary growth remained robust and interest rates fell sharply (Tables 7 and 8). The accumulation of net foreign assets (NFA) has boosted annual growth of M3 and reserve money. While the Central Bank has mopped up about eighty percent of the liquidity injected by its purchases of foreign exchange, residual liquidity and reduced budgetary financing demands have led to a decline in the average yield on treasury bills to 8.6 percent in November. The monetary authorities have taken actions to strengthen their internal auditing, following bank note thefts of 0.1 percent of GDP uncovered in early 2007.
Madagascar: Balance of Payments, 2005–11
(Millions of SDRs)
IMF Country Report No. 07/7, Republic of Madagascar: First Review under the Three-Year Arrangement under the PRGF.
IMF Country Report No. 07/236; Republic of Madagascar-Staff Report for the 2007 Article IV Consultation.
After MDRI debt relief from 2006 onward.
Other official grants less payments due to scholarships and contributions to international organizations.
Includes impact of MDRI in 2006.
After HIPC and MDRI debt reliefs.
Madagascar: Balance of Payments, 2005–11
(Millions of SDRs)
| 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est. | Prog.1 | |||||||||||||||