Mr. Raghani, Mr. Razafindramanana and Mr. Alle submitted the following statement:
1. Our Malagasy authorities would like to thank the Board, Management and Staff for the Fund’s continued engagement with Madagascar. The country has emerged from a highly anticipated presidential election which saw the victory of President Andry Rajoelina. The new President was sworn in on January 19th and appointed a new Government headed by the former consensual Prime Minister Christian Ntsay. The peaceful elections supported by the international community helped preserve the momentum of strong economic recovery.
2. Staff’s recent visit to Antananarivo has provided the opportunity for the new Government to commit to the main reforms agreed on in late 2018 in the context of the fourth review under the Extended Credit Facility (ECF). Even more significantly, the newly-elected President has committed to pursuing Madagascar’s reform program. In the period ahead, the authorities are determined to implement their agenda of economic transformation embodied by the President’s platform “Initiative pour l’Emergence de Madagascar” (Initiative for the Emergence of Madagascar).
3. The staff report candidly depicts the achievements made under the program and the policy areas that warrant the authorities’ efforts in 2019 onward. The authorities have posted a strong program performance over the period of the fourth review, despite challenges associated with the elections. Going forward, they intend to step up efforts to gradually address critical issues in areas such as fiscal policy and economic governance. The ECF-supported program will continue to serve as an important framework to enhance macroeconomic stability and advance key structural reforms.