Abstract
REPUBLIC OF MADAGASCAR
Title Page
REPUBLIC OF MADAGASCAR
STAFF REPORT FOR THE 2022 ARTICLE IV CONSULTATION, THIRD REVIEW UNDER THE EXTENDED CREDIT FACILITY ARRANGEMENT, AND REQUESTS FOR A WAIVER OF NONOBSERVANCE OFPERFORMANCE CRITERIA AND MODIFICATION OF PERFORMANCE CRITERIA—INFORMATIONAL ANNEX
February 15, 2023
Prepared By
The African Department.
Contents
FUND RELATIONS
RELATIONS WITH OTHER INTERNATIONAL FINANCIAL INSTITUTIONS
STATISTICAL ISSUES
Fund Relations
(As of December 31, 2022)
| Membership Status: Joined: September 25, 1963; | Article VIII |
| Membership Status: Joined: September 25, 1963; | Article VIII |
| General Resources Account: | SDR Million | %Quota |
| Quota | 244.40 | 100.00 |
| IMF's Holdings of Currency (Holdings Rate) | 213.78 | 87.47 |
| Reserve Tranche Position | 30.63 | 12.53 |
| General Resources Account: | SDR Million | %Quota |
| Quota | 244.40 | 100.00 |
| IMF's Holdings of Currency (Holdings Rate) | 213.78 | 87.47 |
| Reserve Tranche Position | 30.63 | 12.53 |
| SDR Department: | SDR Million | %Allocation |
| Net cumulative allocation | 351.34 | 100.00 |
| Holdings | 226.78 | 64.55 |
| SDR Department: | SDR Million | %Allocation |
| Net cumulative allocation | 351.34 | 100.00 |
| Holdings | 226.78 | 64.55 |
| Outstanding Purchases and Loans: | SDR Million | %Allocation |
| RCF Loans | 271.90 | 111.25 |
| ECF Arrangements | 366.46 | 149.94 |
| Outstanding Purchases and Loans: | SDR Million | %Allocation |
| RCF Loans | 271.90 | 111.25 |
| ECF Arrangements | 366.46 | 149.94 |
Latest Financial Arrangements:
Formerly PRGF.
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
| ECF | Mar 29, 2021 | Jul 28, 2024 | 219.96 | 122.20 |
| ECF | Jul 27, 2016 | Feb 06, 2020 | 250.55 | 250.55 |
| ECF1/ | Jul 21, 2006 | Jul 20, 2009 | 73.32 | 53.03 |
Formerly PRGF.
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
| ECF | Mar 29, 2021 | Jul 28, 2024 | 219.96 | 122.20 |
| ECF | Jul 27, 2016 | Feb 06, 2020 | 250.55 | 250.55 |
| ECF1/ | Jul 21, 2006 | Jul 20, 2009 | 73.32 | 53.03 |
Formerly PRGF.
Outright Loans:
| Type | Date of Commitment | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
| RCF | Jul 30, 2020 | Aug 04, 2020 | 69.23 | 69.23 |
| RCF | Jul 30, 2020 | Aug 04, 2020 | 52.97 | 52.97 |
| RCF | Apr 03, 2020 | Apr 03, 2020 | 122.20 | 122.20 |
| Type | Date of Commitment | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
| RCF | Jul 30, 2020 | Aug 04, 2020 | 69.23 | 69.23 |
| RCF | Jul 30, 2020 | Aug 04, 2020 | 52.97 | 52.97 |
| RCF | Apr 03, 2020 | Apr 03, 2020 | 122.20 | 122.20 |
Overdue Obligations and Projected Payments to Fund 2/
(SDR Million; based on existing use of resources and present holdings of SDRs):
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | |||||
| 2023 | 2024 | 2025 | 2026 | 2026 | |
| Principal | 37.19 | 43.56 | 65.30 | 103.88 | 107.37 |
| Charges/Interest | 3.58 | 3.64 | 3.63 | 3.64 | 3.64 |
| Total | 40.77 | 47.20 | 68.93 | 107.51 | 111.00 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | |||||
| 2023 | 2024 | 2025 | 2026 | 2026 | |
| Principal | 37.19 | 43.56 | 65.30 | 103.88 | 107.37 |
| Charges/Interest | 3.58 | 3.64 | 3.63 | 3.64 | 3.64 |
| Total | 40.77 | 47.20 | 68.93 | 107.51 | 111.00 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Implementation of HIPC Initiative:
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts cannot be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
| Enhanced | |
| I. Commitment of HIPC assistance | Framework |
| Decision point date | Dec 2000 |
| Assistance committed | |
| by all creditors (US$ Million) 1/ | 835.75 |
| Of which: IMF assistance (US$ million) | 19.17 |
| (SDR equivalent in millions) | 14.73 |
| Completion point date | Oct 2004 |
| II. Disbursement of IMF assistance (SDR Million) | |
| Assistance disbursed to the member | 14.73 |
| Interim assistance | 5.62 |
| Completion point balance | 9.11 |
| Additional disbursement of interest income 2/ | 1.69 |
| Total disbursements | 16.42 |
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts cannot be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
| Enhanced | |
| I. Commitment of HIPC assistance | Framework |
| Decision point date | Dec 2000 |
| Assistance committed | |
| by all creditors (US$ Million) 1/ | 835.75 |
| Of which: IMF assistance (US$ million) | 19.17 |
| (SDR equivalent in millions) | 14.73 |
| Completion point date | Oct 2004 |
| II. Disbursement of IMF assistance (SDR Million) | |
| Assistance disbursed to the member | 14.73 |
| Interim assistance | 5.62 |
| Completion point balance | 9.11 |
| Additional disbursement of interest income 2/ | 1.69 |
| Total disbursements | 16.42 |
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts cannot be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
Implementation of Multilateral Debt Relief Initiative (MDRI):
| I. MDRI-eligible debt (SDR Million)1/ | 137.29 |
| Financed by: MDRI Trust | 128.50 |
| Remaining HIPC resources | 8.79 |
| II. Debt Relief by Facility (SDR Million) |
| I. MDRI-eligible debt (SDR Million)1/ | 137.29 |
| Financed by: MDRI Trust | 128.50 |
| Remaining HIPC resources | 8.79 |
| II. Debt Relief by Facility (SDR Million) |
The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.
| Eligible Debt | |||
| Delivery Date | GRA | PRGT | Total |
| January 2006 | N/A | 137.29 | 137.29 |
The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.
| Eligible Debt | |||
| Delivery Date | GRA | PRGT | Total |
| January 2006 | N/A | 137.29 | 137.29 |
The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.
Exchange Rate Arrangement
The currency of the Republic of Madagascar is the Malagasy ariary. The de jure exchange rate arrangement is free floating; the de facto exchange rate arrangement is classified as floating. As of January 4, 2022, the rate was US$1 = 4,473 ariary. The Republic of Madagascar accepted the obligations of Article VIII of the Fund's Articles of Agreement with effect from September 18, 1996. The Republic of Madagascar maintains an exchange system free of restrictions on the making of payments and transfers for current international transactions.
Safeguards Assessment
Under the Fund's safeguards assessment policy, the Banque Centrale de Madagascar (BFM) was subject to an update safeguards assessment in March 2021. Previous assessments were completed in March 2006, September 2008, January 2015 and March 2017. The BFM maintains strong external audit arrangements and the audit opinions on its 2020 and 2021 financial statements are unmodified. Governance and oversight arrangements are now well-established following amendments to the BFM Law in 2016, and the central bank continues to reinforce its control systems and has adopted International Financial Reporting Standards for the first time in 2020. The BFM should continue to strengthen the internal audit function and phase out its unrefined gold purchase program, while implementing robust foreign reserves management and operational strategies to safeguard its autonomy.
Article IV Consultation
Madagascar is on 24-month Article IV consultation cycle. The previous Article IV consultation was concluded on January 29, 2020 (IMF Country Report No. 20/60).
Technical Assistance (TA) since January 2019
Technical Assistance (TA) since January 2019
Fiscal Affairs Department (FAD) 2019 AFS: Customs-Trade Agreements-Updating the Customs Code AFS: National Risk based audit plan & quality standards developed and implementation support AFS PFM regulations AFS: Progress on implementation of debt management & recovery strategy reviewed AFS: Reform action plan adopted and regularly updated Finalizing the PIM Guide Management of Fiscal Risks Management of Tax Arrears Build Capacity in the Implementation and Monitoring of the Multi-year Reform Plan (Phase IV) Pension Reform PIMA Follow up Public Investment Management Quarterly AFS missions on tax, customs, debt management, fiscal statistics Reform and modernization of customs legislation Revenue Mobilization Strategy (planned October) Strengthening Audit Capacity To develop and implement a risk-based audit plan and audit quality standards 2020 AFS: Project Management Phase II AFS: Project Management Phase III AFS: Project Management Phase IV AFS: TADAT Training Building Capacity in the Implementation and Monitoring of the Multi Year Reform Plan-Phase V Compliance Management during COVID-19 crisis Customs Administration Drafting New Clauses and Regulations in the Customs Code Enterprise Risks and Internal Controls Fiscal Transparency and Operationalization of COVID-19 Reporting Further Development of a Taxpayer Services Strategy (TPS) and Guidance to Develop a Strategic Plan Further Guidance Provided to Reduce Tax Arrears Guiding DGI to develop and implement a taxpayer strategy Implementation of Debt Management and Recovery Strategy MNRW II Scoping Public Investment Management Set up of a Risk Management Unit 2021 AFS: Business Continuity and Disaster Recovery Planning AFS: Project Management Phase V AFS: Support for the Implementation of COVID-19 Response AFS: Tax Administration AFS: TADAT Training Customs Data and Free Zones Monitoring Customs Administration Customs Valuation Extractive Industry Fiscal Regime Diagnostic Public Financial Management - Budget Execution, PIM and TSA / Accounting Strengthening Audit Capacity Taxpayer Strategy Services 2022 Business Continuity and Disaster Recovery Planning Climate Macroeconomic Assessment Program (CMAP) Public Financial Management II – Budget Preparation and Overall PFM Reform Strategy Public Financial Management II – Fiscal Risk Management and SOE Health Check Tool Public Financial Management II – PIM and TSA Public Financial Management II – Modernizing the Budget Classification and Asset Management Revenue Administration II – Customs Administration Revenue Administration II – RAM Revenue Administration II – Tax Administration Tax Policy I – Taking Stock of the Policy Framework VAT Compliance Monetary and Capital Markets Department (MCM) 2019 AFS: Banking Supervision and Regulation AFS: Peer-Learning program for Transitioning from Money Targeting to an Interest Rate Based Framework Adoption of IFRS Insurance regulation and supervision (planned AFS) Modernizing the FX Regulations to Develop the FX Markets 2020 Transitioning from a Money Targeting to an Interest Rate Based Framework 2021 The Role of Gold in Foreign Reserves' Diversification Training on FMI Oversight & Supervision 2022 Central Bank Operations – Foreign Operations and FX Policy Implementation Central Bank Operations – Interbank Market Development Central Bank Operations – Monetary Policy Implementation and Operations Banking Regulation and Supervision Basel II/III Reform - Regulation Development Hybrid Forecasting and Policy Analysis Systems (FPAS) National Payment System Development Statistics Department (STA) 2019 AFS: National Accounts Government Finance Statistics Implementation of the e-GDDS, launch of the dedicated web page. 2020 AFS: National Accounts AFS: Price Statistics Government Finance Statistics 2021 AFS: National Accounts AFS: Price Statistics External Sector Statistics Financial Soundness Indicators (FSI) Government Finance Statistics 2022 AFS: National Accounts AFS: Price Statistics External Sector Statistics Government Finance Statistics |
Technical Assistance (TA) since January 2019
Fiscal Affairs Department (FAD) 2019 AFS: Customs-Trade Agreements-Updating the Customs Code AFS: National Risk based audit plan & quality standards developed and implementation support AFS PFM regulations AFS: Progress on implementation of debt management & recovery strategy reviewed AFS: Reform action plan adopted and regularly updated Finalizing the PIM Guide Management of Fiscal Risks Management of Tax Arrears Build Capacity in the Implementation and Monitoring of the Multi-year Reform Plan (Phase IV) Pension Reform PIMA Follow up Public Investment Management Quarterly AFS missions on tax, customs, debt management, fiscal statistics Reform and modernization of customs legislation Revenue Mobilization Strategy (planned October) Strengthening Audit Capacity To develop and implement a risk-based audit plan and audit quality standards 2020 AFS: Project Management Phase II AFS: Project Management Phase III AFS: Project Management Phase IV AFS: TADAT Training Building Capacity in the Implementation and Monitoring of the Multi Year Reform Plan-Phase V Compliance Management during COVID-19 crisis Customs Administration Drafting New Clauses and Regulations in the Customs Code Enterprise Risks and Internal Controls Fiscal Transparency and Operationalization of COVID-19 Reporting Further Development of a Taxpayer Services Strategy (TPS) and Guidance to Develop a Strategic Plan Further Guidance Provided to Reduce Tax Arrears Guiding DGI to develop and implement a taxpayer strategy Implementation of Debt Management and Recovery Strategy MNRW II Scoping Public Investment Management Set up of a Risk Management Unit 2021 AFS: Business Continuity and Disaster Recovery Planning AFS: Project Management Phase V AFS: Support for the Implementation of COVID-19 Response AFS: Tax Administration AFS: TADAT Training Customs Data and Free Zones Monitoring Customs Administration Customs Valuation Extractive Industry Fiscal Regime Diagnostic Public Financial Management - Budget Execution, PIM and TSA / Accounting Strengthening Audit Capacity Taxpayer Strategy Services 2022 Business Continuity and Disaster Recovery Planning Climate Macroeconomic Assessment Program (CMAP) Public Financial Management II – Budget Preparation and Overall PFM Reform Strategy Public Financial Management II – Fiscal Risk Management and SOE Health Check Tool Public Financial Management II – PIM and TSA Public Financial Management II – Modernizing the Budget Classification and Asset Management Revenue Administration II – Customs Administration Revenue Administration II – RAM Revenue Administration II – Tax Administration Tax Policy I – Taking Stock of the Policy Framework VAT Compliance Monetary and Capital Markets Department (MCM) 2019 AFS: Banking Supervision and Regulation AFS: Peer-Learning program for Transitioning from Money Targeting to an Interest Rate Based Framework Adoption of IFRS Insurance regulation and supervision (planned AFS) Modernizing the FX Regulations to Develop the FX Markets 2020 Transitioning from a Money Targeting to an Interest Rate Based Framework 2021 The Role of Gold in Foreign Reserves' Diversification Training on FMI Oversight & Supervision 2022 Central Bank Operations – Foreign Operations and FX Policy Implementation Central Bank Operations – Interbank Market Development Central Bank Operations – Monetary Policy Implementation and Operations Banking Regulation and Supervision Basel II/III Reform - Regulation Development Hybrid Forecasting and Policy Analysis Systems (FPAS) National Payment System Development Statistics Department (STA) 2019 AFS: National Accounts Government Finance Statistics Implementation of the e-GDDS, launch of the dedicated web page. 2020 AFS: National Accounts AFS: Price Statistics Government Finance Statistics 2021 AFS: National Accounts AFS: Price Statistics External Sector Statistics Financial Soundness Indicators (FSI) Government Finance Statistics 2022 AFS: National Accounts AFS: Price Statistics External Sector Statistics Government Finance Statistics |
Resident Representative:
Mr. Mokhtar Benlamine is the IMF's Resident Representative in Antananarivo since August 2022.
Relations with other International Financial Institutions
World Bank: https://www.worldbank.org/en/country/madagascar
United Nations: https://madagascar.un.org/
African Development Bank: https://www.afdb.org/en/countries/southern-africa/madagascar
Word Food Program: https://www.wfp.org/countries/madagascar
Statistical Issues
(As of December 2022)
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision is broadly adequate for surveillance and program purposes, with shortcomings related to timeliness, coverage and applied methodologies (for example, treatment of missing observation) being addressed gradually. A new statistics law, modernizing and regulating data collection, was enacted in April 2018. There has been an effort to improve the compilation of timely and internally consistent data, including better information sharing between data producing and collecting agencies. Overall, there is a lack of automation, centralization, and specialization which leads to inefficient and ineffective practices. | |
National accounts: Revised series of annual national accounts for the 2007-2018 period with the 2007 base year based on SNA 1993 methodology were finalized and published. At end-2020, INSTAT started to produce experimental quarterly GDP estimates according to the best practice, however data are often released with delays and are subject to substantial revisions. The authorities continue to receive TA from the Fund, World Bank, and AFRITAC in rebasing GDP. The rebasing project was held back due to funding delays. The WB provided financial support to INSTAT to finance the start of the Economic Census by the end of 2022. During the rebasing project, INSTAT plans to extend the national accounts scope and update its methodology, as well as compile GDP by income approach. The next benchmark revision is planned for 2022-2025 with expected release date in 2025. INSTAT is supposed to implement the System of National Accounts, 2008 (2008 SNA). A general census of the population and housing were finalized, including thematic reports. Prices statistics: INSTAT is producing a reweighted consumer price index (CPI) with 2016 as base year, to better account for current consumption patterns. The new series are available on a timely basis. Current CPI weights are based on expenditure data collected in 2012. INSTAT is working on updating CPI weights using data from the Permanent Household Survey (EPM). Efforts are underway to extend geographic coverage and add new products to the basket. |
|
| Government finance statistics: Government finance statistics (GFS) for the budgetary central government are regularly compiled and disseminated. The authorities have also started compiling and disseminating public sector debt statistics (PSDS) to the joint IMF-World Bank quarterly PSDS database. Preliminary GFS for extra budgetary and local government units have also been compiled, and the prospects for compilation and dissemination of aggregated general government GFS in the short run are good. Source data for the compilation of a financial balance sheet are also available although only debt liabilities are currently compiled and disseminated. | |
Monetary and financial statistics: The Banky Foiben'i Madagasikara (BFM) submits regularly the standardized report forms (SRFs) 1SR (central bank) and 2SR (other depository corporations) to the IMF for publication in the IFS; compilation of SRF-4SR (Other Financial Corporations) has not started yet. Madagascar reports data on several series and indicators of the Financial Access Survey (FAS), including mobile and internet banking, mobile money, gender-disaggregated data, and the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). Financial soundness indicators (FSIs): Madagascar reports 13 core and 10 additional FSIs to the IMF for deposit-takers (banks only) and 2 additional FSIs for real estate markets. FSIs on OFCs and Non-financial corporations (NFCs) are not reported yet. |
|
External Sector Statistics: Madagascar follows the statistical framework of the sixth edition of the Balance of Payments and International Investment Position Manual (BFM6). The quarterly data are compiled on the basis of the ESRI and supplemented by the collection of quarterly data using a simple survey of major public and private enterprises. Priorities for improvement includes the full automation of data reports, addressing the inadequate coverage of several transactions, and reconciling some IIP stocks that remain inconsistent with BoP flows. External debt: The compilation of external debt statistics is generally satisfactory. Private debt data coverage remains incomplete. The authorities are working to reduce debt data gaps as they improve various components of external sector statistics by drawing on IMF technical assistance. |
|
| II. Data Standards and Quality | |
| Madagascar implemented the recommendations of the enhanced General Data Dissemination System (e-GDDS) by launching the National Summary Data Page (NSDP) in May 2019. Data for 13 out of the 15 data categories recommended under the e-GDDS are disseminated on the NSDP. Data on general government operations are not yet published, and stock market indicator is not applicable for Madagascar. | No Data ROSC. |
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision is broadly adequate for surveillance and program purposes, with shortcomings related to timeliness, coverage and applied methodologies (for example, treatment of missing observation) being addressed gradually. A new statistics law, modernizing and regulating data collection, was enacted in April 2018. There has been an effort to improve the compilation of timely and internally consistent data, including better information sharing between data producing and collecting agencies. Overall, there is a lack of automation, centralization, and specialization which leads to inefficient and ineffective practices. | |
National accounts: Revised series of annual national accounts for the 2007-2018 period with the 2007 base year based on SNA 1993 methodology were finalized and published. At end-2020, INSTAT started to produce experimental quarterly GDP estimates according to the best practice, however data are often released with delays and are subject to substantial revisions. The authorities continue to receive TA from the Fund, World Bank, and AFRITAC in rebasing GDP. The rebasing project was held back due to funding delays. The WB provided financial support to INSTAT to finance the start of the Economic Census by the end of 2022. During the rebasing project, INSTAT plans to extend the national accounts scope and update its methodology, as well as compile GDP by income approach. The next benchmark revision is planned for 2022-2025 with expected release date in 2025. INSTAT is supposed to implement the System of National Accounts, 2008 (2008 SNA). A general census of the population and housing were finalized, including thematic reports. Prices statistics: INSTAT is producing a reweighted consumer price index (CPI) with 2016 as base year, to better account for current consumption patterns. The new series are available on a timely basis. Current CPI weights are based on expenditure data collected in 2012. INSTAT is working on updating CPI weights using data from the Permanent Household Survey (EPM). Efforts are underway to extend geographic coverage and add new products to the basket. |
|
| Government finance statistics: Government finance statistics (GFS) for the budgetary central government are regularly compiled and disseminated. The authorities have also started compiling and disseminating public sector debt statistics (PSDS) to the joint IMF-World Bank quarterly PSDS database. Preliminary GFS for extra budgetary and local government units have also been compiled, and the prospects for compilation and dissemination of aggregated general government GFS in the short run are good. Source data for the compilation of a financial balance sheet are also available although only debt liabilities are currently compiled and disseminated. | |
Monetary and financial statistics: The Banky Foiben'i Madagasikara (BFM) submits regularly the standardized report forms (SRFs) 1SR (central bank) and 2SR (other depository corporations) to the IMF for publication in the IFS; compilation of SRF-4SR (Other Financial Corporations) has not started yet. Madagascar reports data on several series and indicators of the Financial Access Survey (FAS), including mobile and internet banking, mobile money, gender-disaggregated data, and the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). Financial soundness indicators (FSIs): Madagascar reports 13 core and 10 additional FSIs to the IMF for deposit-takers (banks only) and 2 additional FSIs for real estate markets. FSIs on OFCs and Non-financial corporations (NFCs) are not reported yet. |
|
External Sector Statistics: Madagascar follows the statistical framework of the sixth edition of the Balance of Payments and International Investment Position Manual (BFM6). The quarterly data are compiled on the basis of the ESRI and supplemented by the collection of quarterly data using a simple survey of major public and private enterprises. Priorities for improvement includes the full automation of data reports, addressing the inadequate coverage of several transactions, and reconciling some IIP stocks that remain inconsistent with BoP flows. External debt: The compilation of external debt statistics is generally satisfactory. Private debt data coverage remains incomplete. The authorities are working to reduce debt data gaps as they improve various components of external sector statistics by drawing on IMF technical assistance. |
|
| II. Data Standards and Quality | |
| Madagascar implemented the recommendations of the enhanced General Data Dissemination System (e-GDDS) by launching the National Summary Data Page (NSDP) in May 2019. Data for 13 out of the 15 data categories recommended under the e-GDDS are disseminated on the NSDP. Data on general government operations are not yet published, and stock market indicator is not applicable for Madagascar. | No Data ROSC. |
Madagascar: Table of Common Indicators Required for Surveillance
(As of December 31, 2022)
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Madagascar: Table of Common Indicators Required for Surveillance
(As of December 31, 2022)
| Date of latest observation | Date received | Frequency of Data1 | Frequency of Reporting1 | Frequency of Publication1 | |
| Exchange Rates | Dec. 2022 | Dec. 2022 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities2 | Nov. 2022 | Dec. 2022 | M | M | M |
| Reserve/Base Money | Nov. 2022 | Dec. 2022 | M | M | M |
| Broad Money | Oct. 2022 | Dec. 2022 | M | M | M |
| Central Bank Balance Sheet | Nov. 2022 | Dec. 2022 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Oct. 2022 | Dec. 2022 | M | M | M |
| Interest Rates3 | Nov. 2022 | Dec. 2022 | M | M | M |
| Consumer Price Index | Oct. 2022 | Dec. 2022 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing4 – General Government5 | NA | ||||
| Revenue, Expenditure, Balance and Composition of Financing4 – Central Government | Oct. 2022 | Dec. 2022 | M | M | A |
| Stocks of Central Government and Central Government-Guaranteed Debt6 | 2021 | Mar. 2022 | A | A | A |
| External Current Account Balance | Sep. 2022 | Dec. 2022 | Q | Q | Q |
| Exports and Imports of Goods and Services | Nov. 2022 | Dec. 2022 | M | M | M |
| GDP/GNP | 2020 | Oct. 2022 | A | A | A |
| Gross External Debt | Jun. 2022 | Dec. 2022 | Q | Q | Q |
| International Investment Position7 | Mar. 2022 | Dec. 2022 | Q | Q | Q |
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Madagascar: Table of Common Indicators Required for Surveillance
(As of December 31, 2022)
| Date of latest observation | Date received | Frequency of Data1 | Frequency of Reporting1 | Frequency of Publication1 | |
| Exchange Rates | Dec. 2022 | Dec. 2022 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities2 | Nov. 2022 | Dec. 2022 | M | M | M |
| Reserve/Base Money | Nov. 2022 | Dec. 2022 | M | M | M |
| Broad Money | Oct. 2022 | Dec. 2022 | M | M | M |
| Central Bank Balance Sheet | Nov. 2022 | Dec. 2022 | M | M | M |
| Consolidated Balance Sheet of the Banking System | Oct. 2022 | Dec. 2022 | M | M | M |
| Interest Rates3 | Nov. 2022 | Dec. 2022 | M | M | M |
| Consumer Price Index | Oct. 2022 | Dec. 2022 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing4 – General Government5 | NA | ||||
| Revenue, Expenditure, Balance and Composition of Financing4 – Central Government | Oct. 2022 | Dec. 2022 | M | M | A |
| Stocks of Central Government and Central Government-Guaranteed Debt6 | 2021 | Mar. 2022 | A | A | A |
| External Current Account Balance | Sep. 2022 | Dec. 2022 | Q | Q | Q |
| Exports and Imports of Goods and Services | Nov. 2022 | Dec. 2022 | M | M | M |
| GDP/GNP | 2020 | Oct. 2022 | A | A | A |
| Gross External Debt | Jun. 2022 | Dec. 2022 | Q | Q | Q |
| International Investment Position7 | Mar. 2022 | Dec. 2022 | Q | Q | Q |
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.