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Republic of Madagascar: Staff Report for the 2024 Article IV Consultation; First Review Under the Extended Credit Facility Arrangement; Request for A Waiver of Nonobservance of Performance Criteria; and Financing Assurances Review; and First Review Under the Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
Author:
International Monetary Fund. African Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2025: Issue 060
Language:
English
Publication Date:
21 Mar 2025
DOI:
https://doi.org/10.5089/9798229003834.002
ISBN:
9798229003834
ISSN:
1934-7685
Pages:
188
Keywords:
unwavering commitment; B. government policy; RSF arrangement; HIPC resource; floating exchange rate regime; climate change vulnerability; quality standard; Climate change; Global; Africa; Sub-Saharan Africa; Middle East
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This paper presents Republic of Madagascar’s 2024 Article IV Consultation, First Review under the Extended Credit Facility (ECF) Arrangement, Request for a Waiver of Nonobservance of Performance Criteria, and Financing Assurances Review, and First Review under the Arrangement under the Resilience and Sustainability Facility (RSF). After stabilizing at 4.2 percent in 2024, the Malagasy economy is expected to rebound to 4.6 percent in 2025. Inflation is projected to gradually decline in 2025. Madagascar’s performance under the ECF and RSF programs has been adequate albeit uneven. The implementation of an automatic fuel price adjustment mechanism will create fiscal space for social spending and investment. Medium-term growth prospects appear favorable, bolstered by the reforms supported by the RSF and the ECF, including government programs aimed at boosting agricultural productivity, increasing access to electricity, and improving road infrastructure. Further building adaptation and resilience to climate shocks as well as mobilizing climate finance should continue to be a key priority. The new decree on environmental and social impact assessments provides a framework to evaluate and select investment projects, which should be applied to new investments, including road projects.
Front Matter
Republic of Madagascar: Staff Report for the 2024 Article IV Consultation; First Review Under the Extended Credit Facility Arrangement; Request for A Waiver of Nonobservance of Performance Criteria; and Financing Assurances Review; and First Review Under the Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
Republic of Madagascar: Staff Report for the 2024 Article IV Consultation, First Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criteria, and Financing Assurances Review, and First Review Under the Arrangement Under the Resilience and Sustainability Facility—Informational Annex
Republic of Madagascar: Staff Report for the 2024 Article IV Consultation, First Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criteria, and Financing Assurances Review, and First Review Under the Arrangement Under the Resilience and Sustainability Facility—Debt Sustainability Analysis Update
Republic of Madagascar: Staff Report for the 2024 Article IV Consultation, First Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criteria, and Financing Assurances Review, and First Review Under the Arrangement Under the Resilience and Sustainability Facility
Statement by Mr. Adriano Isaias Ubisse, Executive Director for Madagascar; Mr. Moeti Godfrey Damane, Senior Advisor to Executive Director; and Mr. Hamidou Mohamed Cheik, Advisor to Executive Director, on Republic of Madagascar February 26, 2025
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund