Republic of Madagascar: 2017 Article IV Consultation, First Review Under the Extended Credit Facility Arrangement, and Request for Waiver of Nonobservance of Performance Criterion, Modification of Performance Criterion and Augmentation of Access-Press Release; Staff Report; Informational Annex, Debt Sustainability Analysis, and Statement by the Executive Director for Republic of Madagascar
July 18, 2017
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This 2017 Article IV Consultation highlights that economic developments in Madagascar were encouraging in 2016. Driven by public investment, increasing textile exports, and accelerating activity in agroindustry, economic growth reached 4.2 percent in 2016—the highest level since 2008. Reforms continued in revenue administration, and fiscal revenue exceeded targets. Inflation was contained at 7.0 percent at end-2016. The external position strengthened significantly, benefitting from a positive shock to vanilla export prices and strong growth in manufacturing exports. In spite of current challenges, the medium term outlook is favorable. Growth is projected to accelerate, driven by the investment scaling up, tourism, garments and other light manufacturing, mining, and productivity gains in agriculture.
Subject: Banking, Expenditure, External debt, National accounts, Public debt, Public financial management (PFM), Public investment and public-private partnerships (PPP), Revenue administration
Keywords: authority, CR, current account, ECF arrangement, exchange rate, Executive Board assessment, investment program, ISCR, one-off recapitalization, Public investment and public-private partnerships (PPP), public utility company JIRAMA, Sub-Saharan Africa
Pages:
133
Volume:
2017
DOI:
Issue:
223
Series:
Country Report No. 2017/223
Stock No:
1MDGEA2017001
ISBN:
9781484310656
ISSN:
1934-7685
