Republic of Madagascar: 2022 Article IV Consultation, Third Review Under The Extended Credit Facility Arrangement, and Requests for A Waiver of Nonobservance of Performance Criteria and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
IMF Staff Country Reports, March 21, 2023
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- Republic of Madagascar: 2022 Article IV Consultation, Third Review Under The Extended Credit Facility Arrangement, and Requests for A Waiver of Nonobservance of Performance Criteria and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
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Bibliographic details
- Published: March 21, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400236013.002
Overview
- Focus: 2022 Article IV Consultation; Third Review under the Extended Credit Facility Arrangement; Requests for a Waiver of Nonobservance of Performance Criteria and Modification of Performance Criteria.
- Context: Two years of pandemic and multiple climate shocks have aggravated Madagascar’s fragility.
- Outlook characterization: Highly uncertain with risks tilted to the downside.
- Key structural vulnerabilities identified: social fragility, weak state capacity, and climate shocks.
Economic outlook and risks
- Growth projection: "growth is projected at 4.2 percent in 2022–2023."
- Past performance: "Madagascar’s economy rebounded faster than expected in 2021."
- Risks: Downside tilt due to social fragility, weak state capacity, and climate shocks.
Fiscal policy, public financial management, and procurement
- Recommendation: The authorities should further their efforts to enhance budget credibility and fiscal transparency.
- Recent reforms: "Recently adopted public financial management reforms are expected to contribute to better budget execution in 2023."
- Procurement: "Measures to enhance the legal framework for public procurement contracts would be welcome."
Program performance, reforms, and governance
- Overall assessment: "Overall program performance is mixed."
- Macroeconomic implementation: "Despite some macroeconomic slippages, the implementation of structural reforms is gaining momentum."
- Governance focus: "Improving governance and accelerating reforms to increase transparency and accountability are key to deliver higher and more inclusive growth."
Key statistics and publication metadata (as stated)
- Pages: 156
- Volume: 2023
- Issue: 117
- Series: Country Report No. 2023/117
- DOI: https://doi.org/10.5089/9798400236013.002
- Stock No: 1MDGEA2023002
- ISBN: 9798400236013
- ISSN: 1934-7685
- Publication date shown on page: March 21, 2023
- Subject keywords: Budget planning and preparation, External debt, International organization, Monetary policy, Public debt, Public financial management (PFM), Revenue administration
- Additional keywords: Africa, Budget planning and preparation, financial support, fund assistance, fund-supported program, Global, government institution, implementation support AFS PFM regulation, mining taxation reform, Policy discussion
Republic of Madagascar: 2022 Article IV Consultation, Third Review Under The Extended Credit Facility Arrangement, and Requests for A Waiver of Nonobservance of Performance Criteria and Modification of Performance Criteria — March 21, 2023
Content in this bundle
- 1mdgea2023002