Republic of Madagascar: Staff-Monitored Program and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar

IMF Staff Country Reports, December 1, 2015

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Canonical URL: Republic of Madagascar: Staff-Monitored Program and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar

The paper discusses Madagascar’s Staff-Monitored Program (SMP) and Request for Disbursement under the Rapid Credit Facility (RCF).
Madagascar’s economic recovery failed to gain momentum in 2015, largely due to external shocks, persistent political instability, and weak governance.
The authorities implemented an adequate policy mix that broadly maintained macroeconomic stability.
In light of urgent balance of payments needs, the Malagasy authorities are requesting a second disbursement under the RCF, accompanied by a SMP.
IMF staff supports the authorities’ request for a disbursement under the RCF based on the policy track record over the past six months.

Year referenced: 2015.
Identified factors for stalled recovery:
- external shocks
- persistent political instability
- weak governance

Authorities implemented an adequate policy mix that broadly maintained macroeconomic stability.
Request: a second disbursement under the Rapid Credit Facility (RCF).
Accompaniment: a Staff-Monitored Program (SMP).
IMF staff position: supports the authorities’ request for a disbursement under the RCF based on the policy track record over the past six months.

Subject areas: Banking, Credit, Debt sustainability analysis, External debt, Money, Public debt, Revenue administration
Keywords: CR, Credit, Debt sustainability analysis, draft budget document, draft revision, Global, ISCR, RCF disbursement, reform effort, update assessment