## 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_

## Source details

**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](https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-madagascar-staff-monitored-program-and-request-for-disbursement-under-the-rapid-43426)

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## Bibliographic details
- Published: December 1, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513591162.002

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### Summary
- 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.

### Economic context and causes of weak recovery
- Year referenced: 2015.
- Identified factors for stalled recovery:
  - external shocks
  - persistent political instability
  - weak governance

### Policy response and IMF action
- 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 coverage and keywords
- 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

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-madagascar-staff-monitored-program-and-request-for-disbursement-under-the-rapid-43426_