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

International Monetary Fund

No 2017/223, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; authority; public utility company JIRAMA; current account; exchange rate; ECF arrangement; Executive Board assessment; investment program; one-off recapitalization; Public investment and public-private partnerships (PPP); Sub-Saharan Africa (search for similar items in EconPapers)
Pages: 133
Date: 2017-07-18
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