Republic of Madagascar: Second Review Under the Extend Credit Facility Arrangement, Request for Modification of Performance Criteria, Financing Assurances Review, and Second Review Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar

International Monetary Fund

No 2025/221, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents Republic of Madagascar’s Second Review under the Extend Credit Facility (ECF) Arrangement, Request for Modification of Performance Criteria, Financing Assurances Review, and Second Review under the Resilience and Sustainability Facility (RSF) Arrangement. Madagascar’s performance under the ECF and RSF has been satisfactory. The recent adoption of a recovery plan for the public utilities company (JIRAMA) and the continued implementation of the automatic fuel price adjustment mechanism will release space for critical development needs while helping improve energy supply. Recent weather-related events, reduction in official development assistance and the US tariff hike risk setting Madagascar back; they constitute a wakeup call. Moreover, weather-related shocks could exacerbate food insecurity. On the bright side, a more ambitious implementation of the government’s reform agenda and dissipation of external shocks could spur economic activity. All four continuous structural benchmarks (SBs) were met and one out of two noncontinuous SBs was met. There are two prior actions to review completion—related to the JIRAMA recovery plan and the automatic fuel pricing mechanism.

Keywords: staff appraisal; end-March BFM IT; arrears IT; RSF arrangement; financing gap; Fiscal stance; Credit; Budget planning and preparation; Global (search for similar items in EconPapers)
Pages: 121
Date: 2025-07-31
New Economics Papers: this item is included in nep-mac
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=569222 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2025/221

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().