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: Following uncertainty prior to the mayoral elections, Madagascar was hit hard by weather-related events in early 2025 and, most notably external shocks: some discontinuation in official development assistance (ODA) (about 1 percent of GDP) and the U.S. tariff hike (47 percent initially). These developments risk setting Madagascar back, considering the country’s reliance on external financing (USAID support was omnipresent) and exposure of its labor-intensive textile industry and vanilla sector to the U.S. market. The Extended Credit Facility (ECF)and Resilience and Sustainability Facility (RSF) remain focused on helping enhance overall socio-economic resilience (in a fragile political context), in line with the General State Policy (PGE).

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
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