Republic of Madagascar: Third and Fourth Reviews Under the Extend Credit Facility Arrangement, Request for a Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria, Financing Assurances Review

International Monetary Fund

No 2026/265, IMF Staff Country Reports from International Monetary Fund

Abstract: Madagascar is undergoing a political transition, with a gradual reshaping of its social contract and socio-economic policies. Social unrest in September 2025—triggered by pervasive power outages and water shortages—culminated in an abrupt change of government. The economic outlook has since been clouded further by tropical cyclones and the surge in global oil prices amidst the war in the Middle East. Against this backdrop, the ECF and RSF arrangements are focused on preserving macroeconomic stability, anchoring the budget in credible, inclusive and sustainable policies, and improving overall socio-economic resilience.

Pages: 159
Date: 2026-10-26
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