Structural Financial Trajectories of State-Owned Utilities under Universal Service Mandates: Evidence from Madagascar

Trajectoires financières structurelles des entreprises publiques de services universels: le cas de Madagascar

Zo Rivomanana Rasoanaivo ()
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Zo Rivomanana Rasoanaivo: Faculty of Sciences, University of Antananarivo, Madagascar.

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Abstract: Based on JIRAMA's financial statements for fiscal years 2021, 2022, and 2023, and on the 2025-2028 financial recovery plan, this paper examines the dynamics of the operator's financial deterioration. The analysis goes beyond the evolution of losses alone. It reconstructs the mechanisms linking production costs, revenue structure, cash flows, and liability accumulation. The results show that the observed trajectory is not compatible with a recovery based on incremental adjustments. The discussion indicates that the 2025-2028 plan relies on assumptions of discontinuity that are not supported by observed trends. Similar trajectories are documented among public electricity utilities in Sub-Saharan Africa. The conclusion establishes that the blockage is institutional. It results from a long-term incompatibility between the universal service mandate, the cost structure, and the financing model.

Keywords: Public utilities; Electricity sector; Financial sustainability; State-owned enterprises; Sub-Saharan Africa; Madagascar; Fiscal transfers; Power purchase agreements; Energy policy; Institutional economics (search for similar items in EconPapers)
Date: 2026-02-03
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Persistent link: https://EconPapers.repec.org/RePEc:hal:wpaper:hal-05491668

DOI: 10.5281/zenodo.18410629

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