Madagascar: 2002 Article IV Consultation, Second Review Under the Poverty Reduction and Growth Facility, and Requests for Extension of Arrangement, Waiver of Performance Criteria, and Additional Interim Assistance Under the Enhanced Initiative for Heavily Indebted Poor Countries—Staff Report; and Public Information Notice and News Brief on the Executive Board Discussion
International Monetary Fund, Jan 9, 2003 - Business & Economics - 97 pages
This paper examines Madagascar’s 2002 Article IV Consultation, Second Review Under the Poverty Reduction and Growth Facility (PRGF), and Requests for Extension of Arrangement. Madagascar’s performance under the PRGF-supported program in 2001 was strong, with the exception of weak revenue collection, an issue that the new government has begun to address. The budget for 2003 is consistent with the macroeconomic constraints, and places an appropriate emphasis on revenue mobilization and on wage restraint. Administrative procedures need to be streamlined to ensure faster expenditure commitment and execution of donor-funded projects.
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adjustment African Development Bank Air Madagascar amounted to FMG Antananarivo areas Article IV consultation balance of payments Bank of Madagascar bank’s budget capital ceiling central bank completion point customs administration December decline disbursements domestic arrears domestic financing donors end-December 2002 end-June end-March end-September exchange rate expected export processing external reserves foreign direct investment foreign exchange foreign exchange market Fund staff estimates Fund’s government of Madagascar government’s HIPC Initiative implementation improve increase International Monetary Fund macroeconomic Malagasy authorities Malagasy francs measures medium-term MEFP monetary monitoring operations Paris Club percent in 2001 percent of GDP political crisis Poverty Reduction Strategy PRGF arrangement PRGF-supported program private sector privatization receipts PRSP public enterprises real GDP Reduction and Growth rural safeguards assessment second review shortfall SOLIMA strengthen structural reforms Table targets tax administration technical assistance treasury bills World Bank