Republic of Madagascar:Second Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar

Author: International Monetary Fund. African Dept.

Second Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar

Volume/Issue: Volume 2022 Issue 316

Publication date: September 2022

ISBN: 9798400223396

$20.00

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Topics covered in this book

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Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , liabilities vis-à-vis fuel distributor , IMF team , transparency policy , spending commitment authorization process , budget transparency , governance reform agenda , Budget planning and preparation , Credit , Fiscal stance , Global , Sub-Saharan Africa

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Summary

Madagascar has not yet recovered from the pandemic and is struggling with the aftermath of a severe cyclone season and the fallout of Russia’s war in Ukraine. After a sharp contraction of GDP in 2020 (-7.1 percent) and a modest recovery in 2021 (4.3 percent), growth is projected to stall in 2022. Lower demand from trading partners, higher fuel and food prices, and recent weather events are weighing on economic activity and leading to widening fiscal and external deficits in the short term.