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

Author: International Monetary Fund. African Dept.

Second Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; and Staff Report

Volume/Issue: Volume 2017 Issue 385

Publication date: December 2017

ISBN: 9781484333891

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Topics covered in this book

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Business and Economics , Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , ISCR , CR , disbursement , investment spending , disbursement of SDR , inflation Analysis and Forecasting , IMF staff estimate , SDR equivalent , Credit , Budget planning and preparation , Foreign assets , Fiscal stance

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Summary

This paper discusses Madagascar’s Second Review Under the Extended Credit Facility (ECF) Arrangement and Request for Modification of Performance Criteria (PC). Madagascar’s implementation of its economic program supported by the ECF has remained strong. All quantitative PCs and indicative targets were met at end-June 2017, and the program’s structural agenda is also advancing. The gradual economic recovery has continued, with solid growth and continued macroeconomic stability despite the drought and cyclone that affected Madagascar in early 2017. Fiscal performance has been roughly as planned, with strong revenue performance offsetting some unexpected spending pressures in 2017.