Republic of Madagascar:Request for a 40-Month Arrangement under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar

Author: International Monetary Fund. African Dept.

Request for a 40-Month Arrangement under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar

Volume/Issue: Volume 2021 Issue 075

Publication date: April 2021

ISBN: 9781513576794

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Topics covered in this book

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Exports and Imports , Finance , Money and Monetary Policy , Public Finance , International - Economics , ECF arrangement , financing gap , reform strategy , financing needs , frontloaded disbursement , COVID-19 , Credit , Global

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Nepal

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Malawi

Summary

The COVID-19 pandemic has hit Madagascar hard, reversing recent progress in per capita income and poverty reduction. GDP is estimated to have contracted by 4.2 percent in 2020. Two RCF disbursements approved on April 3 and July 30 (totaling 2.4 percent of GDP) helped close short-term financing gaps, supported mitigation measures, and contributed to catalyzing donor budget support. The authorities are seeking renewed Fund assistance to help the country face protracted balance of payment needs aggravated by the impact of the pandemic and support the authorities’ reform agenda summarized in the Plan Emergence Madagascar (PEM).