Republic of Madagascar: Second and Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver and Modification of Performance Criteria—Staff Report; Staff Statement; Press Release on the Execut

Second and Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Request for Waiver and Modification of Performance Criteria—Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Republic of Madagascar

Author: International Monetary Fund

Volume/Issue: Volume 2008 Issue 066

Publication date: February 2008

ISBN: 9781451825459

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Topics covered in this book

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Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , Public Policy - Social Services and Welfare , ISCR , CR , customs revenue , staff appraisal , tax revenue collection , authority , IMF staff representative , PRGF arrangement , Poverty reduction strategy , Monetary base , Imports , Southern Africa , Africa , Global , East Africa

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Summary

There has been progress in strengthening public financial management; however, improving budget execution and strengthening public finances is required. The tax and custom administration reforms will help bolster private sector-led growth and meet the ambitious revenue target to finance priority expenditure. Monetary and exchange rate policy is required to reduce inflation while preventing an overshooting of the exchange rate. Further progress is needed to foster financial sector development. A more ambitious rehabilitation plan for the electricity sector needs to be designed and implemented with urgency.