Republic of Madagascar: Second Review Under the Extend Credit Facility Arrangement, Request for Modification of Performance Criteria, Financing Assurances Review, and Second Review Under the Resilience and Sustainability Facility Arrangement-Press Rel

Second Review Under the Extend Credit Facility Arrangement, Request for Modification of Performance Criteria, Financing Assurances Review, and Second Review Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar

Republic of Madagascar: Second Review Under the Extend Credit Facility Arrangement, Request for Modification of Performance Criteria, Financing Assurances Review, and Second Review Under the Resilience and Sustainability Facility Arrangement-Press Release; Staff Report
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Volume/Issue: Volume 2025 Issue 221
Publication date: July 2025
ISBN: 9798229018999
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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Fiscal risks , Tax refunds , Budget planning and preparation , Fuel prices , Credit , Fiscal stance , Arrears

Summary

Following uncertainty prior to the mayoral elections, Madagascar was hit hard by weather-related events in early 2025 and, most notably external shocks: some discontinuation in official development assistance (ODA) (about 1 percent of GDP) and the U.S. tariff hike (47 percent initially). These developments risk setting Madagascar back, considering the country’s reliance on external financing (USAID support was omnipresent) and exposure of its labor-intensive textile industry and vanilla sector to the U.S. market. The Extended Credit Facility (ECF)and Resilience and Sustainability Facility (RSF) remain focused on helping enhance overall socio-economic resilience (in a fragile political context), in line with the General State Policy (PGE).