Republic of Madagascar: Request for an Arrangement Under the Extended Credit Facility and Cancellation of the Current Arrangement Under the Extended Credit Facility and Request for an Arrangement Under the Resilience and Sustainability Facility-Press

Request for an Arrangement Under the Extended Credit Facility and Cancellation of the Current Arrangement Under the Extended Credit Facility and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; Staff Supplement; Staff Statement; and Statement by the Executive Director for Republic of Madagascar

Author: International Monetary Fund. African Dept.

Republic of Madagascar: Request for an Arrangement Under the Extended Credit Facility and Cancellation of the Current Arrangement Under the Extended Credit Facility and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report

Volume/Issue: Volume 2024 Issue 205

Publication date: July 2024

ISBN: 9798400281709

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Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Environmental Economics , Republic of Madagascar executive board meeting , staff appraisal , ECF arrangement , automatic fuel , RSF arrangement , Climate change , Debt sustainability , Global

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Summary

Real GDP growth stalled at 3.8 percent in 2023, dampened by the deterioration of global economic prospects and the negative effect of electoral uncertainty on investment. After peaking in March 2023, inflationary pressures have eased. Led by a new presidential mandate, the authorities are requesting a cancellation of the current Extended Credit Facility (ECF) that ends in July 2024, and new ECF and Resilience and Sustainability Facility (RSF) arrangements. Cumulative disbursements under the current ECF reached SDR 171.08 million (70 percent of quota, about 78 percent of the total approved amount).