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Africa > Madagascar, Republic of

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Cover Technical Assistance Reports
République de Madagascar: Rapport d’assistance technique—Rapport sur la Mission de Statistiques de Finances Publiques (16-20 mars 2026)
International Monetary Fund. Statistics Dept.
Une mission d’assistance technique du FMI en statistiques de finances publiques (SFP) s’est tenue à Antananarivo du 16 au 20 mars 2026 afin de renforcer la compilation et l’extension du champ de couverture des SFP. La mission s’est concentrée sur le classement sectoriel des unités publiques, l’extension de la couverture et la consolidation des données, tout en mettant en évidence des défis liés à l’utilisation de critères juridiques et à l’accès limité à des données sources complètes. Elle a salué l’adoption du décret sur les SFP et recommandé la mise en place d’un comité SFP pour améliorer la coordination et le partage des données, essentiels à la production de statistiques consolidées conformes aux normes internationales.
Keywords:
Statistiques de Finances Publiques; Administration Centrale Budgétaire; Unités Extrabudgétaires; Etablissements Publics Nationaux; Etablissements Publics à Caractère Administratif; Etablissements Publics à Caractère Industriel et Commercial; Collectivités Territoriales Décentralisées; Administrations Publiques.
Cover Technical Assistance Reports
République de Madagascar: Rapport d'assistance technique-Diagnostic de la gouvernance et des vulnérabilités à la corruption
International Monetary Fund. Fiscal Affairs Dept.
,
International Monetary Fund. Legal Dept.
,
International Monetary Fund. Finance Dept.
, and
International Monetary Fund. Monetary and Capital Markets Department
Le rapport sur le diagnostic de gouvernance, préparé dans le cadre d’une mission conjointe de FAD/LEG/FIN/MCM, présente les principales vulnérabilités en matière de gouvernance et de corruption à Madagascar. Le rapport couvre les domaines suivants : (i) nature et sévérité de la corruption ; (ii) Cadre légal, institutionnel et stratégique de lutte contre la corruption ; (iii) l’état de droit ; (iv) la lutte contre le blanchiment des capitaux et le financement du terrorisme ; (v) la politique fiscale ; (vi) la mobilisation des recettes ; (vii) la gestion des finances publiques ; (viii) la gouvernance et les opérations de la Banque Centrale ; et (ix) la surveillance du secteur financier. Dans chaque domaine, il fournit un aperçu de la situation actuelle, une analyse détaillée des principales questions nécessitant l’attention des autorités, et des recommandations ciblées avec des actions concrètes pour leur mise en œuvre. Le rapport identifie également les principales mesures de réforme, comme une contribution à la feuille de route des autorités sur les réformes de gouvernance, la Politique Générale de l’Etat 2024 (PGE), et la Stratégie Nationale de lutte contre la corruption (SNLC) 2025-2030 récemment adoptée.
Keywords:
Gouvernance; Corruption; Anti-corruption; Madagascar; Contrôle and Audit.
Cover IMF Working Papers
Bottlenecks to Private Sector Development in Sub-Saharan Africa: A Firm-Level Analysis
Razan Amine
,
Qianqian Zhang
,
Shushanik Hakobyan
, and
Ankita Goel
This paper analyzes the major bottlenecks to private sector development in sub-Saharan Africa using novel methods based on firm-level data. Employing both perception-based and proxy-based methodologies, we identify and measure seven key obstacles to development. Our findings reveal significant divergences between firms' perceptions and objective measures of business constraints. While firms frequently cite infrastructure deficiencies as their primary concern, our proxy-based analysis identifies corruption followed by financial constraints as the most severe impediments to firm growth. Furthermore, small and medium-sized enterprises face disproportionate challenges compared to large firms, especially regarding financial access and human capital limitations. These findings underscore the need for targeted, context-specific policy interventions that address the objective constraints facing different types of firms across diverse economic environments in sub-Saharan Africa.
Keywords:
Sub-Saharan Africa; private sector development; firm-level data; principal component analysis; novel method; level analysis; business constraint; firm performance; Business environment; Infrastructure; Corruption; Competition; Global
Cover IMF Staff Country Reports
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; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund. African Dept.
This paper presents Republic of Madagascar’s Second Review under the Extend Credit Facility (ECF) Arrangement, Request for Modification of Performance Criteria, Financing Assurances Review, and Second Review under the Resilience and Sustainability Facility (RSF) Arrangement. Madagascar’s performance under the ECF and RSF has been satisfactory. The recent adoption of a recovery plan for the public utilities company (JIRAMA) and the continued implementation of the automatic fuel price adjustment mechanism will release space for critical development needs while helping improve energy supply. Recent weather-related events, reduction in official development assistance and the US tariff hike risk setting Madagascar back; they constitute a wakeup call. Moreover, weather-related shocks could exacerbate food insecurity. On the bright side, a more ambitious implementation of the government’s reform agenda and dissipation of external shocks could spur economic activity. All four continuous structural benchmarks (SBs) were met and one out of two noncontinuous SBs was met. There are two prior actions to review completion—related to the JIRAMA recovery plan and the automatic fuel pricing mechanism.
Keywords:
staff appraisal; end-March BFM IT; arrears IT; RSF arrangement; financing gap; Fiscal stance; Credit; Budget planning and preparation; Global
Cover Selected Issues Papers
Improving Education Quality: The Returns to Teacher Training In Madagascar, Republic of Madagascar
Kodjovi M. Eklou
,
Ialy Rasoamanana
,
Joanne Tan
,
Mamy Andrianarilala
,
Rolland Andrianjaka
,
Chrystelle Tsafack
, and
Almedina Music
This paper highlights the role of teacher training in improving educational outcomes in Madagascar. With a low and stagnating Human Capital Index of 0.39 and high learning poverty rates, economic growth is hindered by an inadequately skilled workforce. This paper finds that doubling the share of qualified primary school teachers, from the current 15 to 30 percent, would allow Madagascar to harness its demographic dividend, raising per capita real GDP growth by around 2.5 to 3.1 percentage points in Madagascar.
Keywords:
Human capital; teacher training; education outcomes; demographic dividend; Education sector; FRAM teacher; teacher ratio; District level in Madagascar; Labor force participation; Education spending; Sub-Saharan Africa
Cover Selected Issues Papers
The Electricity Sector and Jirama: Republic of Madagascar
Constance de Soyres
,
Joanne Tan
, and
Claude P Wendling
Madagascar faces significant challenges in electricity access, with only 36 percent of the population connected. The state-owned utility, JIRAMA, struggles with inefficient production, high transmission and distribution losses, and tariffs below recovery costs. These issues create a substantial fiscal burden on the government, hindering social investment and economic growth. The situation negatively impacts business productivity, making the urgent implementation of JIRAMA's recovery plan essential. This plan should aim to enhance efficiency, reduce losses, and shift towards renewable energy, requiring robust support from the government to ensure sustainable development and improved living conditions for the population.
Keywords:
Electricity; Energy; Utility Management; Economic Development; Renewable Energy; Fiscal; Debt; Governance; business productivity; electricity sector; JIRAMA's reform; electricity access; HDI trends in Madagascar; Tariffs; Sub-Saharan Africa; Africa; Global
Cover Selected Issues Papers
Rice Production in Madagascar: Challenges to Self-Sufficiency
Vaishali Ashtakala
,
Joanne Tan
,
Timila Dhakhwa
, and
Yipei Zhang
The Malagasy government aims for self-sufficiency in rice production by 2027, targeting 6 million tons in 2024 and 11 million tons by 2030. Despite recent production increases, challenges such as competition from cheaper imports, low productivity, and climate change persist. This paper analyzes the impact of import competition on local markets, utilizing historical data on tariffs and VAT. It assesses potential rice output under various scenarios and discusses strategies for enhancing productivity sustainably. Findings indicate significant room for improvement in rice yields, highlighting the need for targeted supply-side policies to bolster local production without adversely affecting prices.
Keywords:
Rice production; hybrid seeds; agriculture productivity; food security; rice yield; rice cultivation; countries yield; rice demand and supply; self-sufficiency Republic of Madagascar; Agricultural commodities; Agricultural prices; VAT exemptions; Climate change; Natural disasters; Global; East Africa; Africa
Cover IMF Staff Country Reports
Republic of Madagascar: Staff Report for the 2024 Article IV Consultation; First Review Under the Extended Credit Facility Arrangement; Request for A Waiver of Nonobservance of Performance Criteria; and Financing Assurances Review; and First Review Under the Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund. African Dept.
This paper presents Republic of Madagascar’s 2024 Article IV Consultation, First Review under the Extended Credit Facility (ECF) Arrangement, Request for a Waiver of Nonobservance of Performance Criteria, and Financing Assurances Review, and First Review under the Arrangement under the Resilience and Sustainability Facility (RSF). After stabilizing at 4.2 percent in 2024, the Malagasy economy is expected to rebound to 4.6 percent in 2025. Inflation is projected to gradually decline in 2025. Madagascar’s performance under the ECF and RSF programs has been adequate albeit uneven. The implementation of an automatic fuel price adjustment mechanism will create fiscal space for social spending and investment. Medium-term growth prospects appear favorable, bolstered by the reforms supported by the RSF and the ECF, including government programs aimed at boosting agricultural productivity, increasing access to electricity, and improving road infrastructure. Further building adaptation and resilience to climate shocks as well as mobilizing climate finance should continue to be a key priority. The new decree on environmental and social impact assessments provides a framework to evaluate and select investment projects, which should be applied to new investments, including road projects.
Keywords:
unwavering commitment; B. government policy; RSF arrangement; HIPC resource; floating exchange rate regime; climate change vulnerability; quality standard; Climate change; Global; Africa; Sub-Saharan Africa; Middle East
Cover IMF Staff Country Reports
Republic of Madagascar: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper explores the electricity sector and Jiro sy rano Malagasy (JIRAMA) in Republic of Madagascar. JIRAMA’s production is relatively inefficient as the company produces less than what is generally acceptable, and at a higher cost. Electricity is the second biggest constraint to competitiveness reported by businesses in Madagascar, based on the Enterprise Survey conducted by the World Bank. A recovery plan is currently under preparation by the new JIRAMA management. While a first objective is for JIRAMA to reach financial sustainability and no longer be dependent on government transfers, other important objectives relate to electricity access and a shift of the production mix toward more renewables. The expansion of production capacity should take place through an increase in renewable energy to reach 85 percent of the production mix. Tariffs should be in line with recovery costs, including operational, distribution, commercialization, and investment costs. A first-best approach is to have one single household tariff and compensate most vulnerable households with targeted transfers.
Keywords:
rice production; teacher training; FRAM teacher; Education sector; rice yield in Madagascar; Agricultural commodities; Electricity; Labor force participation; Sub-Saharan Africa; Africa; Global; East Africa
Cover IMF Staff Country Reports
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; Staff Supplement; Staff Statement; and Statement by the Executive Director for Republic of Madagascar
International Monetary Fund. African Dept.
La croissance du PIB réel a marqué le pas à 3,8 % en 2023, ralentie par la dégradation des perspectives de l’économie mondiale et l’effet négatif de l’incertitude électorale sur l’investissement. Après avoir atteint un pic en mars 2023, les pressions inflationnistes se sont atténuées. Sous la direction du Président réélu, les autorités sollicitent l’annulation de l’accord en cours au titre de la facilité élargie de crédit (FEC), qui s’achève en juillet 2024, ainsi que de nouveaux accords au titre de la FEC et de la facilité pour la résilience et la durabilité (FRD). Les décaissements cumulés effectués dans le cadre de l’accord en cours au titre de la FEC s’élèvent à 171,08 millions de DTS (70 % de la quote-part, environ 78 % du montant total approuvé).