Republic of Madagascar: Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Request for Waiver of Nonobservance of Performance Criteria, and Modification of Performance Criteria

Volume/Issue: Volume 2004 Issue 404

Publication date: December 2004

ISBN: 9781451825336

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Topics covered in this book

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Banks and Banking , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Public Policy - Social Services and Welfare , ISCR , CR , government , PRGF arrangement , development goal , criterion , PRGF loan , implementation of the program , inflation front , debt relief , broad money , Poverty reduction strategy , Credit , Structural reforms , Global

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Republic of Congo : 2001 Article IV

Summary

This paper examines Madagascar’s Fifth Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, and Requests for Waiver of Nonobservance of Performance Criteria. Madagascar’s performance under the program was broadly satisfactory, taking into account the impact of the exogenous shocks and corrective actions taken by the authorities. Efforts to bring tax revenue and net foreign assets—the two indicative targets missed at end-June—back on track over the summer were successful. Progress was also made in structural reform, although with some delays.