o rapa a,tsy resaka kakay fotsn ne fa raharahampirenena io mbo jereo aloha ty e(mino aho fa mahazo teny vahiny rapa ka mahay manavaka ny atao oe fandrosoana marina oh.ara-toekarena,sy ny fahefa-mividy ankoatry ny asa niforona dec 2002 atr@ volana vitsy talohany 17 mars 2009
Statement by an IMF Staff Mission to the Republic of Madagascar
Press Release No. 08/223
September 25, 2008
An International Monetary Fund (IMF) mission, led by George Tsibouris, visited Antananarivo during September 11-24, 2008, to hold discussions for the fifth review under the IMF's Poverty Reduction and Growth Facility (PRGF), the IMF's concessional lending facility for low-income countries. The mission met with His Excellency President Marc Ravalomanana, Minister of Finance and Budget Haja Nirina Razafinjatovo, Minister of Economy, Trade and Industry Ivohasina Razafimahefa, Central Bank of Madagascar Governor Frédéric Rasamoely, other senior officials of the Government of the Republic of Madagascar, as well as representatives from the private sector, non-governmental organizations, labor unions, and the donor community.
The mission issued the following statement in Antananarivo today:
Background
Since 1997, Madagascar has undertaken structural reforms, created a more favourable environment for private investment, and has taken steps to integrate into the world economy. These policies have improved macroeconomic stability and sustained growth. This was in sharp contrast to the preceding decades that were marked by economic decline.
Highly contested first round presidential elections in December 2001 triggered a political crisis in 2002 with severe economic and social consequences. GDP declined by nearly 13 percent and the poverty rate climbed from an estimated 69.6 percent in 2001 to 80.6 percent in 2002.
"Madagascar's economic growth continues to be sustained by prudent macroeconomic policies and ongoing construction of large mining projects. Real GDP growth is estimated at 7.1 percent in 2008. Due to the sizable increases in world food and petroleum prices earlier in the year, inflationary pressures have risen somewhat, with the consumer price index (CPI) 11.2 percent higher by end-August than 12 months earlier. Monetary policy has remained appropriately tight and the large inflows of foreign direct investment led to a further increase in foreign exchange reserves and some appreciation of the ariary. Fiscal performance was characterized by a continued improvement in revenue collection and relatively slow execution of the budget, resulting in lower than expected domestic financing.
"The outlook for 2009 remains positive. Economic growth is projected to accelerate to 7.4 percent, driven by buoyant agricultural production and mining activity."Successful conclusion of the discussions during the upcoming IMF Annual Meetings in Washington would allow consideration of the fifth review under the PRGF arrangement by the IMF Executive Board before end-2008.
"The mission would like to thank the authorities for their excellent cooperation and the frank and constructive discussions."
1 hafa avy @ Word Bank,
MADAGASCAR – ECONOMIC UPDATE: Going Down...
World Bank – October 20, 2009
Amidst the uncertainty of the political crisis and the chaotic return to a democratic government, the downward economic trends depicted by the last month World Bank’s economic update persisted during September
-First, the Government started to borrow from the domestic banking system over the past two months, since the net credit to Government increased by 88 billion Ariary between August and September 2009, which is equivalent to almost half of its monthly total spending.
-The second development is linked to the accelerated depreciation of the exchange rate, since the local currency lost 6 and 4 percent of its value compared to the Euro and the USD between mid-September and mid-October 2009 (Figure 5). This depreciation reflects the premium that existed on the parallel exchange market in early September and the shortage of foreign currencies due to lower capital inflows (including aid) and exports (albeit partially compensated by the decline in imports). The monetary authorities have however resisted intervening on the FOREX markets, maintaining the Central Bank’s reserves to about SDR592 millions in mid-October 2009
-The third and last development, concurrent to the depreciation of the Ariary, has been the pronounced decline in international trade over the past year (Figure 6). The decline in exports volume (down by 62 percent in August on a yearly basis) is above all The absence of political solution, endorsed by the international community, will exacerbate those pressures not only because aid flows will remain minimal but also in reason of the increasing probability of economic and political sanctions, including from the EC (the deadline for the Cotonou’s evaluation is on November 6) and from the US that will decide upon the suspension of Madagascar to AGOA by end December 2009.
efa nihatra ilay fampihantonana ny fifanarahana AGOA ary asa 25.000 no very,na i ratsy iraka na zafy na tsiranana tsy nisy lasa lavitra raha fampiroboroboana ny toekarena @ tantarany M.kara,noho ny fanonganampanjakana tsy ekeny Malagasy rehetra sy ny any ivelany de tsy aharitra ela izany ka ahirato ny maso miijery fa tsy tombotsoa ho any firenena sy ny Malagasy izany
