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Republic of Madagascar
2022 Article IV Consultation, Third Review Under The Extended Credit Facility Arrangement, and Requests for A Waiver of Nonobservance of Performance Criteria and Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Republic of Madagascar
International Monetary , International Monetary Fund. African Dept.
The COVID-19 pandemic and extreme weather events have aggravated Madagascar’s fragility. The poverty rate is estimated to be above 80 percent. After a stronger-than-expected recovery in 2021, growth is estimated to have decelerated in 2022 mostly due to climate shocks and a worsening global environment. Fiscal performance has deteriorated with weak revenue performance and increasing crossliabilities with oil distributors. While fiscal and external deficits have widened, fiscal and external sustainability are preserved in the medium term.
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