Strengthening economic exchanges

Madagascar took part in the 2024 African Caucus, which addressed the following topic : « Encouraging Intra-African Trade: A Driver of Sustainable Economic Growth in Africa ».

This annual meeting gathers the African governors of the International Monetary Fund (IMF) and the World Bank. The meeting took place in Abuja, Nigeria, from August 1 to 3, under the leadership of the Nigerian Minister of Finance, Wale Edun. As the World Bank governor for Madagascar, the Malagasy delegation was accompanied by the Minister of Economy and Finance, Rindra Hasimbelo Rabarinirinarison. The governor of the Central Bank of Madagascar, Aivo Andrianarivelo, also served as the IMF alternate governor for the country.

The discussions mainly focused on four points: the creation of the annual memorandum for the IMF and World Bank meetings, encouraging regional cooperation to promote trade in Africa, increasing Africa’s influence in the decisions of global financial institutions, and promoting sustainable growth through inclusive and sustainable strategies.

Participants also examined payment methods in Africa, which are often based on foreign currencies. This results in significant losses to the continent, estimated at 5 billion USD per year. Additionally, energy infrastructure was a major topic of discussion. The World Bank and the African Development Bank support the « Mission 300 » program, which aims to provide electricity to 300 million people by 2030. Madagascar, chosen as one of the 12 pilot countries, benefits from this initiative.