Six semiannual reviews planned over 3 years

The International Monetary Fund (IMF) plans to conduct the first assessment of the Extended Credit Facility (ECF) from September 30 to October 11.

This announcement follows a meeting between Eklou Kodjovi, the new permanent representative of the IMF in Madagascar, and Malagasy Minister of Economy and Finance, Rindra Hasimbelo Rabarinirinarison. Before this initial review, several measures must be implemented, particularly those listed as preliminary actions and structural benchmarks in the agreement with the IMF. In Madagascar’s ECF program, six semiannual reviews are scheduled over 36 months, starting in June.

The IMF will also deliver the « Article IV » consultation report to Madagascar during this first review. This quarterly report covers various economic themes. This year, it focuses on four critical aspects: electrical energy, rice production, the importance of education in economic development, and the impact of climate change on the national economy.

The IMF has already announced that Madagascar will immediately receive 48 million USD. Additionally, the first part of an ECF program totaling 337 million USD is planned for a 36-month duration. The IMF’s Executive Board made this decision on June 21, following the study of Madagascar’s request for new measures under the ECF.