<\/p>\n
An IMF team led by Constant Lonkeng visited Antananarivo from October 5 to October 9 to assess economic developments, budget implementation and progress under IMF-supported programmes.<\/p>\n
<\/p>\n
Madagascar is undergoing a political transition following protests in 2025 linked to repeated electricity and water disruptions.<\/p>\n
<\/p>\n
Economic vulnerabilities were compounded by Cyclone Gezani and higher global oil prices resulting from the Middle East conflict. \u201cPost-cyclone reconstruction is underway,\u201d Lonkeng said.<\/p>\n
<\/p>\n
However, implementation of the 2026 Budget has been slower than expected because of administrative bottlenecks.<\/p>\n
<\/p>\n
The government plans to accelerate capital expenditure while considering institutional capacity and maintaining the year-end primary budget balance target. \u201cThe authorities intend to accelerate capital spending in an efficient manner, taking into account absorptive capacity, to support the recovery,\u201d Lonkeng said.<\/p>\n
<\/p>\n
The IMF called for full implementation of supplementary budget measures intended to rationalise tax expenditure and address emerging revenue shortfalls.<\/p>\n
<\/p>\n
Work on the 2027 Budget is also underway, with domestic revenue mobilisation and spending prioritisation expected to remain central to fiscal policy.<\/p>\n
<\/p>\n
The government plans to fully reinstate the automatic fuel-pricing mechanism. The IMF said the measure would help create fiscal space for Madagascar\u2019s substantial development needs.<\/p>\n
<\/p>\n
Lonkeng also called for faster reform of the state-owned electricity and water utility JIRAMA and implementation of outstanding climate measures under the Resilience and Sustainability Facility. \u201cOn the structural front, the focus should move from design and planning to implementation of governance reforms,\u201d Lonkeng said.<\/p>\n
<\/p>\n
A strong monitoring framework should track implementation of recommendations contained in the IMF governance diagnostic and strengthen accountability.<\/p>\n
<\/p>\n
The IMF approved Extended Credit Facility and Resilience and Sustainability Facility arrangements for Madagascar in June 2024. The combined third and fourth reviews were completed in September 2026.<\/p>\n
<\/p>\n
The next formal assessment will occur during the fifth reviews of both programmes, with another IMF mission expected in Antananarivo in the coming months.<\/p>\n
<\/p>\n
Lonkeng met the President of the Refoundation, Micha\u00ebl Randrianirina, Prime Minister Mamitiana Rajaonarison, senior government officials, businesses, civil society organisations and university students during the visit.<\/p>\n
<\/p>\n
–IMF\/ChannelAfrica–<\/p>\n
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