马达加斯加共和国：根据延长信贷安排进行的第二次审查、修改绩效标准的请求、融资保证审查以及根据弹性和可持续性贷款安排进行的二次审查新闻稿；员工报告；马达加斯加共和国执行主任的发言

SECOND REVIEW UNDER THE EXTEND CREDITFACILITY ARRANGEMENT,REQUEST FORMODIFICATION OF PERFORMANCE CRITERIA,FINANCING ASSURANCES REVIEW, AND SECONDREVIEW UNDER THE RESILIENCE AND SUSTAINABILITYFACILITY ARRANGEMENT—PRESS RELEASE;STAFFREPORT;STAFF STATEMENT,AND STATEMENT BY THEEXECUTIVE DIRECTOR FORREPUBLIC OFMADAGASCAR In the context of theSecond Review Under the Extend Credit Facility Arrangement,Request for Modification of Performance Criteria, Financing Assurances Review, andSecond Review Under the Resilience and Sustainability Facility Arrangement, the followingdocuments have been released and are included in this package: •APressReleaseincluding a statement by the Chair of the Executive Board. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onJuly 3, 2025, following discussions that ended onApril 14, 2025, withthe officials oftheRepublic of Madagascaron economic developments and policiesunderpinning the IMF arrangement under theExtended Credit FacilityandtheResilienceand Sustainability Facility. Based on information available at the time ofthese discussions, the staff report was completed onJune 11, 2025. •AStaffStatementupdating information on recent developments. •AStatement by the Executive DirectorfortheRepublic of Madagascar. TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public fromInternational Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. IMF Executive Board Completes the Second Reviews Underthe Extended Credit Facility and the Resilience andSustainability Facility Arrangements with the Republic ofMadagascar FOR IMMEDIATE RELEASE •The IMF Executive Board completed the Second Reviews under the Extended CreditFacility (ECF) arrangement and the Resilience and Sustainability Facility (RSF)arrangement for the Republic of Madagascar, allowing for an immediate disbursement ofSDR 77.392 million (about US$107 million). •Madagascar’s performance under the ECF and RSF has been satisfactory. The recentadoption of a recovery plan for the public utilities company (JIRAMA) and the continuedimplementation of the automatic fuel price adjustment mechanism will release space forcritical development needs while helping improve energy supply. •Recent weather-related events, reduction in official development assistance (ODA) and theU.S tariff hike risk setting Madagascar back; they constitute a wakeup call. Washington, DC–July 3, 2025:The Executive Board of the International Monetary Fund(IMF) completed today the Second Reviews under the 36-month Extended Credit Facility(ECF) arrangement and under the 36-month Resilience and Sustainability Facility (RSF)arrangement. The ECF and RSF arrangements were approved by the IMF Executive Board inJune 2024 (seePR24/232). The authorities have consented to the publication of the StaffReport prepared for this review.1 The completion of the reviews allows for the immediate disbursement of SDR 36.66 million(about US$50 million) under the ECF arrangement and of SDR 40.732 million (about US$56million) under the RSF arrangement. Madagascar has been hit by a myriad of shocks this year, including weather-related eventsand the dual external shock of ODA reduction (by about 1 percent of GDP) and U.S. tariff hike(47 percent initially). These developments would take a toll on growth, considering thecountry’s high dependence on external financial support and the exposure of its vanilla sectorand textile industry to the U.S. market. Growth in 2025 would be lower-than-previouslyexpected at 4 percent. The current account deficit widened to 5.4 percent of GDP in 2024, due to continued weakperformance in some mining subsectors; it is expected to widen further (to 6.1 percent ofGDP) this year, amidst challenging prospects in the textile industry and the vanilla sector. Program performance has been satisfactory, with all end-December 2024 quantitativeperformance criteria and three out of four indicative targets having been met. M3 growth waswithin the bands of the Monetary Policy Consultation Clause. All but one structural benchmarkfor the review period were also met. On the RSF front, a new forest carbon framework thatpromotes private sector participation in the reforestation was adopted and the NationalContingency Fund for disaster risk management was operationalized. At the conclusion of the Executive Board discussion, Mr. Nigel Clarke, Deputy ManagingDirector, and Acting Chair, made the following statement: “Performance improved gradually over the first half year of the program, following delaysrelated to mayoral elections; all but one of the end-December 2024 quantitative targets weremet