IMF approves $304.7m loan for Madagascar
Madagascar's President Hery Rajaonarimampianina (second left) welcomes an IMF delegation led by Marshall Mills (centre) to a meeting at State House in Antananarivo. RIVONALA RAZAFISON | NATIN MEDIA GROUP
What you need to know:
An IMF delegation led by Mr Marshall Mills visited the island nation for an assessment at the time.
Antananarivo. (NMG) The International Monetary Fund (IMF) has approved $304.7 million loan for immediate disbursement to Madagascar, officials said.
An IMF statement said the decision was taken during a meeting of the management and the executive board in Washington DC Thursday.
The Extended Credit Facility Arrangement, aimed at sustaining an inclusive growth over the next three years, is the product of an agreement signed in Antananarivo last month.
An assessment
An IMF delegation led by Mr Marshall Mills visited the island nation for an assessment at the time.
The first disbursement of the fund is expected shortly to enhance Madagascar's Central Bank capacity.
The money will fund projects in the National Development Programme (PND).
Increasing dependence
They are mostly focused on public expenses, tax system, fight against the widespread corruption and energy supply.
Madagascar’s PND was updated in June in accordance with the Sustainable Development Goals (SDGs).
However, a Madagascar analysts, Mr Jean-Jacques Ratsietison, has strongly criticised the island nation's increasing dependence on donors in general and to IMF in particular.
