Madagascar (Xinhua) -- Rural area is
key to sustainable development in Madagascar, authorities here
said when they opened Wednesday the 18th edition of the
International Fair for Rural Economy of Madagascar.
"Malagasy farmers’ products are not only for their consumption
but also for the international market, which needs training for
the quality of their products," Minister of Agriculture and
Livestock Rivo Rakotovao said in his opening speech.
"We’ll do our best effort to let Madagascar independent in
food, especially in rice," the minister said, adding that his
department will professionalize farmers to respect standards in
The fair is an annual exchange platform between agriculture,
livestock, fishing and handicraft producers from the 22 regions
of Madagascar; public and private service providers for rural
development as well as technical and financial partners for the
promotion of rural activities.
For his part, Prime minister Mahafaly Solonandrasana said in
his speech that rural activities is the lever of development and
Malagasy young people should be interested in it.
"Access to the market needs professionalism, high technology,
so that capacity building for farmers is so important," the
Prime minister added.
"The road maintenance fund will be used also to repair roads
to the rural production areas. Processes to have land in rural
area will be facilitated and the government is thinking about
giving pension to retired farmers," the prime minister
About 350 stands were installed at the fair and organizers
expected 50,000 visitors during the five-day event.
IMF announces immediate
disbursement of 43.5 mln USD for Madagascar
ANTANANARIVO Madagascar (Xinhua) --
The executive board of the
International Monetary Fund (IMF) announced the immediate
disbursement of 43.5 million U.S. dollar for Madagascar in the
framework of Extended Credit Facility (ECF) arrangement, a
statement received Friday from IMF office here said.
"The IMF executive board approved 304.7 million U.S. dollar
under a 40-month ECF arrangement for Madagascar, to help
reinforce macroeconomic stability and boost sustainable and
inclusive growth", the statement said following the decision
taken in IMF headquarter in Washington on Wednesday.
"Following the Board’s decision, 43.5 million U.S. dollar is
available for immediate disbursement; the remaining amount will
be available in phases over the duration of the program, subject
to semi-annual reviews," the statement said.
The ECF is aimed at reinforcing macroeconomic stability and
promoting sustainable and inclusive growth in beneficiary
Through the ECF, IMF plans to boost prospects for inclusive
growth through improved access to education, health care, and
social protection combined with enhanced infrastructure and
private sector development in Madagascar.
IMF wants with its ECF to create also fiscal space through
improved revenue generation and spending prioritization. It
plans to reinforce economic governance in Madagascar by
strengthening public financial management and intensifying
It also wants to strengthen macroeconomic stability by
bolstering central bank operations and financial supervision in
However, IMF asks some reform from Madagascar to unlock the
remaining of the fund.
"The central bank has been strengthened by increased legal
independence and growing international reserves.
|The authorities should remain vigilant about maintaining
price stability, and continue to improve the operational
framework for monetary policy implementation, including by
establishing a well-functioning money market," IMF ordered
Madagascar to do so if it wants the continuation of the program.
IMF also asked Madagascar to invest more in infrastructure,
facilitate access to education and health care, increase tax
revenue, reduce lower-priority spending, and stop the subvention
to the state-owned enterprises, such as Madagascar electricity
and water state-owned company JIRAMA.
Madagascar became a member of the IMF on Sept. 25, 1963, and
has an IMF quota of 122.2 million special drawing right (SDR).
The country’s GDP growth is now estimated at 3.1 percent in
2015, which is slightly lower than that in 2014.
It remains among the poorest countries in the world, with a
gross national income per capita of 440 dollar and 92 percent of
people live with less than 2 dollar per day.