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Madagascar - Structural Adjustment Program Project (English)

The Structural Adjustment Credit (SAC) Project aims to break Madagascar out of a poverty trap by helping to restore investor confidence. The main macroeconomic objectives are to achieve low inflation and to regularize the external debt situation within a viable balance of payments (debt rescheduling at the Paris club and mobilizing exceptional donor financing). The structural adjustment credit will also support structural reforms to open the economy to tourists and investors by clarifying the rules of the game around the principle that all economic activity is allowed except what is specifically prohibited. The credit is an integral part of the World Bank s Country Assistance Strategy (CAS), which details the central role of the SAC in restoring investor confidence and in taking the country to a high growth/poverty reduction scenario. The Bank'seeks to minimize risk and to offer investors concrete evidence of economic opening by making the credit a single tranche operation. Policy reform is directed at certain outcomes rather than at government actions. Future balance of payments support will be predicated on actual performance in areas such as budget implementation, private investment, and export growth (including tourism). The precise indicators to be monitored are defined in the CAS presented in early 1997. The need for additional balance of payments support for the program's remainder will be assessed when the macroeconomic framework is updated in 1997.

Details

  • Document Date

    1997/02/19

  • Document Type

    Managing Director's Report

  • Report Number

    P7013

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Madagascar,

  • Region

    Africa,

  • Disclosure Date

    2017/05/30

  • Disclosure Status

    Disclosed

  • Doc Name

    Madagascar - Structural Adjustment Program Project

  • Keywords

    accounting,adjustment lending,adjustment policies,agriculture,authority,authorization,balance of payments,banking law,banking system,budget deficit,Budget formulation,budgetary allocations,Capacity Building,capital expenditures,capital flows,Central Bank,Central Government,civil service,commercial banks,competitive bidding,Competitiveness,consensus,current expenditures,debt,debt relief,debt service,decree,decrees,democracy,democratic regime,deposits,devaluation,development assistance,economic activity,economic development,economic growth,economic policies,economic recovery,economic reform,economic situation,electricity,employment,Exchange rate,execution,expenditure,export growth,exports,financial constraints,financial performance,financial policies,financial regulations,financial sector,financial sectors,financial stability,financial system,FISCAL,fiscal discipline,fiscal incentives,Fiscal Management,FISCAL YEAR,foreign direct investment,foreign exchange,foreign exchange market,foreign investment,foreign investors,free trade,GDP,GDP deflator,Government controls,Government revenue,Gross Domestic Product,growth rate,Health expenditures,health services,health spending,import tariffs,imports,income,industrialization,inflation,inflation rate,interest rates,international trade,inventories,laws,legislation,licenses,liquidation,liquidity,local Governments,Macroeconomic Management,macroeconomic stability,monetary conditions,monetary management,monetary policy,monopolies,nationalization,new entrants,oil,payments arrears,per capita income,per capita incomes,policy makers,population growth,poverty alleviation,poverty line,Private Sector,private sector investment,private sector participation,Privatization,provisions,public debt,Public Enterprises,public expenditure,Public expenditure management,public expenditure reviews,Public Expenditures,public information,public institutions,Public Investment,public investments,public savings,public sector,public services,quotas,real GDP,referendum,regulatory body,regulatory framework,regulatory regime,reserve requirements,resource allocation,revenue performance,revolution,savings,social programs,social sectors,state banks,State ownership,Structural Adjustment,Tax,tax administration,Tax incentives,tax reform,tax reforms,tax revenues,taxation,Telecommunications,transparency,Transport,Treasury,Value Added

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Citation

Madagascar - Structural Adjustment Program Project (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/216451495763362315/Madagascar-Structural-Adjustment-Program-Project