2023-06-22 09:25:47
The Board of Directors of the International Monetary Fund (IMF) has approved the 4th review of the agreement with Madagascar under the Extended Credit Facility (ECF). This allows Madagascar to benefit from the disbursement of an amount of 32 million dollars to cover the country’s external and budgetary financing needs.
The situation of the public water and electricity company, Jirama, was addressed in the discussions in Washington. “As this is not an isolated case given that the majority of water and electricity companies in African countries are currently sharing the same concern due to the oil price shock, the board members of Administration have shown understanding and flexibility,” says the Ministry of Finance.
In this budget support, the recovery of JIRAMA thus remains a priority to reduce its cost for the state budget and improve the service provided. The authorities have once again made a commitment to the IMF to strengthen the monitoring and transparency of JIRAMA’s financial situation.
The FEC is a financial assistance program from the International Monetary Fund to support the economic programs of countries like Madagascar. The Big Island has benefited from this program since February 12, 2021 and will benefit from a total of $312 million in funds to be disbursed in seven tranches over a period of 40 months.
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