Description: Madagascar : Debt Management Performance Assessment

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Madagascar : Debt Management Performance Assessment

Madagascar's central government debt stood at around 30 percent of gross domestic product (GDP) in 2011. Due to political developments in 2008-2009, the Acting government of Madagascar has limited borrowing opportunities from both external and...

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Bibliographic Details
Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2015
Subjects:	ACCESS TO FINANCING ACCOUNTING AMORTIZATION ARREARS AUCTION AUCTION SYSTEM AUCTIONS AUDITORS BANK ACCESS BANK ACCOUNT BANK ACCOUNTS BANK FINANCING BANK RATE BANKING SECTOR BID BIDS BINDING CONSTRAINT BOND ISSUES BORROWING PLAN BUDGET DEFICIT BUDGETARY FRAMEWORK CAPITAL INVESTMENT CAPITALIZATION CASH BALANCE CASH BALANCES CASH FLOW CASH FLOWS CENTRAL BANK CENTRAL GOVERNMENT CENTRAL GOVERNMENT DEBT CHECKS COMMERCIAL BANK COMMERCIAL BANKS CONFLICT OF INTEREST CONSUMER PRICE INDEX CONTINGENT LIABILITIES CONTRACTUAL OBLIGATIONS CREDIT RISK CREDIT RISK ASSESSMENT CREDIT RISK ASSESSMENTS CREDITOR CREDITORS DEBT DEBT BURDEN DEBT DATA DEBT DATABASE DEBT DATABASES DEBT INTEREST DEBT LEVELS DEBT MANAGEMENT DEBT OUTSTANDING DEBT PAYMENTS DEBT RATIOS DEBT RELIEF DEBT SECURITY DEBT SERVICE DEBT SERVICE PAYMENTS DEBT SERVICING DEBT STOCK DEBT SUSTAINABILITY DEBT TRANSACTIONS DEBT-SERVICE DEFICIT FINANCING DERIVATIVES DEVELOPMENT BANK DISBURSEMENT DISBURSEMENTS DISCLOSURE OF INFORMATION DISCLOSURE REQUIREMENTS DOMESTIC BORROWING DOMESTIC BORROWINGS DOMESTIC DEBT DOMESTIC DEBT MARKET DOMESTIC FINANCIAL MARKET DOMESTIC MARKET ECONOMIC DEVELOPMENTS ECONOMIC POLICY EXCESS LIQUIDITY EXPENDITURE EXPENDITURES EXTERNAL BORROWING EXTERNAL BORROWINGS EXTERNAL DEBT EXTERNAL FUNDING FINANCES FINANCIAL ACCOUNTABILITY FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL PERFORMANCE FINANCIAL SECTOR FINANCIAL STATEMENTS FISCAL DEFICIT FISCAL POLICY FOREIGN CURRENCY FOREIGN DEBT FOREIGN DIRECT INVESTMENT GOVERNMENT BANK GOVERNMENT BOND GOVERNMENT BONDS GOVERNMENT BORROWINGS GOVERNMENT DEBT GOVERNMENT DEBT SECURITIES GOVERNMENT GUARANTEES GOVERNMENT INVOLVEMENT GOVERNMENT PAPER GOVERNMENT REVENUE GOVERNMENT REVENUES GOVERNMENT SECURITIES GRACE PERIOD GROSS DOMESTIC PRODUCT HUMAN RESOURCE INDEBTEDNESS INFLATION INFLATION RATE INFRASTRUCTURE INVESTMENTS INSTRUMENT INTEREST CALCULATION INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNAL AUDIT INTERNATIONAL STANDARD INVESTING INVESTMENT FINANCING INVESTMENT PROJECTS INVESTMENT PURPOSES ISSUANCE ISSUANCE OF GUARANTEES ISSUANCE OF TREASURY BILLS ISSUANCES LEGAL FRAMEWORK LEGAL PROVISIONS LENDER LENDERS LENDING AGREEMENT LENDING AGREEMENTS LENDING DECISIONS LIQUIDITY LIQUIDITY MANAGEMENT LOAN LOAN AGREEMENT LOAN AGREEMENTS LOAN BALANCE LOAN CONTRACT LOAN DATA LOAN GUARANTEE LOAN GUARANTEES LOAN TERMS LOCAL BANKS LOCAL CURRENCY LOCAL GOVERNMENT LONG-TERM EXTERNAL DEBT LONG-TERM MATURITY MACROECONOMIC POLICIES MACROECONOMIC STABILITY MACROECONOMIC UNCERTAINTIES MACROECONOMIC VARIABLES MARKET BORROWING MARKET INSTRUMENTS MARKET LIQUIDITY MARKET PLAYERS MARKETS DEVELOPMENTS MATURITIES MATURITY DATE MATURITY DATES MINISTRY OF FINANCE MONETARY AUTHORITIES MONETARY FINANCING MONETARY INSTRUMENTS MONETARY POLICY OPERATIONAL EXPENDITURES ORGANIZATIONAL STRUCTURE PAYMENT ORDER PENSION PENSION SYSTEM PERFORMANCE ASSESSMENT PERFORMANCE AUDITS PERFORMANCE INDICATOR PERFORMANCE INDICATORS POLITICAL UNCERTAINTY PORTFOLIO POVERTY REDUCTION PRIMARY DEALERS PRIMARY MARKET PRINCIPAL REPAYMENT PROGRAM MANAGER PUBLIC DEBT PUBLIC DEBT DATA PUBLIC DEBT MANAGEMENT PUBLIC EXPENDITURE PUBLIC FINANCE PUBLIC FUNDS PUBLIC INVESTMENT PUBLIC SECTOR DEBT REFORM PLAN REGISTRY SYSTEM REGULATORY FRAMEWORK REPAYMENT RESERVES RETAIL INVESTORS RETURNS RISK MANAGEMENT SALE OF SECURITIES SCHEDULE OF ISSUANCE SECURITIES STATE GUARANTEE SUPREME AUDIT INSTITUTIONS SUSTAINABILITY ANALYSIS T-BILL T-BILLS T-BONDS TAX TAX COLLECTION TOTAL DEBT TRANSACTION TREASURY TREASURY BILLS TREATIES TREATY TURNOVER USE OF DERIVATIVES
Online Access:	http://documents.worldbank.org/curated/en/2013/03/18403292/madagascar-debt-management-performance-assessment-dempa http://hdl.handle.net/10986/21521

Description
Summary:	Madagascar's central government debt stood at around 30 percent of gross domestic product (GDP) in 2011. Due to political developments in 2008-2009, the Acting government of Madagascar has limited borrowing opportunities from both external and domestic lenders. This situation is expected to change after the upcoming general elections planned for mid-2013. The legal framework for government debt management is unclear in some parts and in general underdeveloped. Thus, for 2013 fiscal year, the Parliament has authorized the government to borrow internally and externally for the implementation of various development projects. There are no specific debt management objectives, no requirement to develop a debt management strategy, and no evaluation process reflected in the primary legislation. An important step has been taken by reorganizing the Public Debt Directorate (PDD) of the Ministry of Finance and Budget as the Principal DeM entity of the government. It manages both external and domestic debt, and takes part in all loan negotiations. Yet to be prepared is a debt statistical bulletin and a comprehensive DeM strategy. There was one external compliance audit prepared in 2011 for the period of 2006-2008, but no performance audits. The final audit report was developed in 2012, but is not made public. There is no formal or informal debt management strategy in Madagascar. There is also no evaluation and disclosure of information on public government debt management. The debt statistical bulletin, prepared during 2012, is still in a draft form.