Navigating the Challenges: Wages and Reforms in Madagascar's Economy. Part Eight - IMF Loans


​Here's a short timeline of Madagascar's latest loan disbursements and relevant updates:

- June 2024: The IMF approved a 36-month Extended Credit Facility (ECF) totalling SDR 256.62 million (about US$337 million) and a Resilience and Sustainability Facility (RSF) of SDR 244.4 million (about US$321 million).

- July 2025: The IMF completed the second reviews of the ECF and RSF, authorizing additional disbursements of SDR 36.66 million (about US$50 million) under the ECF and SDR 40.732 million (about US$56 million) under the RSF.

- March 31, 2026: Madagascar's outstanding purchases and loans from the IMF totaled SDR 620.19 million.

- April 2026: The IMF indicated that combined third and fourth reviews could unlock approximately US$183 million under the ECF and RSF arrangements.

- July 2026: The IMF confirmed the potential total of SDR 134.4 million (about US$183 million) available through ongoing ECF and RSF reviews.

Key Purposes of Loans

- Macroeconomic Stabilisation 

- Climate Resilience Initiatives

- Access to Financing for MSMEs

- General Budget Support

- Social Sector Improvements

- Infrastructure Development

This timeline provides a clear overview of Madagascar's recent international loan activities and their purposes, reflecting ongoing support for economic stability and development.

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