Madagascar reports difficult economic conditions

A disputed presidential election meant a difficult 2002 for Madagascar's central bank. In its recently published annual report for that year the central bank discusses the impact of these problems and its actions in combating them.

Political uncertainty led to unexpected falls in output, employment and tax receipts, which meant public budget shortfalls and delays in payments. The central bank was forced to change its plans for the year which had been based on declining inflation and a favourab