IMF voices fears over Madagascar central bank’s local gold buying

The Central Bank of Madagascar
Central Bank of Madagascar

International Monetary Fund staff have expressed concerns about the central bank of Madagascar’s purchases of unrefined gold from local producers.

In a report issued on April 9, the IMF said that the programme, which the central bank says is aimed at increasing its gold reserves, “raises safeguard concerns”. The policy might also interfere with the bank’s autonomy and reserves management, the report said. The IMF staff comments come in a report on its $312.4 million loan to Madagascar, which it

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