IMF unlocks $31.9 million for Madagascar
Natural disasters and oil price rises increased fiscal deficit
The International Monetary Fund has unlocked a loan to Madagascar worth 24.4 billion special drawing rights (SDR) or $31.9 million, under the country’s extended credit facility.
The facility provides financial assistance to countries with “protracted” balance of payments problems. Total disbursements to Madagascar are now SDR122.2 million, around $159.7 million.
Antoinette Sayeh, IMF deputy managing director, said the central bank should “stand ready” to raise interest rates to contain
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