TY - BOOK ID - 84543395 TI - Madagascar : Recent Economic Developments. AU - International Monetary Fund. AU - International Monetary Fund PY - 1995 SN - 145525407X 1452764808 1280941197 9786613745064 1463908210 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Banks and Banking KW - Exports and Imports KW - Foreign Exchange KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - International Lending and Debt Problems KW - Trade: General KW - Banking KW - International economics KW - Currency KW - Foreign exchange KW - Commercial banks KW - External debt KW - Arrears KW - Financial institutions KW - Exports KW - International trade KW - Banks and banking KW - Debts, External KW - Madagascar, Republic of UR - https://www.unicat.be/uniCat?func=search&query=sysid:84543395 AB - This paper describes the economic developments in Madagascar during the 1990s. In early 1994, the authorities prepared a medium-term policy statement with an outward orientation. Accordingly, a sweeping reform of the exchange and trade system was implemented in May 1994, including the floating of the Malagasy franc. However, financial policy was not sufficiently supportive: ad hoc tax exemptions were granted, particularly to foodstuffs and petroleum products, and other taxes were not fully collected. Thus, the fiscal deficit deteriorated, leading to a sharp acceleration in money creation and inflation, which rose to 61 percent by end-1994. ER -