Since 12 October 2026, a high-level Malagasy delegation led by Prime Minister Mamitiana Rajaonarison has been defending the country's economic reform programme in Bangkok before the IMF and World Bank. At the heart of the negotiations: three requests for flexibility on fuel pricing, borrowing ceilings, and the primary deficit.
A packed agenda in Bangkok
The IMF-World Bank Annual Meetings are bringing delegations from around the world to Thailand this week. Madagascar is represented by a senior delegation presenting the « Refondation » programme to the Bretton Woods institutions.
Three specific relaxations are formally requested from the IMF: on the fuel price adjustment mechanism, on external borrowing ceilings, and on the primary deficit level. The IMF's management has yet to issue its decision on these requests.
Minister of Economy and Finance Herinjatovo Aimé Ramiarison warned that « political instability can wipe out macroeconomic gains » and argued for reforms that account for the social context, including the demands of Generation Z.
IMF just disbursed USD 155 million
The timing is favourable for Madagascar: on 30 September 2026, the IMF Executive Board completed the combined third and fourth reviews of the ECF and RSF programmes, unlocking a disbursement of approximately USD 155 million. This green light validates Antananarivo's fiscal consolidation efforts.
The conditions are clear: raise more tax revenues, improve customs governance — artificial intelligence was mentioned during the 13 October meeting with IMF Deputy Director Patrizia Tumbarello — and reduce fraud.
World Bank raises IDA commitments
On the World Bank side, Africa Group II — of which Madagascar is a member among 23 countries — met on 13 October. IDA (International Development Association) commitments rose from USD 7 to USD 9 billion, with stated priorities on energy, agriculture and infrastructure.
It should be noted that in April 2026, the World Bank had already approved USD 200 million for railways, ports and a logistics platform near Antananarivo.
Madagascar co-founds a global borrowers' platform
On the sidelines of the meetings, Madagascar participated in the inaugural Governance Council of the Borrowers' Platform, co-founded with 30 other countries. This body, chaired by Pakistan, adopted its 2026-2027 work programme on 12 October. Its goal: to better represent low-income countries in debt and development finance negotiations.
Why it matters
These meetings mark a pivotal moment for Madagascar. The country has just secured IMF approval for its reforms — a strong signal to donors — but must simultaneously demonstrate that it can execute faster. A budget execution rate of only 44.2% through the first nine months of 2026, and over 1 trillion ariary blocked due to absorption constraints, remain the blind spots in an otherwise improving picture.