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# [MADAGASCAR] IMF Unlocks $155 Million After Combined 3rd and 4th ECF-RSF Reviews
- URL: https://businessoi.media/en/madagascar-fmi-155-millions-de-dollars-debloques-apres-les-3e-et-4e-revues-combinees-ecf-rsf-en/
- Published: 2026-10-08T02:48:59.000Z
- Updated: 2026-10-08T02:48:59.000Z
- Description: The IMF validates the combined 3rd and 4th reviews of Madagascar's ECF-RSF programme and unlocks $155 million. Growth is projected at 3.8% in 2026 and 4.5% in 2027.
- Author: Emmanuel TAOCHY
- Tags: Madagascar, Économie, Investissement, Finances publiques, Revue matinale, #en

The International Monetary Fund has approved two combined disbursements totalling **$155 million** for Madagascar, following the joint completion of the third and fourth reviews of programs supported by the Extended Credit Facility (ECF) and the Resilience and Sustainability Facility (RSF).

## What the Executive Board Approved

The disbursement is split between two windows: SDR 73.32 million — approximately **$100 million** — under the ECF, and SDR 40.73 million — around **$55 million** — under the RSF. The Board described programme implementation as "broadly satisfactory." The mission was led by Constant Lokeng, who presented findings at a press briefing in Antananarivo.

## Growth Trajectory Confirmed

The IMF maintained its projections at 3.1% for 2025, **3.8% for 2026**, and 4.5% for 2027 — contingent on political stability, oil price management, and resilience to climate shocks. Madagascar is navigating a political transition while contending with chronic electricity and water shortages, difficulties in the extractive sector, and continued cyclone exposure.

## What the Fund Expects Next

The IMF is asking Antananarivo to increase spending on health, education, and social protection, while strengthening tax and customs revenue collection. On fuel subsidies — which disproportionately benefit wealthier households — a full return to the automatic price adjustment mechanism is planned **from January 2027**. Economist Rivo Rakotoarisoa summed up the challenge: « We must turn this financing margin into economic results that endure over time. »

## Why It Matters

For investors and development partners active in Madagascar, the dual ECF-RSF validation sends a strong signal of fiscal credibility. It clears the path for additional co-financing — particularly from the World Bank and the AfDB — and reinforces the country's capacity to attract private capital during a still-fragile institutional transition. The $155 million disbursement also provides essential liquidity to fund ongoing structural reforms without resorting to commercial borrowing.