December 2, 2016 / 8:57 AM / 3 years ago

Madagascar secures $6.4 billion in financial support: c.bank

PARIS (Reuters) - Foreign partners have pledged $6.4 billion to Madagascar for the next four years, the central bank governor said late on Thursday at a donors conference to help rebuild the Indian Ocean island after years of political turmoil.

A general view shows the cityscape in Madagascar's capital Antananarivo December 19, 2013. REUTERS/Thomas Mukoya

    Madagascar’s economy has been struggling since a 2009 coup scared off foreign investors and prompted many donors to shut down aid programmes. Donors and multilateral lenders began resuming cooperation after an orderly election at the end of 2013.

    The country is one of the world’s poorest, despite reserves of nickel, cobalt, gold, uranium and other minerals.

    “The total amount of commitments to finance the National Development Plan is $6.4 billion,” Alain Rasolofondraibe, the central bank governor, said at the conference.

    The existing National Development Plan runs from 2015 to 2019. Some of the pledges made by donors and financial partners covered the period 2017 to 2020, while others ran from 2017 to 2021, officials said.

   The conference for national and multilateral partners ended on Thursday, while talks with private sector partners continued on Friday.

    Patrick Imam, IMF resident representative in Madagascar, said financial and technical partners were still monitoring the government’s economic programme, including its efforts to tackle corruption and reforms of state enterprises.

    “We have largely achieved the goals we set ourselves,” President Hery Rajaonarimampianina said in his speech.

    The president had also told the conference on Thursday that Madagascar needed to achieve growth of 6.5 percent to help it reduce poverty. The International Monetary Fund estimated growth was 3.1 percent in 2015.

    Madagascar had been seeking to raise $5.4 billion in grants, loans or public-private partnership funding for the period 2016 to 2019.

Writing by Edmund Blair; Editing by Andrew Heavens

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