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African Development Fund AFRICAN DEVELOPMENT FUND MADAGASCAR ECONOMIC MANAGEMENT REFORM SUPPORT PROGRAMME (PARGE) Public Disclosure authorized PROJECT COMPLETION REPORT (PCR) ECGF DEPARTMENT September 20118 Translated document Public Disclosure authorized PROJECT COMPLETION REPORT (PCR) FOR AFRICAN PUBLIC SECTOR OPERATIONS DEVELOPMENT BANK GROUP I Basic data A Report data Report date Date of report: 20 February 2018 Mission date (if field mission) From : August To : August 2017 2017 B Responsible Bank staff Positions At approval At completion Regional Director Marlène KANGA Josephine NGURE Country Manager Abdelkrim BENDJEBBOUR Mohamed CHERIF Sector Director Jacob MUKETE Abdoulaye COULIBALY Wilfrid ABIOLA Wilfrid ABIOLA Sector Manager Noel KULEMEKA Task Manager Angélique UMUBYEYI Angélique UMUBYEYI Alternate Task Manager Léandre BASSOLE PCR Team Leader Angélique UMUBYEYI Peer Reviewers: Emile KEMAYOU (RDGW) PCR Team Members Ndoli KALUMIYA (RDGS) Tankien DAYO (COMG) C Project data Project name : ECONOMIC MANAGEMENT REFORM SUPPORT PROGRAMME (PARGE) Project code : P-MG-KA0-009 Instrument number(s): ADF Loan No. 2100150035044 ADF Loan No. 2100140000201 / ADF Partial Credit Guarantee Project type : Budget Support Sector : Multi-sector Country : Madagascar Environmental categorisation (1-3): 3 Processing milestones – Bank approved Key Events (Bank approved financing only) Disbursement and closing dates financing only (add/delete rows depending (Bank approved financing only) on the number of financing sources) Financing source/ instrument11 : ADF Financing source/ instrument1:<ENTER Financing source/ instrument1: LOAN No. 2100150035044 HERE> <ENTER HERE> Date approved: 31 March 2016 Cancelled amounts: Original disbursement deadline: Date signed: 26 April 2016 Supplementary financing: Original closing date: Original closing date: 27 July 2016 Restructuring (specify date & amount involved): Revised (if applicable) disbursement deadline: Date effective for 1st disbursement: 27 Extensions (specify dates): Revised (if applicable) closing date: July 2016 1 Date of actual 1st disbursement: Financing source/ instrument2: Loan Financing source/ instrument2: Financing source/ instrument2: No. 2100140000201 : ADF Partial Credit Guarantee EUR 37,300,000 Date approved: 31 March 2016 Cancelled amounts: NA Original disbursement deadline: Date signed: 25 January 2017 Supplementary financing: NA Original closing date: Date of entry into force: 27 July 2016 Restructuring (specify date & amount involved): NA Revised (if applicable) disbursement deadline: Date effective for 1st disbursement: NA Extensions (specify dates):NA Revised (if applicable) closing date: Date of actual 1st disbursement: NA. The EUR 51,300,000 loan guaranteed by the Bank was disbursed by the Deutsche Bank on 30 June 2017 Financing source( UA) Disbursed amount(UA) Percentage Disbursed Percentage disbursed (%) amount undisbursed Financing source/ instrument1: UA 12, 500, 000 100% NA NA Financing source/ instrument2: PCG ADF EUR 37,300,000 NA NA NA = UA 29,639,637 Government : Other (eg. co-financiers). Add rows as Deutsche Bank 100% needed: Deutsche Bank loan partially disbursement of EUR 51, guaranteed by ADF (to the tune of 300,000 = UA EUR 37,300,000) 42,075,736.33 TOTAL UA 54,575, 736.33 100% 0 Co-financiers and other external partners: Deutsche Bank, which disbursed a loan guaranteed by the Bank Executing and implementing agency (ies): Ministry of Finance and Budget(MFB) D Management review and comments Report reviewed by Name Date Comments reviewed Country Manager Mohamed CHERIF Sector Manager Wilfrid ABIOLA, Acting Manager Regional Director(as chair of Country Team) Josephine NGURE Sector Director Abdoulaye COULIBALY, OIC 2 II Project performance assessment A Relevance 1. Relevance of project development objective Rating* Narrative assessment (max 250 words) 4 PARGE's development objective is to contribute, in consultation with other development partners, to creating the conditions for inclusive, strong and sustainable growth through the strengthening of economic management. While striving to create the necessary conditions for achieving the above-mentioned development objective, PARGE’s specific objectives are to: (i) improve fiscal revenue mobilisation; (ii) streamline public expenditure; (iii) improve public expenditure efficiency; and (iv) promote investments. The development objective was aligned with the priority actions of the 2015 - 2019 National Development Plan (NDP), the 2015 – 2019 attendant Implementation Plan (IP), and the 2015 – 2016 Presidential Emergency Plan (PEP). These instruments reflect the thrust of the country's new inclusive and sustainable development policy. The NDP’s five strategic priorities are: (i) governance, rule of law, security, decentralisation, democracy and national solidarity; (ii) preservation of macroeconomic stability and development support; (iii) inclusive growth and territorial anchorage of development; (iv) appropriate human capital to contribute to the development process; and (v) valuation of natural capital and building of resilience to disaster risks. * For all ratings in the PCR use the following scale: 4 (Highly satisfactory), 3 (Satisfactory), 2 (Unsatisfactory), 1 (Highly unsatisfactory) 2. Relevance of project design Rating* Narrative assessment (max 250 words) 3 PARGE was designed on a consultative and transparent basis. Discussions were conducted in consultation with the other TFPs, and focused on expanding fiscal space (improving public resource mobilisation and controlling public spending) needed to finance NDP programmes; promoting economic recovery by improving social spending and public investment efficiency as well as promoting private investment. In addition, owing to the financing slippage, partners took the commitment to support Madagascar at the same time. Indeed, in November 2015 the IMF approved a second Rapid Credit Facility followed by a Staff Monitoring Programme (SMP), and the World Bank provided budget support. Given the very difficult economic and social context in Madagascar, the authorities and the IMF agreed on a non-concessional debt margin capped at USD 200 million to be mobilised to support the country's economic recovery. It was in this context that the Government asked the Bank for a Partial Credit Guarantee (PCG) to mobilise USD 55 million, or EUR 51.3 million corresponding to a part of the country's financing needs. The Bank thus granted Madagascar a PCG, to enable the country to raise the additional resources needed. Indeed, the USD 40 million PCG, or EUR 37.3 million put in place in 2016 made it possible for Madagascar to borrow EUR 51.3 million from Deutsche Bank. With the PCG, Madagascar was able to benefit from favourable financing conditions: an extension of loan maturity and a considerable reduction in actual borrowing cost, given the exposure to country risks. The loan was disbursed in a single tranche. The conditions prior to its presentation to the Board took into account the overarching reforms that the country had to implement to 3 accelerate economic recovery. Thus, their achievement was testimony to the country's willingness to continue on this path. Specifically the country had to (i) Adopt the 2015 – 2019 Five-Year Tax Strategy (ii) Operationalise the anti-fraud scheme (iii) Adopt the 2016 - 2018 medium-term debt management strategy (iv) Adopt the Decree setting up the Technical Debt Committee (v) Implement the Arrears Clearance Plan and (vi) Adopt the PPP Law. PARGE was implemented under the coordination of the Budget Support Monitoring Committee, and the supervision of the General Secretariat of the Ministry of Finance and Budget, which is the body responsible for the implementation monitoring of all budget support programmes by development partners. 3. Lessons learned related to relevance Key issues Lessons learned Target audience (max 5, add rows as needed) Why is it preferable to start a For a transition country, 2 or 3 year budget 1. The project programme-based reforms support operations give the country more time review team operation? to implement and measure their effectiveness 2. The government over a medium-term period. concerned What are the support measures To build capacity and support structures 1. The project needed to achieve the expected responsible for implementing the budget review team budget support outcomes? support reforms operation, it is recommended 2. The government that institutional support projects be put in concerned place and that complementarity and synergy be ensured between the two supports. What lessons can be learned from The estimate of the commercial loan 1. The project the budget support operation disbursement date should take into account the review team coupled with a PCG? commercial bank’s identification period and 2. The government the loan’s negotiation and ratification period, concerned if any. The commercial loan partially guaranteed by the Bank was budgeted in the 2016 Amending Finance Law (LFR). However the disbursement took place in 2017. This delay was due to the length of time needed to select the commercial bank, negotiate the loan with the Deutsche Bank, and have it ratified by parliament. Given that Budget support is fungible in The PCG enabled Madagascar to mobilise 1. The project the national budget, what is the additional financing from Deutsche Bank to offset review team mechanism for ensuring that the the budget deficit. However, a targeting of reforms 2. The government commercial loan guaranteed by the relating to the repayment of government
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