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brief-Madagascar by pengxiang

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									                                                                                     Country Brief

                                                                           MADAGASCAR
                                                                                  December 1, 2009


EXECUTIVE SUMMARY
Madagascar is one of the poorest and least developed countries in the world. Most of the population lives
in poverty. The infrastructure is generally in poor condition and the health and education systems are
inadequate. The economy has been undermined by the unconstitutional assumption of the Presidency by
Andry Rajoelina, the former mayor of Antananarivo. This has prompted donor countries to stop providing
foreign assistance, which is a critical source of funding for the budget and economic development. As a
result, the economy is struggling. After retreating by 0.4% in 2009, the IMF is predicting growth of just
0.9% in 2010. This is well below the 2.5% annual population growth.


Geography

Madagascar is the fourth largest island in the world. It is
situated in southern Africa, off the coast of Mozambique, has
a subtropical climate (the rainy season is from November to
April) and is slightly less than twice the size of Arizona. The
population is 21,281,844 (US Census Bureau estimate for
2010) and the population density is 36.6 people per sq. km.
The capital, the largest city and the commercial capital is
Antananarivo. It has a population of 1.697 mn. The major
port is at Toamasina, which is 217 km northeast of the
capital. Arable land accounts for 5.0% of the area of the
country, 30.2% of the population lives in urban areas (UN
estimate for 2010), 22.1% of the country is covered by
forests, 1.0% of the land area is devoted to permanent
crops, there are 4,828 km of coastlines and there are 10,860
sq km of irrigated land. The median age is 18.1 years, the
birth rate is 38.1 per 1,000 people, the death rate is 8.1 per
1,000 people, the fertility rate is 5.1 children per female,
43.3% of the population is under 15 years old, 23.3% are
between 25 and 44 and 3.0% are 65 years and older. The
annual population growth rate is 2.52% (UN estimate for
2010-2015). The time zone is 3 hours ahead of Greenwich
meantime. Malagasy is the most widely spoken language. It
along with French and English (as of 2007) are the official
languages. Madagascar is a former French colony that
received its independence on June 26, 1960.




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SECTION SUMMARY AND TREND

Political Environment - Government & Civil Liberties                                     Trend

 President Andry Rajoelina assumed office on March 18, 2009 in an
 unconstitutional manner after former President Ravalomanan was forced to turn
 over the reins of power to the military following anti-government protests that were
 led by Rajoelina. The military anointed Rajoelina as interim president. The African
 Union and Madagascar’s main donor countries have viewed the transfer of power            Negative
 as illegal. Several power sharing agreements have been negotiated between
 Rajoelina and Ravalomanan in recent months. The latest of which was concluded
 in November. Given the enmity between the 2 leaders however, it is unlikely there
 will be a return to political normalcy any time in the near future.
Economic Overview                                                                        Trend
 Infrastructure
 The roads are in poor condition with just 11.6% of the road network paved. Much         Negative
 of the rail system is dilapidated. Only about 20% of the population has access to
 piped sewage or septic tanks.
 Energy Sector
 Oil was discovered in 2004. Although production at present is miniscule, the
 government is hoping that oil output by 2011 will be as much as 200,000 barrels a       Positive
 day. Coal production will begin next year. Hydropower generated 64.9% of
 electricity in 2005 and thermal (mostly oil and diesel) the remainder. The
 electrification rate is 45% for urban areas and only 5% for rural areas.
 External Accounts
 Madagascar runs a large trade deficit because it imports virtually all of its oil
 requirement, is a net importer of cereals and has to import large amounts of capital    Negative
 and transportation goods for several large mining projects. The trade deficit in
 2008 was 13.4% of GDP in 2008.
 External Debt
 Madagascar has reached the completion point of the World Bank's and IMF’s               Positive
 Enhanced Heavily Indebted Poor Countries (HIPC) Initiative and therefore has
 received irrevocable debt relief.
 Agriculture Sector
                                                                                         Stable
 Most of farming is subsistence in nature. Rice and cassava are the main food
 crops. Madagascar is a net exporter of food as a result of large exports of shrimp.
 Informal Economy
 There is a large informal economy. The formal economy does not create jobs in
 sufficient quantity to accommodate the new entrants into the labor force. Illegal       Negative
 logging is a major illicit activity that is destroying the forests, which are a major
 attraction for tourists.

Business Environment                                                                     Trend

 Openness to Foreign Investment
 The government encourages foreign investment to spur growth, exports and
 employment. Nevertheless, Madagascar has a difficult investment environment
 because of a dearth of skilled labor, an inadequate infrastructure, a lack of           Negative
 transparency in the government regulatory decision making process and a low
 electrification rate. Most foreign investment is in the oil and mining sectors.



                                                                                                     2
  Financial Sector
  The financial sector is shallow and underdeveloped and as such constrains private         Negative
  sector development. There is hardly any commercial banking activity in rural areas.
  Corruption
  Madagascar is ranked 99 of 180 nations in Transparency International’s 2009               Stable
  corruption perception index. Corruption is a major problem but it is not as endemic
  and rampant as in many other sub-Saharan nations.

 Human Capital                                                                              Trend

  Madagascar is ranked 145 of 182 in the 2009 UNDP HDI. Poverty is widespread,
  there are few jobs in the formal economy, the life expectancy is 63.3 years, the
  infant mortality rate is 52.8 per 1,000 live births, 89.6% of the population lives on     Stable
  less than $2 a day, the adult literacy rate is 71.0% and there are just 30 physicians
  per 100,000 people.

 Economic Outlook                                                                           Trend

  The economy is struggling because of the decision of Madagascar’s main donor
  countries to cease foreign assistance because of the “illegal” assumption of power
  by Andry Rajoelina. A further devastating blow to the economy would occur if the
  US decides to cease Madagascar’s preferential trading privileges under the African        Negative
  Growth and Opportunity Act. This would cripple the clothing and textile sector
  which has grown rapidly in recent years and has become an important source of
  jobs.


I. Political Environment

 Index                                                  Rank                   Score
                                                                               Political Rights: 4.0/7.0
 Freedom House Index 2009                               Status: Partly Free
                                                                               Civil Rights: 3.0/7.0
 Bertelsmann Transformation Index 2010                  75/128                 5.30/10.00
 Fund for Peace - Failed State Index 2009               68/177                 81.6/125.0
 World Bank Gov Indicator 2009, Political Stability     30.1 Percentile        -0.42

1. Government

The chief of state is President Andry Rajoelina who has held the office since March 18, 2009. He
assumed the Presidency after the democratically elected president Marc Ravalomanan stepped down
and ceded the government to the military, which conferred the presidency on Rajoelina, the main
opposition leader and mayor of Antananarivo. President Ravalomanan resignation was prompted by
many weeks of political turmoil. Rajoelina had accused him of running the country like a “private firm with
no concern for the poor.” In doing so he tapped into widespread public discontent over the lack of
improvement in the standard of living. Ravalomanan in turn accused Rajoelina of seeking to illegally
seize power.

Rajoelina led large protests in the capital against the government, some of which turned violent when
police fired on demonstrators. The military, which traditionally adopts a neutral attitude towards the
government, sided with Rajoelina, thus making Ravalomanan’s political position untenable and forcing
him to resign. Technically, Rajoelina was not eligible to be president as he was under 40 and the
constitution stipulates that the president must be at least 40. In addition, the constitution mandates that
the head of the upper house of parliament should assume interim control of the government after the
departure of the president, and elections must be held within 60 days. Rajoelina was named president of
                                                                                                           3
a transitional authority which pledged to hold presidential, general and local elections within 2 years. After
resigning, Ravalomanan fled to South Africa. In June 2009, he was sentenced in absentia by a court to 4
years in jail and fined $70 mn for abuse of office regarding the purchase of a presidential jet that cost $60
mn.

Rajoelina's assumption of the Presidency did not usher in a period political stability, particularly as it was
an unconstitutional act. Both the African Union (AU), which has suspended Madagascar’s membership,
and the Southern African Development Community, have refused to recognize him as the president.
Former President Ravalomana meanwhile continued to insist that he was the rightful head of state. On
November 3, 2009, the AU hosted talks between Ravalomana and Rajoelina in Addis Ababa to try to
reach a political solution. A power sharing agreement was concluded on November 6. Under its terms,
Rajoelina remains in power but there will be 2 co-presidents, a prime minister, 3 vice prime ministers and
a 31 member cabinet that will preside until elections are held in late 2010. The agreement though is
fragile and given the lack of trust and goodwill between Ravalomana and Rajoelina, it is unlikely to be
fully implemented, thus ensuring that political turmoil will persist. It should be noted in this regard that
earlier power-sharing agreements struck by the 2 leaders in Maputo in August, and a subsequent
agreement in October, broke down and were not fully implemented. In an indication of how difficult it will
be to fulfill the stipulations of the November 3 agreement, President Rajoelina rejected an invitation on
November 30 to meet with his political rivals in Mozambique in early December to break a deadlock over
the composition of the cabinet of the power-sharing government. President Rajoelina said that if the
impasse persists then the government he unilaterally established in breach of an earlier power sharing
agreement that took effect in August will remain in place.

The president is elected by popular vote to a 5-year term and is eligible for a second term. Suffrage is 18
years. The last election was conducted on December 3, 2006. Marc Ravalomana captured 54.8% of the
vote. This was Ravalomana’s second term in office. He won the December 2001 ballot with 51.5% of the
vote. The election was viewed as free and fair. Former Mauritius Prime Minister Paul Bérenger, who lead
a team of observers from the Electoral Institute of Southern Africa, said the election was “conducted to a
large degree in a manner which allowed the Malagasy people to express freely their democratic choice."

There is a bicameral legislature that consists of the Senate and the National Assembly. The Senate has
100 seats of which two-thirds are filled by regional assemblies and the remaining seats are appointed by
the president. Senators serve for 4 years. The National Assembly has 127 members who are elected by
popular vote and serve a 4-year term. The last election was held on September 23, 2007. The I Love
Madagascar Party has 106 seats. The next election is supposed to take place in late 2010.

2. Civil Liberties

Freedom House has designated Madagascar as “partly free” and has assigned it a rating of 4 out of 7 for
political rights and 3 out of 7 for civil rights. The lower the rating the higher the degree of political and civil
liberties. Madagascar is rated 75 of 128 nations in the Bertelsmann Transformation Index. It is ranked
68 of 177 in the Fund for Peace Failed State Index (the lower the ranking the higher the degree of
economic and political dysfunction) and is ranked at the 30.1 Percentile in the World Bank’s Political
Stability Governance Indicator.

The constitution provides for freedom of the press. The government however has at times curbed press
freedom and sought to limit coverage of alleged government malfeasance. During the March 2009
upheavals, security forces ransacked a TV and radio broadcaster owned by Andry Rajoelina. There are
13 privately owned major newspapers. The government owns nationwide television and radio networks.
There are no restrictions on using the Internet. The government does not monitor e-mail correspondence
or Internet chat rooms. Internet use is limited by the inability of much of the population to afford a
personal computer, the low electrification rate and the high connect charges. Freedom House ranks
Madagascar 106 of 195 in its Freedom of the Press survey for 2009 and characterizes the press as
"partly free.”

Religious freedom is respected. There are no limitations on academic freedom. Freedoms of assembly
and association are generally respected. Nongovernmental organizations are allowed to operate. The

                                                                                                                 4
judiciary suffers from a lack of training, inadequate resources, poor infrastructure, a large backlog of
cases, corruption and executive interference. The constitution prohibits arbitrary arrests and
imprisonment. However, there have been instances of arrest on “vague” charges and the detention of
suspects for long periods without trial.

The Constitution guarantees the right of public and private sector workers, except for seafarers and those
in essential services, which include television broadcasting and banking, to join and form trade unions.
Collective bargaining is allowed. The right to strike is recognized “without prejudice to the principle of
continuity of public services or to the security and essential needs of the nation.” This provision however
can be very broadly interpreted, thus limiting the right to strike in many sectors of the economy. Before a
strike can be called, workers have to exhaust the conciliation, mediation and arbitration procedures that
are determined by the authorities. The government has the authority to end strikes within the broad
definition of "essential services". About 10% of the workforce is unionized.

II. Economic Overview

Agriculture, forestry and fishing accounted for 26.9% of the economy in 2007, transportation, storage and
communications was 23.7%, manufacturing had a 16.1% share, wholesale and retail trade, hotels and
restaurants was 14.5% and construction represented 5.3%. More than 80% of workers are engaged in
agriculture, fishing, and forestry at a subsistence level. There are no reliable up to date data on
unemployment.

The monthly minimum wage was about $42 for nonagricultural workers and $43 for agricultural workers in
2008. The Ministry of Civil Services and Labor is responsible for enforcing working conditions and the
minimum wages. It does not have the resources to properly monitor working conditions. The standard
workweek is 40 hours in nonagricultural and service industries and 42.5 hours in the agricultural sector.

The minimum age for employment is 15 years. Children can work a maximum of 8 hours per day and 40
hours per week with no overtime. Persons under the age of 18 are forbidden from working at night and at
sites where there is an imminent danger to health, safety, or morals. The laws to protect children from
exploitation in the workplace are not effectively enforced. The International Labor Organization's 2007
National Survey on Child Labor in Madagascar indicated that about 28% of children between 5 and 17
work on a full-time or part-time basis.

Consumer prices rose by 7.7% in the year ending October. The IMF is forecasting an annual average
inflation rate of 9.9% in 2009. This compares to 9.2% in 2008 and 10.4% in 2007. For 2010, the IMF is
predicting a 9.7% rise and in 2011 a 6.9% increase is foreseen. Between 1999 and 2008, the average
annual rate of inflation was 10.3%.

The main crops grown are coffee, vanilla, sugarcane, apples, pineapples, mangoes, papayas, cloves,
cocoa, rice, tapioca, bananas and peanuts. Graphite, chromite, coal, bauxite, quartz, semiprecious
stones, mica, fish and hydropower are the major natural resources. Meat, seafood and food processing,
breweries, tanneries, textiles, glassware, cement, paper, and tourism are the principle industries.

The economy grew at an annual average rate of 3.6% between 2000 and 2009 (IMF estimate for 2009).
This compares to increases of 4.1% for Mauritius, 6.6% for Tanzania and 7.3% for Mozambique.
According to the IMF, the per capita income in 2008 was $468. This was 97.7% above the level of 1999.
Madagascar is ranked 162 of 180 nations and territories that the IMF compiles per capita data for.

1. Infrastructure

There are 65,663 km or roads of which just 11.6% are paved. The US Department of State Travel
Advisory noted that “Except for Antananarivo’s main streets and a few well-maintained routes to outlying
cities, many roads are in various states of disrepair…Night travel by private or public transportation
outside Antananarivo is strongly discouraged due to poor lighting and road conditions. Roads tend to be
narrow and winding with many one-lane bridges and blind curves…Travel within Antananarivo can be

                                                                                                         5
difficult with poor road signage, streets congested with pedestrians, bicycles, animal carts, and vehicular
traffic, and an abundance of one-way streets.”

In July 2004, the government announced that it was undertaking a major program to improve 22,000 km
of highways and rural roads by 2008. The $1.2 billion effort followed many years of neglect of the road
network. As part of this program, the Road Authority of Madagascar was established in 2007 to upgrade
and maintain the road system. The African Development Fund (ADF) helped to finance the project. In
2008, for the first time, the far north and far south were connected by an all-weather road. The port of
Toamasina has been recently connected with the capital and a road along the east coast has been
completed.

There are 89 airports of which 27 are paved. The main international airport is Ivato International Airport in
Antananarivo. Air Madagascar is the national carrier. It is based in Antananarivo and is majority owned
by the government. Among the airlines that use the airport are Air France, Air Mauritius, Comores
Aviation, Kenya Airways and South African Airways. There are flights to Bangkok, Guangzhou,
Johannesburg, Marseille, Mauritius, Milan (Malpensa), Nairobi and Paris (Charles de Gaulle). The airport
is undergoing extensive renovation and expansion that will last until 2020. The work involves increasing
the runways to accommodate the Airbus A380, building a new passenger terminal and constructing a
second runway, 3 jetways, and a car park.

There are 854 km of railway, much of which is dilapidated and poorly maintained. The system fell into
such poor disrepair that in 2003 only 1 locomotive out of 7 was in operation. The financial condition of the
National Railway Network of Madagascar (RNCFM) meanwhile was so bad that in 2002, it couldn’t pay
the salaries of its employees for 7 months. In 2003, Madarail was awarded a 25 year concession to run
the rail system. It is controlled by Comazar of South Africa. Madarial has embarked upon a major
rehabilitation program that involves buying new locomotives, refurbishing the main passenger stations in
Antanarivo and Toamasina and constructing a container terminal at Antanarivo. The World Bank is
providing financing to upgrade the rail system.

The main port is at Toamasina. It handles over 90% of all container traffic. As part of the Ambatovy nickel
mining project, it has been upgraded and can now accommodate larger ships. The upgrading of the port
and the construction of a road connection with Antananarivo have resulted in a sharp increase in truck
traffic been the capital and Toamasina. The port is regulated by Société de Gestion du Port Autonome de
Toamasina (SPAT), which is a government agency. On June 16, 2005, International Container Terminal
Services of the Philippines signed a 20-year agreement to form a private-public partnership with SPAT to
operate, manage, rehabilitate and develop the container terminal.

Only 36% of families in rural areas have access to clean drinking water. According to a government
survey of hygiene in February 2009, only 18% of the 111 school districts have access to drinking water at
their schools and only 30% have toilet facilities. Lack of access to water and sanitation at schools is one
of the major reasons for the high rate of diseases among children. Skin infections and respiratory
diseases are common as a result of contaminated water. Water and electricity is provided by JIRAMA, a
state owned company. Only about 20% of the population has access to piped sewage or septic tanks.

2. Energy Sector

Oil was discovered in 2004. Among the oil companies that have explored for or have plans to explore for
oil are Exxon/Mobil, Tullow Oil, (UK), Statoil (Norway), ROC (Australia), BG Group (UK), CNPC (China),
Black Marlin Energy (Dubai), Sino Union Petroeum and Chemical (China), SK Energy (Korea), Sterling
Energy (UK), Enermad (Canada), Niko Resources (Canada) and Essar Oil (India) . There is also heavy oil
that can be exploited. The Madagascar Oil Company (a private US company based in Houston) holds
the largest amount of onshore exploration and production licenses for heavy oil. It has interests in 2
significant fields. The Bemolanga field is believed to have 16.6 bln barrels of reserves of which 9.9 bln are
recoverable with the prevailing technology. In September 2006, TOTAL paid $100 million to Madagascar
Oil for a 60% percent interest in the field. Madagascar Oil holds a 100% stake in the Tsimiroro field,
which has an estimated 1.7 mn barrels in reserves.


                                                                                                           6
Oil production is presently just 80 barrels per day (bpd), but according to the state oil company, it could
reach 200,000 barrels a day (bpd) by 2011. Oil consumption is 20,000 bpd. Mauritius-based Galana
Petroleum operates a refinery at the port city of Toamasina with a capacity of 540,000 tons of crude oil
per year. Output however is not sufficient to meet domestic demand.

There is at present no coal production but Uranio Ltd, (Australia) is exploring for coal and Straits Asia
Resources (a Singapore company that is owned 47% by Australia Straits Resources) and Pan African
Mining (Canada) have rights to explore for coal. Coal production from the Sakoa mine will begin in 2010
at a rate of 5 mn tons a year.

Hydropower generated 64.9% of electricity in 2005 and thermal (mostly oil and diesel) the remainder.
There is an untapped potential capacity of 7 GW of hydroelectric power. Only 200 MW are presently
being exploited. An additional 400 MW of hydropower is expected to become operational by 2012.

JIRAMA is the main producer, distributor and transmitter of electricity. There are private companies that
generate some electricity. The electrification rate is 45% for urban areas and only 5% for rural areas.
JIRAMA does not have the financial resources to substantially increase electric production or improve the
inadequate grid system. There are power shortages and outages.

3. External Accounts

Madagascar traditionally runs a large trade deficit because it imports all of its oil requirement, is a net
importer of cereals and has to import large amount of capital and transportation goods for several large
mining projects. The CIA Factbook estimated the trade deficit surged by 48.9% in 2008 to $1.264 bn as a
24.4% rise in imports outpaced a 5.5% advance in exports. This was equal to 13.4% of GDP. Apparel
and clothing accounted for 20.3% of all exports in 2007 followed by fish and crustaceans (fresh and
frozen) with 14.1% and spices had a 7.6% share. With respect to imports, textiles, yarn and fabrics were
17.1%, petroleum and petroleum products represented 16.4% and food and live animals accounted for
11.7%. France was the largest export market in 2008 at 28.8% while the US was second at 23.7%. The
Netherlands was third with 7.0%. China was the main source of imports at 16.3% followed by France at
12.1% and Iran was responsible for 8.3%.

Madagascar is eligible for trade benefits under the US African Growth and Opportunity Act (AGOA).
Nations entitled to such benefits receive preferential tariffs on goods, especially apparel and textiles that
are exported to the US. Madagascar has developed a major apparel and textile sector and therefore
benefits significantly from AGOA trade privileges. The textile sector accounts for an estimated 6.6%-8.0%
of GDP and almost half of its exports go to the US. Madagascar is the second largest clothing exporter to
the US in sub-Saharan Africa after Swaziland. In the first half of 2009, Madagascar exported $129.3 mn
of goods to the US of which 80.3% were textile and apparel (98.8% of these exports were entitled to
AGOA trade preferences) and 17.3% were agricultural goods (just 0.1% of these exports were entitled to
AGOA trade preferences). Investors from Mauritius have been especially active in investing in the export
processing zones involved in the clothing sector.

Worker remittances are not an important source of transfer income. According to the World Bank, they
totaled just $11 mn in 2008. This was equal to 0.1% of GDP. Tourism is a major source of services
income and of great importance to the economy, generating $390 mn in receipts. In 2007, there were
344,000 tourist arrivals by air. This was 115.0% above the level of 2000. About 60% of the tourists are
from France. Tourists are attracted to Madagascar by its long coast line, natural beauty, biodiversity (it is
home to many unique species) and rain forests. The World Travel and Tourism Council estimates the
Travel and Tourist sector (both direct and indirect) will account for 10.4% of GDP and 8.3% of
employment in 2009. The tourist sector has been severely set back by the worldwide economic downturn
and the recent political instability

The IMF estimates the current account deficit fell by 26.8% in 2009 to $1.677 bn and was equal to 18.7%
of GDP. For 2010 a shortfall of 17.3% of GDP is anticipated.



                                                                                                           7
The CIA Factbook estimated that foreign exchange reserves were $982.3 mn at the end of 2008. This
was up from $846.7 mn at the end of 2007 and was equal to close to 5 months of import cover.

4. External Debt and Budget Balance

On October 21, 2004, the World Bank's International Development Association (IDA) and the IMF
announced that Madagascar had “taken the necessary steps to reach the completion point under the
Enhanced Heavily Indebted Poor Countries (HIPC) Initiative.” The threshold for HIPC eligibility is an
external debt that is more than 150% of the exports of goods and services or more than 250% of fiscal
revenue. The IMF and IDA estimated that debt relief granted to Madagascar “over time” will be $1.9
billion.

At the end of 2007, the external debt was $1.73 bn of which 57.8% was owed to multilateral agencies,
and 35.8% to non Paris Club countries. The external debt was equal to 60% of the exports of goods and
services, 129% of government revenue and 23.4% of GDP. It is forecasted to rise significantly in the next
few years as a result of a $2.1 bn commercial loan that was taken out to finance one of the large mining
projects. As a result, the external debt is expected to increase to 41% of GDP by the end of 2010.

Madagascar is very dependent upon foreign assistance to bolster its economy. About 25% of foreign aid
goes to budget support. The foreign assistance is especially important as tax collection is among the
lowest in sub-Saharan Africa. To increase government revenue, the government has recently reduced
the number of taxes and widened the tax base. The budget deficit is largely covered by foreign aid,
mainly in the form of financing for development projects. The budget was under particular pressure in
2008 as the government sought to mitigate the impact of higher food and oil prices by reducing the value
added tax on rice and only partially passing-through higher oil prices for gasoline and other petroleum
products. In addition, the price of electricity was held steady. This added to the losses of JIRAMA, which
was covered by the government. The budget deficit was 4.5% of GDP in 2008. For 2009, the government
expects a deficit of 3.2% of GDP.

5. Agriculture Sector

Most of farming is subsistence in nature. Rice and cassava are the main food crops. The major cash
crops are coffee, cloves, peppers, and tropical fruits such as pineapples. Agriculture productivity is low
because of a lack of investment, poor roads in rural areas, limited access to credit, a lack of marketing
infrastructure, inadequate investment, soil erosion, inadequate storage facilities, small plots and the low
level of mechanization and electrification. Madagascar is the largest producer of vanilla in the world. The
crop though has been negatively impacted by 3 cyclones in 2000 that destroyed around a third of the
harvest, low prices and increased competition from other countries and artificial flavorings. Rice is the
main staple food. According to the Food and Agriculture Organization, it accounted for 47.8% of all
caloric intake in 2000-2002. Cassava was second at 18.7%. About 60% of the workforce is involved in
rice farming. The crop is grown throughout the country except in the arid southwest. About 1.25 mn
hectares of rice are planted every year with an average yield of 2.8 tons per hectare. The rice crop is
mainly rainfed. About 200,000 tons of rice are imported annually to meet domestic demand. Madagascar
is a net exporter of food as a result of large exports of shrimp, which accounted for 9.4% of the total in
2007. Vanilla, cloves and cocoa are the other major food exports. Madagascar is a net importer of
cereals. Rice alone accounted for 2.5% of all imports in 2007 and wheat was 1.0%.

The agriculture sector has great undeveloped potential that could help to bolster employment and fuel
economic growth. A recent study by the UNDP noted that over 50% of the area of the country was
capable of “sustaining crops but just 10% was actually being utilized.” According to a WTO Trade Policy
Review Report that was released on February 27, 2008, “Madagascar is an agricultural producing
country, but its potential is little exploited. Productivity in the agricultural sector is low because of the
small size of farms and the rudimentary cultivation techniques…Together with mining and tourism,
fisheries and aquaculture are one of the three major activities on which the authorities are relying as a
basis for Madagascar's medium-term economic development.”



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6. Informal Economy

According to a study entitled, “Shadow Economies and Corruption All Over the World: New Estimates for
145 Countries”, by Fredrich Schneider of Johannes Kepler University in Linz, Austria, the informal
economy in 2004/05 was equal to 41.2% of GDP.

Illegal logging is a major illicit activity that is destroying the forests, which are an attraction for tourists.
Félix Ratelolahy, an ecologist with the Wildlife Conservation Society, has noted that “subsistence farmers
have slashed and burned away the margins of the forest to grow rice while gangs have pillaged
rosewood, ebony and quartz.” UNESCO has warned that the rainforests are threatened by illegal logging
and trafficking of precious wood. According to the NGO Illegal Logging, “Organized by foreign
businessmen, hundreds of illegal loggers and animal traders have overwhelmed the weak defenses of the
country's national parks, stripping the forests of precious rosewood and ebony, smuggling out rare
animals and destroying the habitat of endangered wildlife…The looters are so well organized that they
built a road 6 km into one of the most remote parks in the north, sent a flotilla of ships to smuggle out the
logs and recruited workers with radio commercials…They have all the means to bribe and influence
wherever they have to…The gangs have paid customs officers to turn a blind eye to the large-scale
export of illegally cut wood. And they have sent a fleet of small boats to land on the wild coastline,
bypassing the ports.”

III. Business Environment

 Index                                                                   Rank                 Score
 Economic Freedom of the World Index 2008                                106/141              6.0/10.0
 Heritage Foundation Economic Freedom Index 2009                         73/179               62.2/100.0
 World Economic Forum – Global Competitive Index 2009-2010               121/133              3.42/7.00
 Milken Institute Capital Access Index 2008                              116/122              1.8710.00
 UNCTAD – Inward Potential Performance Index 2005-2007                   24/141               2.729/10.0
 World Bank Ease of Doing Business 2010                                  134/183              N/A
 World Bank Gov Indicator 2009, Regulatory Quality                       41.5 Percentile      -0.33
 World Bank Gov Indicators 2009, Rule of Law                             40.2 Percentile      -0.46
 Transparency International Corruption Perception Index 2009             99/180               3.0/10.0

1. Summary of Indices

Madagascar ranks 134 of 183 in the World Bank’s 2010 ease of doing business survey. This compares to
a ranking of 144 in the 2009 survey. It is ranked 12th for starting a business, 152nd for employing
workers, 167th in getting credit, 155th in enforcing contracts, 152nd in registering property, 57th in
protecting investors, 74th in paying taxes and 183rd in closing a business. With respect to the World
Bank’s governance indicators, it performs below average. It is ranked at the 41.5 percentile for regulatory
quality and at the 40.2 percentile for rule of law.

Madagascar is ranked 106 of 141 in the Fraser’s Institute Freedom of the World Index, 121 of 133 in the
World Economic Forum’s (WEF) 2009-2010 Competitiveness Index, 116 of 122 in the Milken Institute
Capital Access Index, it is ranked 24 of 141 in the UNCTAD Inward Potential Performance Index for
2005-2007 and it is 73 of 179 in the Heritage Foundation’s Economic Freedom Index.

2. Openness to Foreign Investment

The government encourages foreign investment to spur growth, exports and employment. Nevertheless,
the investment environment is difficult because of a dearth of skilled labor, an inadequate infrastructure, a
                                                                                                               9
lack of transparency in the government regulatory decision making process, the limited availability of
credit and financing instruments to the corporate sector and a low electrification rate.

No legal distinctions are made between foreign and domestic companies. There is no screening process
for foreign companies and there is no discrimination with respect to licensing procedures and tax
treatment. No restrictions or limitations exist on the converting or transferring of funds associated with
foreign investment, including investment capital, earnings, loan repayments, dividends, royalties and
lease payments. Exporters and foreign investors can maintain bank accounts in foreign currencies.
There has been no instance of nationalization or expropriation of property in recent years. Foreign
companies can take commercial disputes to the judiciary for adjudication. The judiciary system though is
slow, often opaque and prone to corruption. The government accepts binding international arbitration of
investment disputes between foreign investors and the state and the courts recognizes and enforces
foreign arbitral awards. The Malagasy Arbitration and Mediation Center was created in 2000 as a private
organization to resolve commercial disputes and to lessen reliance on a court system that is inefficient
and overburdened.

With the exception of export procession zones (EPZ), there are no mandated performance requirements
such as purchasing from local companies, hiring nationals, exporting a certain percentage of output,
locating a factory in a certain region of the country and transferring technology. Companies in the EPZs
however must export 95% of their output to qualify for EPZ investment incentives. Among the incentives
offered to investors in the EPZs are 15 years of tax exemptions, the elimination of VAT on imports of raw
materials and the removal of customs tax on exported goods. Under a law adopted in December 2008,
the tax advantages for investing in EPZs will cease for new firms after December 2010. Existing firms
though will continue to enjoy preferential tax treatment. There are significant tax advantages offered to
investors in the mining sector including reduced withholding taxes on interest and dividends and VAT
exemptions on imported equipment.

The procedures for obtaining visas, residences and work permits are not discriminatory or excessively
onerous. There are no laws mandating local ownership in foreign investment with the exception of oil
exploration, in which the Government oil company must be a partner of all foreign companies. Foreign
firms can participate in the privatization process. Foreigners cannot own land but as of 2008 are entitled
to lease it for 99 years. There are laws that protect intellectual property but enforcement is inadequate
because of a lack of resources and trained personnel. Pirated copies of movie DVDs, music CDs and
tapes and electronic equipment are widely available.

The corporate income tax is 25%. The social security contribution is 13% of gross salaries and the health
insurance contribution is 5% of gross salaries. Tax losses for companies can be carried forward for 3
years. The property tax is 10% of the rental value of the property. The VAT is 20%. Medicine and
agriculture inputs are exempted from VAT. There is a 20% withholding tax on dividends. Interest income
from a domestic financial institution is tax free. Capital gains are taxed as ordinary income. The top
income tax rate is 30%.

3. Foreign Investment

Data from the UNCTAD indicate that FDI in 2008 was $1.477 bn. This was above the $777 mn level in
2007 and represented 67.8% of gross fixed capital formation. The total stock of FDI (book value) at the
end of 2008 was $3.306 bn, which was equal to 35.7% of GDP and was 2,244.7% above the level of
2000.

Most of the foreign investment is in the mining sector. The largest mining project is the Ambatovy nickel
venture, which is 45% owned by Sherritt Metals of Canada. A 27.5% interest is held by both Sumitomo
Corporation of Japan and Korea Resources Corporation, a consortium of Korean enterprises consisting of
Daewoo International, Keangnam and STX. SNC-Lavalin Group Inc of Canada, the engineering,
procurement and construction management contractor for the project, owns the remaining stake. The
Ambatovy mine site is situated about 50 miles east of Antananarivo. Production is expected to start in
2010. Annual output is forecasted to be 60,000 tons of nickel and 5,600 tons of cobalt. The project is
expected to cost $4.5 bn which includes the construction of the mine and a pipeline that will transport the
nickel to the port of Toamasina. There had been some concerns that the worldwide economic downturn

                                                                                                        10
would delay the start-up of production. On October 28, 2009 however, Sherritt International told its
shareholders that the project was on schedule for completion by the end of 2010. Sherritt international
also told its shareholders that Korean Resources has plans to sell a portion of its stake to another Korean
company and the total spent on the project up until the end of the third quarter was $3.1 bn.

QIT Madagascar, which is 80% owned by Rio Tinto and 20% by the government, is involved in a $580 mn
ilmenite (used as a whitener) mining operation. Production began in January. Annual output is predicted
to reach 25,000 tons of zircon and 750,000 tons of ilmenite in a few years.

Among the other foreign companies with interests are Accor (France) and Hilton in hotels, Orange (a
subsidiary of French Telecom), Celtel (a subsidiary of Zain, which is headquartered in Bahrain), Gulfstat
(Kuwait) and Ericsson in mobile phones, PanAfrican Mining (Canada) in mining and Majescor (Canada) in
diamond mining.

4. Privatization

According to the World Bank, there were $51 mn in privatization proceeds between 2000 and 2007 of
which $36 mn was accounted for by the privatization of SOLIMA, the state oil refining companies in 2001.
Previous to 2000, the government had embarked upon a significant privatization campaign that saw
banking, cotton and sugar companies completely or partially privatized. The government is a minority
owner of the telecommunication firm Telma, which was once a fully owned state company. It has tried but
failed to privatize Air Madagascar because of its poor financial condition. OMNIS is the government oil
company which participates in oil exploration with foreign companies.

5. Financial Sector

The financial sector is shallow and underdeveloped. The IMF Financial System Stability Assessment
Report for Madagascar, which was released in August 2006 noted that “The financial system is not in a
position to fully support economic development, in light of the low level of access to financial services.
Only 35% of low income households have access to depository services and 2% to credit."

Commercial banks are largely absent in rural areas. Credit is usually extended for short and medium-term
duration, with a maximum of 7 years. There are 8 retail commercial banks, all of which have foreign
participation. Among the foreign banks are BNP, Credit Lyonais and Societe Generale, Mauritius
Commercial Bank, State Bank of Mauritius and Access Bank (Nigeria). There are 8 insurance companies,
including two state-owned and several foreign-owned companies.

The Central Bank issues 4, 12, 24 and 52 week treasury bills. There are no stock or corporate bond
markets. Madagascar’s currency, the ariary is freely floating. In 2008, it dropped by 3.9% against the US
dollar and in the year ending November 30, it fell a further 2.4%.

6. Corruption and Transparency

Madagascar has ratified the UN Convention Against Corruption. It has also ratified the African Union
Convention on the Prevention and Combating of Corruption. It is ranked 99 of 180 nations in
Transparency International’s 2009 corruption perception index. In the 2008 survey, it was ranked 85 of
180 nations. According to Transparency International, a score of less than 3.0 out of 10.0 indicates there
is “rampant” corruption. Madagascar’s score is 3.0.

Corruption is a major problem but it is not as endemic and rampant as in many other sub-Saharan
nations. The government has taken steps to rein in corruption. In 2004, it created an independent anti-
corruption government office and in 2008 a government office was tasked with the authority to investigate
money laundering activities. In recognition of the government’s efforts to improve governance and reduce
corruption, Madagascar in April 2005 was the first country to sign a Millennium Challenge Compact which
entitled it to a grant of $110 mn. The Compact however was suspended on August 6, 2009 because of
the “illegal transfer of power” that has occurred.

                                                                                                        11
Madagascar is a candidate country of the Extractive Industries Transparency Initiative (EITI), which seeks
to improve transparency and monitor payments by extractive companies to governments and how
governments spend their resource income. There are 30 countries belonging to the EITI of which 28 are
candidate countries. Becoming an EITI candidate involves meeting several indicators regarding
strengthening resource revenue transparency. In order to reach compliant status, a country must
complete an EITI Validation process within 2 years of becoming a Candidate country. Once a country is
Compliant, it must undergo Validation at least every 5 years. Validation provides an independent
assessment of what measures should be taken to improve transparency.

7. Standards Compliance Assessments

 IMF Dissemination Standard                                  Subscription Status
 Special Data Dissemination Standard                         Not a subscriber
 General Data Dissemination Standard                         Yes, a subscriber


 IMF Assessment                     Standards Assessed            Dates           Compliance Level
 Reports on Standards         and   Banking Supervision           Aug 15, 2006    Mixed
 Codes (ROSCs)                      Anti-Money Laundering         Aug 15, 2006    Mixed
                                    and    Combating       the
                                    Financing of Terrorism
 Financial Sector Assessment                                      Aug 15, 2006    Mixed
 Programs (FSAPs)


The IMF has conducted a Financial System Stability Assessment of Madagascar which included Banking
Supervision and Money Laundering. It noted that banks are “generally profitable, adequately capitalized
and stable, although nonperforming loans at over 11 percent are a concern." The 3 public pension
systems, which cover less than 10% of the active population, were considered to be “fiscally
unsustainable.” The banking regulatory and supervisory framework was seen as being “broadly
adequate" but “enforcement needed further strengthening.”
IV. Human Capital
 Index                                                     Rank                   Score
 UNDP Human Development Index 2009                         145/182                0.543/1.000

1. Social Indicators

Madagascar is ranked 145 of 182 in the 2009 UNDP Human Development Index. The infant mortality
rate is 52.8 per 1,000 live births (US Census Bureau for 2010), the probability of dying before the age of
40 is 20.8%, 51% of births are attended to by a skilled health care professional, the under 5 mortality rate
is 112 per 1,000 live births, 81% of one-year olds are fully immunized against measles, 17% of infants
are born with low birth weight, the maternal mortality rate is 510 per 100,000 live births, 37% of the
population is considered to be undernourished, 47% of the population have access to clean drinking
water, 36.8% of children under 5 are underweight for their age, 12% of the population have access to
improved sanitation facilities, the probability of dying between the ages of 15 and 60 is 26.8%, 89.6% of
the population lives on less than $2 a day, 71.3% of the population lives below the national poverty level
and the projected life expectancy for 2010 (according to the US Census Bureau) is 63.3 years (65.3 years
for females and 61.3 years for males).

Madagascar is one of the 77 "Low Income Food Deficit Countries” as defined by the Food and Agriculture
Organization. The International Food Policy Research Institute places Madagascar 77 of 84 countries in
the 2009 Global Hunger Index (the higher the number the greater the extent of malnutrition).


                                                                                                         12
The World Food Program Report for Madagascar noted that “over 50 percent of children under three
years of age suffer retarded growth due to a chronically inadequate diet. Chronic food insecurity affects
65 percent of the population…Insufficient and irregular rainfall in three regions in southern Madagascar in
late 2008 and early 2009 had a devastating impact on this year's main harvest, leaving many vulnerable
families in need of assistance in the coming months. Meanwhile, purchasing power has decreased in
many parts of Madagascar, especially in rural areas where farm incomes cannot keep pace with
increasing prices for basic necessities.”

2. Access to Technology

There are 9 mainline telephone lines and 253 cellular subscribers per 1,000 people. Internet use is 16
per 1,000 people. Of the total internet subscribers, 18.5% are fixed broadband subscribers. There are 5
personal computers per 1,000 people, 18% of households have a television and there are 169 radios per
1,000 people. In 2006, there were just 197,981 motor vehicles of which 52% were cars, 23% were
minibuses and vans that carried less than 20 people, 16% were trucks and 9% were buses. The per
capita consumption of electricity is 47.5 kilowatt hours (in the US, it is 12,924 kilowatt hours).

Madagascar is ranked 112 of 134 in the WEF’s 2008-2009 Network Readiness Index.

3. Health Indicators

There are 30 physicians per 100,000 people, 30 nurses and midwives per 100,000 people and 30
hospital beds per 100,000 people. According to the WHO, there were 410 dentists, 130 environmental
and public health workers, 172 laboratory workers and 175 pharmacists in 2004.

The prevalence of HIV/AIDS is just 0.1% of the adult population (15-49 years old). This is well below the
5.0% average for sub-Saharan Africa. In 2007, there were 14,000 people living with AIDS of which 3,400
were women 15 and over and less than 500 were children (ages 0-14). There were 3,400 AIDS orphans
(ages 0-17) and less than 1,000 deaths from AIDS. The prevalence of tuberculosis is 417 per 100,000
people (in the US, it is 3 per 100,000 people) and the tuberculosis death rate is 48 per 100,000 people.

The prevalence of diabetes is 2.5% of the population between 20 and 79 (the average for sub-Saharan
African is 2.4%) and the prevalence of obesity is 1.0% for males and 1.9% for females. There were
642,957 cases of malaria in 2006 and 48 deaths from malaria. The per capita health expenditure in 2006
was just $28 and the total expenditures on health were 3.2% of GDP. The mortality rate for cancer is 147
per 100,000 people, the mortality rate for cardiovascular diseases is 430 per 100,000 people and deaths
due to AIDS are 16 per 100,000 people. The homicide rate in 2004 was 11.7 per 100,000 people. In
2006, there were 550 road traffic accident deaths.

In a WHO survey of the leading causes of death in 2002, lower respiratory infections accounted for 14%,
malaria was 11% and diarrhea diseases were responsible for 9%.

The State Department’s travel advisory for Madagascar said, “Standards of healthcare are well below that
of the U.S.…Medical care outside of Antananarivo is generally well below the care available in the capital
city.…There is limited availability of both prescription and over the counter medications, and outside of
Antananarivo, medications may not be available…Malaria is prevalent, particularly in the coastal
regions…Rabies is endemic and there are many street dogs…Plague is also endemic to Madagascar.”

In the WHO’s ranking of the world’s health care systems, Madagascar is ranked 159 of 190 countries
surveyed.

4. Education Indicators

Tuition-free public education is provided for children from 6 to 14. Education is compulsory for primary
school which lasts to the age of 11. Of the students that enroll in grade 1, 57% complete the last grade of
primary school and 30% of students repeat grades. The pupil/teacher ratio is 52:1. Secondary education
begins at age 11 and is completed in 7 years.

                                                                                                        13
The Bertelsmann country report for Madagascar noted that the “education system is in poor shape:
primary education suffers from overcrowded classes; buildings in near ruins, poorly paid and de-
motivated teachers, and outdated curricula and methods. Secondary education and university systems
are also in poor shape…professional training is underdeveloped…While reforms have begun, it will take a
cautionary 15-20 years before these reforms will yield results.”
The literacy rate is 71.0% for those 15 years and older. For women, the literacy rate is 65.0%. The
average literacy rate for sub-Saharan Africa is 62.3%. The net enrollment rate in primary school is 98%
for girls and 98% for boys. This compares to a regional average of 71% for girls and 76% for boys. The
ratio of primary age children who are not in primary school is 3%. The primary to secondary transition
rate is 60%. The net enrollment rate in secondary school is 22% for girls and 22% for boys, which
compares to the regional average of 24% for girls and 29% for boys. The school life expectancy is 9.8
years. For sub-Saharan Africa, the average is 8.0 years. The gross enrollment in tertiary school is 4.0%.
This is below the regional average of 6%.
Madagascar is ranked 70 of 100 nations in the Save the World School Success Index for Developing
Countries. It measures how prepared children are to succeed in school.


V. Economic Data, Outlook and Credit Rating

 IMF Country Data Overview 2009 (Est.)

 GDP           GDP:        GDP        per   CPI:      Current Account      Budget          FDI
 Growth                    capita:                    as % of GDP          deficit as %    (UNCTAD
                                                                           of GDP          2008)

 -0.4%         $8.974      $433             9.9%      -18.7%               -3.2% (2009     1.477 bn
               bn                                                          OECD
                                                                           Economic
                                                                           Outlook for
                                                                           Madagascar)

1. Latest IMF Consultation

There hasn’t been an IMF review of the economy since September 25, 2008.

2. Economic Outlook

The economy is in a very precarious position with the IMF forecasting growth of just 0.9% in 2010. This
compares to a 0.4% decline in 2009 and represents a substantial slowdown from the 7.1% advance of
2008 when business activity was boosted by strong foreign investment inflows and buoyant clothing and
textile exports. The main reason for the subdued economic outlook is the political turmoil that has
destabilized the country since President Andry Rajoelina illegally and unconstitutionally assumed political
power. Neither the major donor countries nor the African Union have recognized President’s Rajoelina
transitional authority. The country’s key foreign donors have registered their disapproval by cutting off
foreign assistance, which is critical to economic development and to finance the budget. In response to
the loss of donor assistance, the government has adopted a very tight fiscal policy. Public investment
and non-priority spending has been slashed. The reduction in public capital spending has hurt the
construction sector. The tourist sector meanwhile has been undermined by the political turmoil while
foreign investors are increasingly cautious about investing in the country given the political uncertainty.

Hanging over the economy like a Sword of Domiciles is the possibility that the US may suspend AGOA
privileges. The US has already suspended its MCC grant. Suspending AGOA privileges could potentially
devastate the economy by disrupting the fast growing clothing and textile sector. Commenting on the
prospects of such a decision, John Hargreaves, the acting head of the Madagascar Export Processing
Zone Association told Reuters, “If that happens, no US buyer will risk placing an order in Madagascar."
About half of the 150 textile and clothing factories employing 50,000 workers supply US stores including
Wal Mart and Bloomingdales. The US issued a stern warning to the export association in April when
                                                                                                        14
Florizelle Liser, the Assistant US Trade Representative for Africa, wrote in a letter, “As you know, respect
for the rule of law is a condition of eligibility outlined in the AGOA legislation.” An official decision on
whether to suspend AGOA privileges will not be made until the end of the year.

3. Country Credit Ratings

 Credit Rating                    Standard & Poor’s         Moody’s            Fitch Ratings

 (as of date of publication)      N/A                       N/A                N/A


Madagascar has not been rated by any of the major credit rating agencies.

VI. Membership in international organizations

 Financial Action Task Force (FATF)                        Not a member

 International Center for Settlements of Investment        Entry into Convention on October 14,
 Disputes (ICSID)                                          1966

 International Federation of Accountants (IFAC)            Yes, a member

 Multinational Investment Guarantee Agency (MIGA)          Yes, a member

 United Nations Convention Against Corruption              Ratified on September 22, 2004

 World Intellectual Property Organization (WIPO)           Yes, a member

 World Trade Organization (WTO)                             A member since November 17, 1995


VII. Sources for Madagascar

Geography

Central Intelligence Agency, “The World Factbook - Country Report for Madagascar”
https://www.cia.gov/library/publications/the-world-factbook/geos/ma.html

UN World Population Prospects: The 2008 Revision Population Data Base
http://esa.un.org/unpp/index.asp?panel=3

US Census Bureau: International Data Base
http://www.census.gov/ipc/www/idb/region.php

World Bank, “Selected Indicators, World Development Report for 2009”
http://siteresources.worldbank.org/INTWDR2009/Resources/4231006-
1225840759068/WDR09_22_SWDIweb.pdf

World Urbanization Prospects, The 2007 UN Population Data Base
http://esa.un.org/unup/index.asp?panel=3

Political Environment Table

Bertelsmann Transformation Index
http://www.bertelsmann-transformation-
index.de/fileadmin/pdf/Anlagen_BTI_2010/BTI_2010__Ranking_Table_E_web.pdf
                                                                                                         15
Freedom House, “Freedom in the World 2009: Table of Independent Countries"
http://www.freedomhouse.org/uploads/fiw09/FIW09_Tables&GraphsForWeb.pdf

Fund for Peace, “Failed State Index 2009”
http://www.fundforpeace.org/web/index.php?option=com_content&task=view&id=99&Itemid=140

World Bank, “World Governance Indicators”, 2009
http://info.worldbank.org/governance/wgi/index.asp

Government

AFP, “AU calls for formation of Madagascar unity govt”, November 8, 2009
http://www.google.com/hostednews/afp/article/ALeqM5j9NVSPFHcBemnqKqWm87JV8yYjpg

Argus Reid Global Monitor, Election Tracker for Madagascar, December 3, 2006 Presidential Elections
http://www.angus-reid.com/tracker/view/13603/madagascar

BBC News, “Police kill many in Madagascar”, February 7, 2009
http://news.bbc.co.uk/2/hi/africa/7876543.stm

BBC News, “Madagascar sentences ex president”, June 3, 2009
http://news.bbc.co.uk/2/hi/africa/8080940.stm

Central Intelligence Agency, “The World Factbook - Country Report for Madagascar”
https://www.cia.gov/library/publications/the-world-factbook/geos/ma.html

Reuters, “Madagascar's military hands power to Rajoelina”, March 17, 2009
http://www.alertnet.org/thenews/newsdesk/LH129575.htm

Reuters, “Q and A – Will Madagascar’s latest power share deal hold?” November 8, 2009
http://www.reuters.com/article/latestCrisis/idUSL8252135

Reuters, “Madagascar leader rejects fresh talks on cabinet”, December 1, 2009
http://in.reuters.com/article/oilRpt/idINGEE5AT2HK20091130

Voice of America, “Madagascar Talks Open With Plea for Compromise”, November 3, 2009
http://www.voanews.com/english/2009-11-03-voa56.cfm

Civil Liberties

2009 Annual Survey of Violations of Trade Union Rights Published by the International Confederation of
Free Trade Unions, Report for Madagascar
http://survey09.ituc-csi.org/survey.php?IDContinent=1&IDCountry=MDG&Lang=EN

Committee to Protect Journalists, “Madagascar media outlets raided during political crisis,” March 10,
2009
http://cpj.org/2009/03/madagascar-media-outlets-raided-during-political-c.php

Freedom House, “2009 Report for Madagascar”
http://www.freedomhouse.org/template.cfm?page=22&year=2009&country=7652

Freedom House, “Freedom of the Press 2009”
http://www.freedomhouse.org/uploads/fop/2009/FreedomofthePress2009_tables.pdf

US Department of State, "Human Rights Report for Madagascar," February 25, 2009
http://www.state.gov/g/drl/rls/hrrpt/2008/af/119010.htm




                                                                                                         16
Economic Overview

2009 OECD African Economic Outlook for Madagascar
http://www.africaneconomicoutlook.org/en/countries/southern-
africa/madagascar/#/recent_economic_developments

Central Intelligence Agency, “The World Factbook - Country Report for Madagascar”
https://www.cia.gov/library/publications/the-world-factbook/geos/ma.html

Freedom House, “2009 Report for Madagascar”
http://www.freedomhouse.org/template.cfm?page=22&year=2009&country=7652

International Monetary Fund, “World Economic Outlook Database”, October 2009
http://www.imf.org/external/pubs/ft/weo/2009/02/weodata/weoselgr.aspx

Madagascar National Instutie of Statistics
http://www.instat.mg/

US Department of State, "Human Rights Report for Madagascar," February 25, 2009
http://www.state.gov/g/drl/rls/hrrpt/2008/af/119010.htm

Infrastructure

2009 OECD African Economic Outlook for Madagascar
http://www.africaneconomicoutlook.org/en/countries/southern-
africa/madagascar/#/recent_economic_developments

2006 OECD African Economic Outlook for Madagascar
http://www.oecd.org/dataoecd/34/29/36740713.pdf

AfrolNews.com, “Madagascar restoring its road network”, July 7, 2004
http://www.afrol.com/articles/13588

Air Madagascar
http://www.airmadagascarna.com/MDcoINFO.htm

Central Intelligence Agency, “The World Factbook - Country Report for Madagascar”
https://www.cia.gov/library/publications/the-world-factbook/geos/ma.html

Flightstats.com,” Antananarivo airport”
http://www.flightstats.com/go/Airport/airportDetails.do?airportCode=TNR

International Monetary Fund, “Republic of Madagascar: Poverty Reduction Strategy Paper – Annual
Progress report for 2007 and First Semester of 2008,” January 2009
http://www.imf.org/external/pubs/ft/scr/2009/cr0910.pdf

Interpress Service News Agency, “Madagascar: Education Hampered by Lack of Clean Water”, May 13,
2009
http://ipsnews.net/africa/nota.asp?idnews=46832

Madagascar International Container Services Ltd.
http://madagascar.ictsi.com/about_us.htm

Skyscanner, “Antananarivo airport”
http://www.skyscanner.com/airports/tnr/antananarivo-airport.html

USAID, “Madagascar Water and Sanitation Profile”
http://pdf.usaid.gov/pdf_docs/PNADO933.pdf


                                                                                                  17
US State Department, “Travel Advisory for Madagascar,” August 24, 2009
http://travel.state.gov/travel/cis_pa_tw/cis/cis_957.html

World Bank, “Madagascar’s railroad Gets a Second Chance”, April 7, 2008
http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTTRANSPORT/EXTRAILWAYS/0,,contentMD
K:21717420~menuPK:515251~pagePK:64020865~piPK:149114~theSitePK:515245,00.html

Energy Sector

2009 OECD African Economic Outlook for Madagascar
http://www.africaneconomicoutlook.org/en/countries/southern-
africa/madagascar/#/recent_economic_developments

BG Group in Madagascar
http://www.bg-group.com/OurBusiness/WhereWeOperate/Pages/Madagascar.aspx

Bloomberg.com, “Madagascar Delays Oil Block Auction Until Next Year”, November 6, 2009
http://www.bloomberg.com/apps/news?pid=20601116&sid=aeojG4Wt_f5U

Energy Information Administration, “Madagascar,” October 13, 2009
http://tonto.eia.doe.gov/country/country_energy_data.cfm?fips=MA

Energy Information Administration, “Madagascar energy and electricity consumption and production for
2005,”
http://www.eia.doe.gov/emeu/world/country/cntry_MA.html

Energy Recipes.org, “Country Energy Information for Magadascar”, September 2006
http://www.energyrecipes.org/reports/genericData/Africa/061129%20RECIPES%20country%20info%20M
adagascar.pdf

Forbes.com, “Will Madagascar’s Oil reserves soon be tapped?”, September 18, 2009
http://www.forbes.com/feeds/afx/2009/09/18/afx6904284.html

Mongabay.com, “Madagascar announces oil discovery; island nation to start producing crude in 3-4
years”, September 30, 2005
http://news.mongabay.com/2005/0930-madagascar_oil.html

Pan African Mining in Magadascar
http://www.panafrican.com/props.htm

International Monetary Fund, “Republic of Madagascar: Poverty Reduction Strategy Paper – Annual
Progress report for 2007 and First Semester of 2008,” January 2009
http://www.imf.org/external/pubs/ft/scr/2009/cr0910.pdf

ROC in Madagascar
http://www.rocoil.com.au/Public/Activities/Africa/Mozambique_Channel.aspx

Rigzone.com, “Madagascar: Heavy Oil Promises a Bright Future for this Island Country”
http://www.rigzone.com/training/heavyoil/insight.asp?i_id=285

Rigzone, “Madagascar Oil Continues Strong in Aftermath of Coup”, March 18, 2009
http://www.rigzone.com/news/article.asp?a_id=74156

Strait Asia Resources
http://www.straitsasia.com/index.php?option=com_content&task=view&id=43&Itemid=82

Uranio Ltd, “Uranio Ltd. to acquire the Imaloto Coal Project in Madagascar, November 20, 2008
http://fusionmail.blackglass.com.au/download/files/12414/653141/ASX+Announcement+-
+Acquisition+of+COM+and+Placement_FINAL.pdf

                                                                                                       18
Xinhua, “Madagascar to revise oil exploration code,” September 19, 2009
http://news.xinhuanet.com/english/2009-09/19/content_12080895.htm

External Accounts

African Growth and Opportunity Act
http://www.agoa.info/?view=.&story=news&subtext=1171

African Growth and Opportunity Act, Bilateral Trade between the US and Madagascar
http://www.agoa.info/?view=country_info&country=mg

Central Intelligence Agency, “The World Factbook - Country Report for Madagascar”
https://www.cia.gov/library/publications/the-world-factbook/geos/ma.html

International Monetary Fund, “World Economic Outlook Database”, October 2009
http://www.imf.org/external/pubs/ft/weo/2009/02/weodata/weoselgr.aspx

Mail and Guardian Online.com, “Mauritius looks west”, February 20, 2006
http://www.mg.co.za/article/2006-02-20-mauritius-looks-west

Reuters, “Q and A – Will Madagascar’s latest power share deal hold?” November 8, 2009
http://www.reuters.com/article/latestCrisis/idUSL8252135

Reuters, “Loss of US trade deal could sink Madagascar textiles,” July 17, 2009
http://www.reuters.com/article/latestCrisis/idUSLH725702

UN Country Profile Data for Madagascar
http://data.un.org/CountryProfile.aspx?crName=Madagascar

UN International Merchandise trade Statistics for 2007
http://comtrade.un.org/pb/CountryPages.aspx?y=2007

World Bank, "Migration and Remittances Factbook," 2008
http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTDECPROSPECTS/0,,contentMDK:2112193
0~pagePK:64165401~piPK:64165026~theSitePK:476883,00.html

Tourism in OECD countries 2008” Trends and Policies”
http://books.google.com/books?id=CQrFdHCvKXMC&pg=PT66&lpg=PT66&dq=tourism+receipts+fall+in+
madagascar&source=bl&ots=oFsTb2h7cO&sig=qokvt6JKIgN9-
idw5lQ_ZG0EVDE&hl=en&ei=ypn9SoeIFo2llAeYzumQCw&sa=X&oi=book_result&ct=result&resnum=2&
ved=0CAsQ6AEwATgU#v=onepage&q=&f=false

World Travel and Tourism Council, “International Tourist Data”
http://www.wttc.org/eng/Tourism_Research/Tourism_Impact_Data_and_Forecast_Tool/

External Debt and Budget Balance

2009 OECD African Economic Outlook for Madagascar
http://www.africaneconomicoutlook.org/en/countries/southern-africa/madagascar/#/statistics_table

International Monetary Fund Press Release for October 21, 2004, “IMF and World Bank Support $836
million in Debt Service Relief for Madagascar”, October 21, 2004
http://www.imf.org/external/np/sec/pr/2004/pr04219.htm

IMF Factsheet, “Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative”, September 22,
2009
http://www.imf.org/external/np/exr/facts/hipc.htm



                                                                                                     19
The International Monetary Fund, “Republic of Madagascar: Fourth Review Under the Three-Year
Arrangement Under the Poverty Reduction and Growth Facility and Request for Waver of Performance
Criteria, Modification of Performance Criteria, and Augmentation of Access-Staff Report; Staff
Supplement and Statement; Press Release on the Executive Board Discussion; and Statement by the
Executive Director for the Republic of Madagascar”, July 16, 2008
http://www.imf.org/external/pubs/ft/scr/2008/cr08232.pdf

Agriculture Sector

All Africa.com, Madagascar, “Rice Exports Banned to Keep Home Market Supplied,” May 14, 2008
http://allafrica.com/stories/200805140841.html

Brulliard, Nicolas, “Madagascar’s vanilla industry hits slump”, November 10, 2009
http://www.globalpost.com/dispatch/africa/091109/madagascar-vanilla-economic-downturn?page=0,1

Food and Agriculture Organization, “Country profile for Madagascar”
ftp://ftp.fao.org/docrep/fao/008/a0205m/Madagascar.pdf

Food and Agriculture Organization, “Fish Country Profile for Madagascar
ftp://ftp.fao.org/FI/DOCUMENT/fcp/en/FI_CP_MG.pdf

New Agriculturist, Country Profile for Madagascar”
http://www.new-ag.info/country/profile.php?a=870

The Price if Rice in Madagascar
http://www.irri.org/publications/today/pdfs/7-3/RT_The_Price_of_Rice_in_Madagascar.pdf

UN International Merchandise trade Statistics for 2007
http://comtrade.un.org/pb/CountryPages.aspx?y=2007

UN News Center, “UN helping Madagascar increase crop output to reduce costly imports”,     August 28,
2008
http://www.un.org/apps/news/story.asp?NewsID=27853&Cr=madagascar&Cr1

World Trade organization, “Trade Policy Reviews for Madagascar”, April 2 and 4, 2009
http://www.wto.org/english/tratop_e/tpr_e/tp297_e.htm

Informal Economy

Nature.com “Can Madagascar’s Forests Be Saved?”, November 5, 2009
http://blogs.nature.com/news/thegreatbeyond/2009/11/can_madagascars_forests_be_sav.html

“Shadow Economies and Corruption All Over the World: New Estimates for 145 Countries” By Fredrich
Schneider, Johannes Kepler University, University of Linz, Austria
www.economics-ejournal.org/economics/journalarticles/2007-9/version_1/count

The Gangs of Madagascar, April 18, 2009
http://www.illegal-logging.info/item_single.php?it_id=3247&it=news

UNESCO, “World Heritage Rainforests in Madagascar threatened by illegal logging and trafficking of
precious wood”, April 3, 2009
http://whc.unesco.org/en/news/500

Business Environment Table

Fraser Institute Economic Freedom of the World Index
http://www.freetheworld.com/cgi-bin/freetheworld/getinfo.cgi



                                                                                                     20
Heritage Foundation Economic Freedom Index
http://www.heritage.org/index/Ranking.aspx

Milken Institute Capital Access Index
http://www.milkeninstitute.org/pdf/2008CAI.pdf

Transparency International Corruption Perception Index
http://www.transparency.org/news_room/in_focus/2008/cpi2008/cpi_2008_table

UNCTAD – Inward Potential Performance Index
http://www.unctad.org/templates/WebFlyer.asp?intItemID=2471&lang=1

World Bank Ease of Doing Business
http://www.doingbusiness.org/EconomyRankings/

World Bank Governance Indicators
http://info.worldbank.org/governance/wgi/index.asp

World Economic Forum Global Competitiveness Index
http://www.weforum.org/pdf/GCR09/GCR20092010fullrankings.pdf

Openness to Foreign Investment

Deloitte, “Investing In Africa, Madagascar”
http://www.deloitte.com/assets/Dcom-
SouthAfrica/Local%20Assets/Documents/za_tax_Madagascar_280907.pdf

US Department of State, "Investment Climate Statement for Madagascar," February 2009
http://www.state.gov/e/eeb/rls/othr/ics/2009/117354.htm

World Bank, “Paying Taxes in Madagascar”
http://www.doingbusiness.org/exploretopics/payingtaxes/Details.aspx?economyid=117

Foreign Investment

Bernard Krief Information Technology Profile of Madagascar
www.bernard-krief.com/.../ict/Madagascar_Country_Profile.pdf

Creamer Media’s Mining Weekly.com, “Sherritt confident on Ambatovy project schedule,” October 28,
2009
http://www.miningweekly.com/article/sherritt-confident-on-ambatovy-project-schedule-2009-10-28

Ibis in Madagascar
http://www.ibishotel.com/hotel-directory/gb/africa/madagascar/madagascar-hotel.htm

Majescor in Madagascar
http://www.majescor.com/en/projects/other/madagascar.aspx

Orange in Madagascar
http://www.orange.com/en_EN/group/global_footprint/countries/amea/madagascar/madagascar-gn.jsp

Pan African Mining in Madagascar
http://www.panafrican.com/props.htm

Reuters, “Mining Projects in Madagascar” , March 15, 2009
http://www.reuters.com/article/newsMaps/idUSTRE52E0R720090315

UNCTAD, "World Investment Report 2009 - Country Fact Sheet: Madagascar," September 17, 2009
http://www.unctad.org/Templates/Page.asp?intItemID=3198&lang=1

                                                                                                    21
US Department of State, "Investment Climate Statement for Madagascar," February 2009
http://www.state.gov/e/eeb/rls/othr/ics/2009/117354.htm

Privatization

Bernard Krief Information Technology Profile of Madagascar
www.bernard-krief.com/.../ict/Madagascar_Country_Profile.pdf

US Department of State, "Investment Climate Statement for Madagascar," February 2009
http://www.state.gov/e/eeb/rls/othr/ics/2009/117354.htm

US Mission to the United Nations in Geneva Press Release for April 2, 2008, “Trade Policy Review of
Madagascar”
http://geneva.usmission.gov/Press2008/April/0402TPRMadagascar.html

World Bank Privatization Database
http://rru.worldbank.org/Privatization/QueryDetails.aspx

Financial Sector

2009 OECD African Economic Outlook for Madagascar
http://www.africaneconomicoutlook.org/en/countries/southern-
africa/madagascar/#/recent_economic_developments

Bernard Krief Information Technology Profile of Madagascar
www.bernard-krief.com/.../ict/Madagascar_Country_Profile.pdf

Heritage Foundation Profile of Madagascar
http://www.heritage.org/index/Country/Madagascar

International Monetary Fund, “Republic of Madagascar: Financial System Stability Assessment, including
Reports ion the Observance of Standards and Codes on the following topics: Banking Supervision, and
Anti-Money Laundering and Combating the Financing of Terrorism," August 2006
http://www.imf.org/external/pubs/ft/scr/2006/cr06305.pdf

OANDA.com Currency website
http://www.oanda.com/convert/fxhistory

US Department of State, "Investment Climate Statement for Madagascar," February 2009
http://www.state.gov/e/eeb/rls/othr/ics/2009/117354.htm

Wharton Financial Review of Madagascar
http://fic.wharton.upenn.edu/fic/africa/Madagascar%20Final.pdf

Corruption and Transparency

Congressional Notification of the Suspension of Millennium Challenge Compact of Madagascar
http://www.mcc.gov/mcc/bm.doc/cn-080609-madagascar.pdf

Extractive Industries Transparency Initiative
http://eitransparency.org/validation

Freedom House, “2009 Report for Madagascar”
http://www.freedomhouse.org/template.cfm?page=22&year=2009&country=7652

List of Countries that have signed the African Union Convention on Preventing and Combating Corruption
http://www.africa-
union.org/root/AU/Documents/Treaties/List/African%20Convention%20on%20Combating%20Corruption.
pdf

                                                                                                      22
Transparency International Corruption Perception Index
http://www.transparency.org/policy_research/surveys_indices/cpi/2009/cpi_2009_table

United Nations Convention Against Corruption
http://www.unodc.org/unodc/en/treaties/CAC/signatories.html

US Department of State, "Human Rights Report for Madagascar," February 25, 2009
http://www.state.gov/g/drl/rls/hrrpt/2008/af/119010.htm

US Department of State, "Investment Climate Statement for Madagascar," February 2009
http://www.state.gov/e/eeb/rls/othr/ics/2009/117354.htm

Standards and Compliance

International Monetary Fund list of GDDS nations
http://dsbb.imf.org/Applications/web/gdds/gddscountrylist/

International Monetary Fund list of SDDS nations
http://dsbb.imf.org/Applications/web/sddscountrylist/

International Monetary Fund, Report on Observance of Standards and Codes
http://www.imf.org/external/np/rosc/rosc.asp

International Monetary Fund, “Republic of Madagascar: Financial System Stability Assessment, including
Reports ion the Observance of Standards and Codes on the following topics: Banking Supervision, and
Anti-Money Laundering and Combating the Financing of Terrorism, August 2006
http://www.imf.org/external/pubs/ft/scr/2006/cr06305.pdf

International Monetary Fund Financial Sector Assessment Programs
http://www.imf.org/external/np/fsap/fsap.asp

World Bank, Report on the Observance of Standards and Codes
http://www.worldbank.org/ifa/rosc.html

Social Indicators

Food and Agriculture Organization – List of Low-Income Food Deficit Countries, May, 2009
http://www.fao.org/countryprofiles/lifdc.asp

International Food Policy Research Institute, “Global Hunger Index, The Challenge of
Hunger 2009”
http://www.ifpri.org/sites/default/files/publications/ghi09.pdf

Kaiser Family Foundation, "Global Health Facts – Health Indicators"
http://www.globalhealthfacts.org/factsheets_custom.jsp#

UN Statistics, “Millennium Development Goals Indicators, Children 1 year old immunized against
measles”
http://unstats.un.org/unsd/mdg/SeriesDetail.aspx?srid=563

UNDP, "2009 Human Development Report for Madagascar”, October 2009
http://hdrstats.undp.org/en/countries/data_sheets/cty_ds_MDG.html

US Census Bureau: International Data Base
http://www.census.gov/ipc/www/idb/region.php

World Food Program Profile of Madagascar
http://www.wfp.org/countries/madagascar

                                                                                                    23
World Health Organization, "Core Health Indicators," May 2008
http://www.who.int/whosis/database/core/core_select.cfm?strISO3_select=ALL&strIndicator_select=ALL&
intYear_select=latest&language=english

Access to Technology

Nationmaster, “Per capita electricity consumption”
http://www.nationmaster.com/graph/ene_ele_con_percap-energy-electricity-consumption-per-capita

Nationmaster, “Radio ownership per 1,000 people”
http://www.nationmaster.com/graph/med_rad_percap-media-radios-per-capita

Nationmaster, “Motor vehicles per 1,000 people”
http://www.nationmaster.com/graph/tra_mot_veh-transportation-motor-vehicles

Reuters AlertNet – “Standard of Living for Madagascar”
http://www.alertnet.org/db/cp/madagascar.htm

World Bank, "Information and Communications for Development 2009," May 2009
http://web.worldbank.org/WBSITE/EXTERNAL/DATASTATISTICS/0,,contentMDK:20459133~isCURL:Y~
menuPK:1192714~pagePK:64133150~piPK:64133175~theSitePK:239419,00.html

World Economic Forum Network Readiness Index
http://www.weforum.org/pdf/gitr/2009/Rankings.pdf

World Health Organization Road Safety Status Report, “Madagascar”
http://www.who.int/violence_injury_prevention/road_safety_status/country_profiles/madagascar.pdf

Health Indicators

Guardian.co.uk, “Global homicide: murder rates around the world”
http://www.guardian.co.uk/news/datablog/2009/oct/13/homicide-rates-country-murder-data

HIV In site, “Madagascar, March, 2007”
http://hivinsite.ucsf.edu/global?page=cr-01-00&post=2&cid=MA&submit=Create+Report

Kaiser Family Foundation, "Global Health Facts – Health Indicators"
http://www.globalhealthfacts.org/factsheets_custom.jsp#

US State Department, “Travel Advisory for Madagascar,” August 24, 2009
http://travel.state.gov/travel/cis_pa_tw/cis/cis_957.html

World Bank, World Development Indicators 2006, “Health Risks and Public Health Challenges”
http://devdata.worldbank.org/wdi2006/contents/Section2.htm

World Health Organization, "Core Health Indicators," May 2008
http://www.who.int/whosis/database/core/core_select.cfm?strISO3_select=ALL&strIndicator_select=ALL&
intYear_select=latest&language=english

World Health Organization, “Mortality Country Fact Sheet 2006 for Madagascar”
http://www.who.int/whosis/mort/profiles/mort_afro_mdg_madagascar.pdf

World Health Organization Road Safety Status Report, “Madagascar”
http://www.who.int/violence_injury_prevention/road_safety_status/country_profiles/madagascar.pdf

World Health Organization, "Ranking of medical care systems," 2000
http://www.photius.com/rankings/healthranks.html



                                                                                                   24
Education Indicators

Bertelsmann Country Report for Madagascar
http://www.bertelsmann-transformation-index.de/79.0.html?&L=1

Education International, "Education Report for Madagascar," June 18, 2007
http://www.ei-ie.org/barometer/en/profiles_detail.php?country=madagascar

Save the Children, “School Success Index for Developing Countries”
http://www.savethechildren.org/publications/state-of-the-worlds-mothers-report/state-worlds-mothers-
summary-2009.pdf

UNESCO Education Database
http://stats.uis.unesco.org/unesco/TableViewer/document.aspx?ReportId=198&IF_Language=enEcong

World Bank, “Education at a Glance for Madagascar”, August 2007
http://siteresources.worldbank.org/INTMADAGASCAR/Resources/MADA-Educ_at_a_Glance.pdf

Economic Data

2009 OECD African Economic Outlook for Madagascar
http://www.africaneconomicoutlook.org/en/countries/southern-
africa/madagascar/#/recent_economic_developments

International Monetary Fund, “World Economic Outlook Database”, October 2009
http://www.imf.org/external/pubs/ft/weo/2009/02/weodata/weoselgr.aspx

UNCTAD, "World Investment Report 2009 - Country Fact Sheet: Madagascar," September 17, 2009
http://www.unctad.org/Templates/Page.asp?intItemID=3198&lang=1

Latest IMF Consultation

Madagascar and the IMF
http://www.imf.org/external/country/MDG/index.htm

Economic Outlook

Oxford Analytica, “Madagascar: Power-sharing deal offers hope of recovery”, August 13, 2009
http://www.reliefweb.int/rw/rwb.nsf/db900SID/VDUX-7V9KG6?OpenDocument

Reuters, “Loss of US trade deal could sink Madagascar textiles,” July 17, 2009
http://www.reuters.com/article/latestCrisis/idUSLH725702

Reuters, “Q and A – Will Madagascar’s latest power share deal hold?” November 8, 2009
http://www.reuters.com/article/latestCrisis/idUSL8252135

World Bank, “Madagascar – Economic Update: A Transition…but Challenges are coming soon”, June 19,
2009
http://siteresources.worldbank.org/EXTAFROFFCHIECO/Resources/Madagascar_Economic_update_Jun
e19.pdf

Credit Rating

Fitch
http://www.fitchratings.com/corporate/sectors/issuers_list_corp.cfm?sector_flag=5&marketsector=1&detail
=&body_content=issr_list




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Moody’s
http://www.moodys.com/moodys/cust/content/loadcontent.aspx?source=StaticContent/BusinessLines/Sov
ereign-SubSovereign/RatingsListGBR.htm&Param=ALL

Standard and Poor’s
http://www.standardandpoors.com/ratings/sovereigns/ratings-
list/en/us/?sectorName=Governments&subSectorCode=39&subSectorName=Sovereigns

Memberships

Financial Action Task Force
http://www.fatf-gafi.org/pages/0,3417,en_32250379_32236869_1_1_1_1_1,00.html

International Center for Settlements of investment Disputes
http://icsid.worldbank.org/ICSID/FrontServlet?requestType=ICSIDDataRH&reqFrom=Main&actionVal=Vie
wContractingStates&range=A~B~C~D~E

International Federation of Accountants
http://web.ifac.org/about/member-bodies

Multinational Investment Guarantee Agency
http://www.miga.org/quickref/index_sv.cfm?stid=1577

United Nations Convention Against Corruption
http://www.unodc.org/unodc/en/treaties/CAC/signatories.html

World Intellectual Property Organization
http://www.wipo.int/members/en/

World Trade Organization
http://www.wto.org/english/thewto_e/whatis_e/tif_e/org6_e.htm




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