Public Finance Sustainability and Investment DPF II (WB-P164137)

  • Madagascar
Where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Nov 16, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
The holder of the loan, grant, or other investment.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 45.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 45.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS Nov 30, 2017

Disclosed by Bank Jul 21, 2017

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Project Description
This program document proposes the second operation in a development policy operation (DPO) focused on strengthening Madagascar’s fiscal framework and on improving the investment climate. The operation is the second in the Public Finance Sustainability and Investment (PFSI) (DPO2) programmatic series of two International Development Association (IDA) grants and is intended to deepen and consolidate the set of reforms implemented under the first series (DPO1 - P160866) which seeks to: (i) strengthen the fiscal framework by creating fiscal space to support priority expenditures, and (ii) improve the environment for investment. The proposed operation will be in the amount of SDR 31.9 million (US$45.0 million equivalent). This programmatic DPO series complements a Inclusive and Resilient Growth DPO (P162279) which supports structural reforms aiming at building the resilience of the rural poor so that they can benefit from the growth momentum promoted by this operation. This DPO series supports a comprehensive program of reform outlined in the Government’s Economic Development Paper (2017-2019). The reforms under this programmatic operation support the implementation of the economic development paper, which specifies the priorities for stimulating growth and reducing poverty. Key areas of focus include increased revenue and rationalized spending to support public investment, a resilient and inclusive financial system to promote growth, energy development, and a strong business climate to stimulate the private sector. Madagascar’s return to constitutional order in 2014 has seen a much-anticipated pick-up in growth. Nevertheless, as discussed in the World Bank’s CPF 2017-2021, strengthening governance remains key to addressing the country’s deep-rooted fragility, and is therefore central to the reforms being supported in this programmatic DPO series.
Investment Description

Contact Information
Contact: Mrs. Vonintsalama Andriambololona Title: Minister of Finance Tel: 261 20 22 646 81 Email: ACCOUNTABILITY MECHANISM OF WORLD BANK The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing You can learn more about the Inspection Panel and how to file a complaint at: