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Madagascar

Republic of Madagascar
Southern Africa•AU•Low Income
POPULATION
32M
Public Debt / GDP
38.1%
2025
External Debt / GDP
17.1%
2025
Debt Svc / Revenue
18.3%
2025
Debt Svc / Exports
11.9%
2025
Interest / Revenue
7.9%
2025

Debt Composition & Creditor Analysis

External vs Domestic Debt

External
Debt
45%
Domestic
Debt
55%

By Creditor Type

Multilateral35%
Bilateral25%
Paris Club15%
Eurobond15%
Other Priv.10%

By Instrument Type

Bonds47.1%
Loans59.7%
Other13.9%

Average Lending Terms (External)

%
5%
Interest
⏱
13yr
Maturity
⏱
6yr
Grace
No active restructuring

CAP Pillar 2: Debt Management Quality

Data Dissemination
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Debt Strategy (MTDS)
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Borrowing Plan
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Domestic Market Dev.
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Comprehensive Debt Analytics

Explore in-depth macroeconomic vulnerability, fiscal sustainability, and sovereign risk indicators for Madagascar.

Vulnerability Indicator Explorer

Select an indicator to analyze Madagascar's performance against international benchmarks.

38.1%
Current (2025)
+0.3 pp YoY
Within 55% target
Analysis

Madagascar's public debt at 38.1% of GDP is below the 55% prudential benchmark, suggesting manageable indebtedness relative to the economy. This provides fiscal space for counter-cyclical spending and public investment.

The most widely used measure of overall indebtedness relative to economic activity. It reflects the government's solvency capability and long-term fiscal space.

Net Financial Flows

Disbursements (Inflows) vs Principal & Interest Repayments (Outflows).

Net Positive Flows

In 2025, Madagascar received $0.8B in disbursements while repaying $0.4B — a net inflow of $0.4B. The country is receiving more resources than it is repaying, providing additional financing for development.

Profile of Maturing Debts (2025)

Breakdown of short-term (<1 year), medium-term (1-9 years) and long-term (10+ years) debt liabilities.

Short-Term (<1 yr)
$1.5B
20.0% of total
Medium-Term (1-9 yrs)
$2.7B
36.0% of total
Long-Term (10+ yrs)
$3.3B
44.0% of total
Analysis

Madagascar has 20.0% of its debt maturing within one year, exceeding the 15% refinancing risk threshold. This elevated short-term exposure creates significant rollover risk — the government must frequently return to capital markets to refinance, leaving it vulnerable to sudden interest rate spikes or market closure.