Madagascar Airlines benefits from the financial largesse of the State. Who vouches for his aircraft rentals. This raises some questions about the agreements made with the International Monetary Fund.

Is this a departure from the conditionalities of the Extended Credit Facility, FEC, of the International Monetary Fund, IMF? If it is too early to say, it is assumed that the State guarantees the rental of aircraft in the service of Madagascar Airlines. For a sovereign sum of 20 million dollars for the Embraer 190 E92 to ensure the national and regional flights of Madagascar Airlines, via the company Tsaradia. However, the IMF has issued recommendations for the next ECF review. It is a question of increasing expenditure for the ministries with a social vocation, namely National Education, Public Health, Water-sanitation-hygiene, Population and the advancement of women, mentioning the budgetary risks which may influence the rate growth and the inflation rate, 

As these 20 million dollars are intended for Madagascar Airlines, and provided for in the initial 2023 finance law, the IMF may not raise any particular objection. He is almost aware of these budget allocations. Like the World Bank. Even if at take-off, in October, it was scheduled to acquire this Embraer 190 E2 on dry lease, expected in June, and a Dreamliner for long-haul flights. The rental will then be worth 245,000 dollars per month, through the Azorra company, headquartered in the United States, which has always collaborated with the Brazilian aircraft manufacturer, in this partnership with Madagascar Airlines.

Personal challenge

This substantial contribution from the State falls under the heading of guaranteed public debt. The President of the Republic Andry Rajoelina, made the success of the operation a personal challenge

rescue of Air Madagascar. According to the latest estimates, it would be necessary to find 60 million dollars to get it out of the financial impasse with Tsaradia. Through dubious and incoherent strategic choices, what was the standard bearer of the national economy has become a heavy burden for public finances. Will this new rental episode be the last act of a long soap opera with twists and turns? ? A first real test for Thierry de Bailleul, the general manager of Madagascar Airlines, supposed to pilot the structural reforms to come.

Provided by SyndiGate Media Inc. (

Syndigate.info).