Law No. 2004-026 Authorizing The Ratification Of The Signed June 21, 2004 Development Financing Agreement Between The Republic Of Madagascar And The International Association Of Development On Credit In Support Of The Reduction ...
Original Language Title: Loi n°2004-026 autorisant la ratification de l’Accord de financement de développement conclu le 21 juin 2004 entre la République de Madagascar et l’Association Internationale de Développement relatif au Crédit à l’Appui de la Réduction de la...
Read the untranslated law here: http://www.assemblee-nationale.mg/wp-content/uploads/2013/09/Loi-n%C2%B02004-026_fr.pdf
REPOBLIKAN'I MADAGASIKARA Tanindrazana-Fahafahana Fandrosoana-Law No. 2004-026
authorizing the ratification of the Development Financing Agreement 21 June 2004 between the Republic of Madagascar
and the International Association of Development Credit relating to the Poverty Reduction Support
EXPLANATORY MEMORANDUM In order to proceed to finance the Support to Poverty Reduction, the Republic of Madagascar June 21, 2004 concluded a financing agreement of EUR 85.5 million (EIGHTY FIVE MILLION FIVE HUNDRED THOUSAND) SDR, equivalent to 125,000,000 (FIVE HUNDRED aND TWENTY MILLION) USD approximately TWO HUNDRED SIXTY SIX BILLION SIX HUNDRED MILLION (266 600. 000 000) ARIARY with the International Development Association.
I- OBJECTIVES OF FUNDING The funding aims to reduce poverty through strong economic growth, sustainable and equitable. The overall expected outcomes are:
average economic growth (GDP) of 6% between 2003 and 2006;
A reduction in the incidence of poverty from 73% 200 68% in 2006.
a) Establishment of good governance:
improved performance the management of public finances;
Fight against corruption; decentralization; - Increased revenues by Customs; improving the efficiency of the legal system.
B) broad-based growth:
private sector development; trade ; infrastructure; rural development ; environment.
C) Promoting human security systems, hardware and expanded social protection:
education; health; nutrition; water and sanitation.
III - FINANCING FINANCIAL CONDITIONS
The financing consists of:
a loan in the amount of SDR 25.3 million, or about 79 billion ARIARY;
A donation in the amount of SDR 60.2 million, or approximately 187.6 billion ARIARY.
Duration: 40 years, including a grace period of 10 years.
Service fee: 0.75% per annum on the loan amount disbursed.
Commitment fee: 0.50% on the undisbursed loan amount outstanding and
2, starting to run 60 days after the signing of the Agreement.
Deadline: half-yearly and consecutive installments of which the first will be paid on 15 January 2015 to last July 15, 2044.
Under Article 82, Paragraph VIII of the Constitution, "the ratification or approval ... treaties involving the finances of the state ... must be authorized by the Act. "
This is the purpose of this Act.
3 REPOBLIKAN'I MADAGASIKARA Tanindrazana-Fahafahana Fandrosoana-Law No. 2004-026
authorizing the ratification of concluded development Funding Agreement 21 June 2004 between the Republic of Madagascar | || and the International Association of Development on credit in support of the Poverty Reduction
The National Assembly and the Senate have adopted in their respective session dated 13 July 2004 and 21 July 2004, the Act which reads as follows: Article first-
is authorized ratification of the development financing Agreement 21 June 2004 between the Republic of Madagascar and the International Association of development on the financing of credit in support of the Poverty Reduction in the amount of 85,500,000 (FOUR TWENTY FIVE MILLION FIVE HUNDRED THOUSAND) SDR, equivalent to 125,000,000 (FIVE HUNDRED aND TWENTY MILLION) USD approximately TWO HUNDRED SIXTY SIX BILLION SIX HUNDRED MILLION (266.6 billion ) ARIARY.
Article 2 This Law shall be published in the Official Journal of the Republic.
It shall be enforced as State law.
Antananarivo, July 21, 2004
THE PRESIDENT OF THE NATIONAL ASSEMBLY, THE PRESIDENT OF THE SENATE,
Lahiniriko Jean Rajemison Rakotomaharo 4
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