The insurance sector is underdeveloped and has been inadequately supervised to date, as the regulator lacks the requisite independence, skills, and resources. The three public pension systems, which cover less than 10 percent of the active population, appear to be fiscally unsustainable. The banking regulatory and supervisory framework is broadly adequate, although implementation and enforcement need further strengthening. The weak financial position of the Central Bank of Madagascar (BCM) could undermine macroeconomic and financial policies and contribute to economic and financial instability.While the microfinance sector has had some success in providing credit to micro and small enterprises, particularly in urban areas, there ... of enterprises, and the establishment of a credit reference bureau could help overcome some of the obstacles to SME financing. ... a minimum past and outstanding credit and payment historyaand makes this information available on request to financial institutions, anbsp;...
|Title||:||Republic of Madagascar: Financial System Stability Assessment, Including Reports on the Observance of Standards and Codes on the Following Topics: Banking Supervision, and Anti-Money Laundering|
|Author||:||International Monetary Fund|
|Publisher||:||International Monetary Fund - 2006-08-15|