🇲🇬 Madagascar
Public Sector Debt · 2026
Total Debt
58.9%
of GDP
Global Rank
#95
of 192
SOE Debt
+8.0%
2 categories
Where the Debt Sits
Central Government
Energy SOEs
Central Government: 50.9%Energy SOEs: 7.6%Infrastructure: 0.4%
Full Debt Breakdown
Central Government50.9% of GDP
Central GovernmentIMF WEO — General Government Debt
50.9%Energy SOEs7.6% of GDP
JIRAMA (electricity & water)IMF Selected Issues Paper 2025MGA 5,316B debt (7.6% GDP). Avg 6hr/day outages
7.6%Infrastructure SOEs0.4% of GDP
Air Madagascar / TsaradiaIMF Madagascar 2024 Article IVMultiple restructuring attempts
0.3%Madarail (railways)Madagascar economic surveysSmall railway concession
0.1%Total Corporate Debt10.7% of GDP
NF corporate debt (est.)WB WDI 2020
10.7%Household Debt5.7% of GDP
Household debt (est.)WB WDI 2020
5.7%All Layers Total75.3%
Credit Ratings
Fitch
B-
Data Sources
IMF WEO — General Government Debtgeneral_government · Updated semi_annual
Dec 202650.9% GDP
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