Patrick Imam and Antananarivo Madagascar

Madagascar: The hope was that on all fronts things would start improving, but there were quite a few external shocks which hit the economy hard, he said in the capital Antananarivo, according to Euro News. Madagascar economy has been struggling since a 2009 coup which scared off foreign investors and prompted donors to cut aid. Patrick Imam, the IMF Madagascar country representative, told Reuters the economy of mineral-rich Madagascar had been badly hit by extreme weather, including cyclones and droughts, and a decline in commodity prices on global markets. A peaceful election in late 2013 saw aid flows resume but the new government has had difficulties introducing economic reforms. The World Bank estimates tourism accounts for about 25 percent of the Indian Ocean island export earnings, which are heavily reliant on Air Madagascar to bring in tourists looking for sun and a tropical island with some unique flora and fauna. Imam said the new 3.5 percent estimate might be trimmed again as it does not include the impact from the month-long strikes at Air Madagascar, which have cut nearly all domestic flights and crippled the tourism sector. (news.financializer.com). As reported in the news.