Fiscal transparency remains a major challenge for Madagascar. In its assessment published in August 2026, covering the management and disclosure of budgetary information during 2025, the U.S. Department of State concluded that Madagascar still does not meet the minimum requirements for fiscal transparency. The country therefore remains among the governments that did not satisfy the standards assessed under the report.
The assessment focuses in particular on the accessibility of budget documents, their completeness and reliability, as well as the transparency of public financial oversight mechanisms. It also examines the disclosure of information concerning contracts and licenses related to the exploitation of natural resources. These criteria are intended to enable citizens, institutions and economic stakeholders to better understand how public resources are collected, allocated and used.
For Madagascar, one of the main concerns relates to the publication of budget information. The enacted budget is made available to the public, including online, but certain essential information is not sufficiently accessible or detailed. In particular, the assessment highlights shortcomings concerning the publication of the executive’s proposed budget under the conditions required by the U.S. criteria. This limits the ability of the public and relevant institutions to examine budgetary priorities sufficiently early in the process, before the budget is adopted.
The completeness of financial data is another area of concern. Budget documents should provide a sufficiently comprehensive picture of government revenues and expenditures. This includes, among other things, a breakdown of expenditure by ministry, information on revenues by source and type, and details concerning state-owned enterprises. The U.S. criteria also cover the availability of information on public debt and the regular publication of budget execution data.
External oversight of public finances is another important component of the assessment. The applicable standards require an independent supreme audit institution to examine budget execution and the government’s annual accounts, with audit findings made publicly available within a reasonable timeframe. The effective and timely publication of audit reports is therefore considered essential to strengthening accountability among public officials and institutions responsible for managing public funds.
Transparency concerning natural resources is also taken into account. U.S. standards require the rules and procedures governing the award of contracts and licenses for natural resource exploitation to be clearly established and publicly accessible. Key information concerning concessions should also be available to the public, including details on the area covered, the resource being exploited, the duration of the agreement and the beneficiary company.
This assessment also reflects challenges that are not new for Madagascar. Previous U.S. assessments had already identified shortcomings concerning the publication of year-end financial reports, the level of detail available on revenues from natural resources, information relating to state-owned enterprises and the timely publication of audit reports.
However, the findings should not be interpreted as a direct assessment of the level of corruption in Madagascar. The U.S. Department of State makes clear that its report evaluates fiscal transparency rather than corruption itself. A government failing to meet minimum fiscal transparency requirements does not, by itself, establish that a high level of corruption exists.
For Madagascar, the challenge now is to make lasting improvements in public access to financial information, strengthen the completeness of budget documents and increase transparency regarding the implementation of public expenditure. Greater disclosure of information on state-owned enterprises, public debt, natural resources and the findings of public audits could also help strengthen confidence in the management of public finances.
Fiscal transparency is a fundamental component of sound public financial management. Accessible, comprehensive and reliable information enables citizens and institutions to better monitor the use of public resources, encourages more informed budgetary debate and contributes to greater confidence in public institutions. For Madagascar, the latest assessment therefore highlights the need to continue strengthening transparency, oversight and accountability in the management of public resources.
