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Air Madagascar : 69 million dollars for its relaunch

Air Madagascar needs 69 million dollars for its relaunch

Air Madagascar needs 69 million dollars for its relaunch

The pandemic has hit Air Madagascar hard like so many other airlines. This aggravated his pre-existing financial difficulties. The company must find no less than 69 million dollars to finance its relaunch.

69 million dollars for the relaunch of Air Madagascar

The company Air Madagascar must find no less than 69 million dollars to finance its relaunch.

The Malagasy authorities have communicated the need, based on the "first estimates" for the relaunch of this airline.

These estimates were transmitted to the staff of the International Monetary Fund (IMF) as part of the first review of the agreement supported by the Extended Credit Facility (FEC), published in March.

“Air Madagascar has been hard hit by the pandemic, aggravating his pre-existing financial difficulties, and has become a major fiscal risk that the government is determined to control”, support the Malagasy authorities in the Memorandum of economic and financial policies (MPEF) IMF ECF program.

Indeed, the State and the National Social Insurance Fund (CNaPS), the two main shareholders of Air Madagascar, are working on this funding aspect.

Restructuring plan

According to IMF reports, the State has undertaken to consult its staff before any public financing of the company.

Frédéric Lambert, the head of the IMF mission had also been clear on the subject. “The injection of public money into Air Madagascar will be strictly limited until a viable business plan is finalized and approved”, did he throw.

Also, an audit company developed a restructuring plan according to IMF reports. This plan includes debt cancellations and creation of a new company. This plan is currently awaiting validation by the Council of Ministers.

For his debts, Air Madagascar filed the collective proceedings for the clearance of its liabilities on 14 October 2021.

Reminder, the State had reported an operating deficit and cumulative loss amounting to 80 $ million, and at the time granted creditors two months to come forward. Air Madagascar should then merge with its subsidiary Tsaradia to become Madagascar Airlines. More info on 2424.mg.

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