Madagascar Development

WASHINGTON — With the financial crisis engulfing developing countries from Latin America to Central Europe, raising the specter of market panic and even social unrest, Western officials are weighing coordinated action to try to stabilize these economies. The International Monetary Fund, which is in negotiations with several countries to provide emergency loans, is also working to arrange a huge credit line that would allow other countries desperate for foreign capital to borrow dollars, according to several officials. The list of countries under threat is growing by the day, and now includes such emerging-market stalwarts as Brazil, South Africa and Turkey. They have become collateral damage in a crisis that began in the American subprime housing market. The fast-growing economies of the developing world depend on money from Western banks to build factories, buy machinery and export goods to the United States and Europe. When those banks stop lending and the money dries up, as it has i...

Madagascar is to open a special business unit in Johannesburg in order to encourage and strengthen trade ties, it was announced on Wednesday. Their ambassador, Dr Denis Andriamandroso told delegates at the South African Chamber of Commerce and Industry's annual convention that this strategy was intended to improve operational discussions between businesses. The new Madagascar House in Houghton Estate would supplement existing embassy activities. "We open soon," he said. He noted that while around 30 countries from South Africa have a presence in Madagascar, no company as such was in the country and the intention was to improve this situation. "Madagascar is young in business and has a lot to learn from a country like South Africa, but it also has a lot to offer," he said. "Our economy and business are being put ahead of politics," emphasised Andriamandroso. As part of this, he explained that the country had been divided into six economic regions, a cha...