Thursday 19 October 2017

Madagascar names central bank board member as new finance minister

Madagascar names central bank board member as new finance minister
(Reuters (Eng) 07/18/17)
Madagascar names central bank board member as new finance minister

Madagascar has appointed Vonintsalama Andriambololona as the new minister of finance and budget, a statement from the presidency said on Tuesday, a day after the previous minister resigned, citing a lack of support.

Andriambololona was the former general secretary of the ministry of finance when Hery Rajaonarimampianina, now the president, was the finance minister. She held the post until 2015, and is also a serving member of the board of the Central Bank of Madagascar.

She replaces Gervais Rakotoarimanana, who resigned on Monday after media reported he had disagreed with the president.

The Indian Ocean island state's economy has been struggling with a drought and the destruction caused by a severe cyclone, which damaged its vanilla crop, a key source of foreign exchange, the International Monetary Fund said last month.

Madagascar is one of the world's poorest countries, despite reserves of nickel, cobalt, gold, uranium and other minerals.

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