State finances in 2011: there are revenues expenses but no investment

 
Hery Rajaonarimampianina is the HAT´s accountant in chief. The Finance minister drew self satisfaction from his outstanding management qualities which provided the ruling power with the needed resources to face up to compulsory expenses. “All our debts have been fully paid back during the transition”, he declared.   
According to minister Rajaonarimampianina “the world must absolutely know that our can repay our debts “. It is more than a question of reputation for the transitional authority, the stake is economic. “we have to keep the interests on overdue payments at a distance, so that the bill does not grow further more”. The HAT´s finance minister expressed his concerns about the situation after the transition, could debts be remaining unpaid. “It might even lead to the end of financial support”, he argued. Madagascar would thereupon be likely to lose the usual reductions and favors granted by its usual financial support providers.   
The praised performance is actually not as flashy as depicted in the speech. The HAT´s  finance minister recalled that the repayments amounts to $93 million during the transition´s first couple of years, that is to say 53 millions in 2009 (of which 15 millions high interests) and 40 millions in 2010 (of which 14 millions high interests). “It is going to be the same in 2011 “, insured the minister.   
Satisfying revenues    
The achievements in terms of revenues are depicted as satisfying during the first four months of 2011. The tax related forecasts would have been fulfilled to 100,1%, the custom related ones, to 102%. The state would be able to afford the completion of its few programs in sight, namely its elections. The austerity policy got the expected effect, the compulsory expenses have been limited to 30.2%, the investments, to 4,1%.   
On the other hand, the regulation rate fixed to 10% remained out of range during the first quarter. “Some institutions got more than what was basically planned “, said the HAT´s finance minister. The black sheep of the good governance family who continuously ignore austerity are namely the HAT´s interior minister, and the HAT´s three institutions, namely its presidency, its Convention and its superior Council.   
The HAT´s minister Hery Rajaonarimampianina recalled the running program deemed to modernize the public finances management, as a reform. The top down control of expenses will be reinforced. The minister is now longing for systematic control, and for more control power to be granted to the State Audit office and to its general inspection. Even the institutions´ roles and rules of engagement are expected to be redefined