AGL 38.00 Decreased By ▼ -0.02 (-0.05%)
AIRLINK 205.00 Increased By ▲ 7.64 (3.87%)
BOP 9.56 Increased By ▲ 0.02 (0.21%)
CNERGY 6.01 Increased By ▲ 0.10 (1.69%)
DCL 8.99 Increased By ▲ 0.17 (1.93%)
DFML 37.10 Increased By ▲ 1.36 (3.81%)
DGKC 97.00 Increased By ▲ 0.14 (0.14%)
FCCL 35.32 Increased By ▲ 0.07 (0.2%)
FFBL 88.94 Increased By ▲ 6.64 (8.07%)
FFL 13.45 Increased By ▲ 0.28 (2.13%)
HUBC 128.05 Increased By ▲ 0.50 (0.39%)
HUMNL 13.70 Increased By ▲ 0.20 (1.48%)
KEL 5.41 Increased By ▲ 0.09 (1.69%)
KOSM 7.07 Increased By ▲ 0.07 (1%)
MLCF 44.50 Decreased By ▼ -0.20 (-0.45%)
NBP 60.78 Decreased By ▼ -0.64 (-1.04%)
OGDC 216.50 Increased By ▲ 1.83 (0.85%)
PAEL 40.40 Increased By ▲ 1.61 (4.15%)
PIBTL 8.35 Increased By ▲ 0.10 (1.21%)
PPL 193.84 Increased By ▲ 0.76 (0.39%)
PRL 39.44 Increased By ▲ 0.78 (2.02%)
PTC 26.41 Increased By ▲ 0.61 (2.36%)
SEARL 106.70 Increased By ▲ 3.10 (2.99%)
TELE 8.51 Increased By ▲ 0.21 (2.53%)
TOMCL 35.75 Increased By ▲ 0.75 (2.14%)
TPLP 13.70 Increased By ▲ 0.40 (3.01%)
TREET 23.25 Increased By ▲ 1.09 (4.92%)
TRG 61.15 Increased By ▲ 5.56 (10%)
UNITY 33.24 Increased By ▲ 0.27 (0.82%)
WTL 1.68 Increased By ▲ 0.08 (5%)
BR100 11,911 Increased By 184.2 (1.57%)
BR30 36,776 Increased By 399.8 (1.1%)
KSE100 111,587 Increased By 2074 (1.89%)
KSE30 35,158 Increased By 644.9 (1.87%)

7mnmnANTANANARIVO: Madagascar's interim parliament approved the 2012 budget and cut the island's economic growth forecast to 2 percent from 2.8 percent, the finance ministry said in a statement. Year 7.6 percent, according

An initial forecast in a draft budget submitted to the government was for 2.8 percent. The ministry did not say why the forecast had been cut.

Growth for 2011 would be 0.7 percent and inflation for next to the statement released late on Friday.

Madagascar has been mired in political uncertainty for most of the past three years. At the start of 2009, then-opposition leader Andry Rajoelina spearheaded often violent street protests against increasingly unpopular President Marc Ravalomanana.

Rajoelina seized power in March 2009 with the help of dissident army officers. Many donors branded the move a coup and froze non-emergency aid.

The government said it expected no external assistance or funding for the budget.

Analysts say the island faces an uphill struggle to regain the confidence of foreign investors who had been eyeing its deposits of oil, gold, chrome and uranium.

The tourism industry has taken a beating from the political unrest and textile exports have also suffered after Washington ended preferential trade deals under its AGOA initiative.

Copyright Reuters, 2011

Comments

Comments are closed.