How large is Madagascar's public debt?

The latest published stock sits at the top of this page with its date, in billions of ariary and its USD counter-value: the figure of the Treasury's debt statistical bulletin, covering the central government's external and domestic debt.

What is Madagascar's debt-to-GDP ratio?

The bulletin itself publishes two ratios, excluding and including arrears, against the nominal GDP it retains. This page shows those ratios verbatim, without recomputation.

How often are these figures updated?

The Treasury publishes one bulletin per quarter. We watch the bulletin page daily and take in each new issue as it appears; already-published year-ends are revised whenever a later bulletin updates them.

What exactly do these figures cover?

The central government's external and domestic debt, plus guaranteed debt, as defined by the bulletin. Domestic instruments include the BTA, BTF and BTS; external creditors range from multilateral organisations to private creditors, arrears included.

Madagascar public debt

Name: Madagascar public debt
Creator: Stileex
License: https://creativecommons.org/licenses/by/4.0/

The public-debt stock as the Treasury publishes it in its quarterly debt statistical bulletin: the latest stock, the published debt-to-GDP ratios, the split and the history.

At the end of March 2026, Madagascar's public debt stands at 31,151.1 billion ariary. That is 7,476.8 million US dollars at the published counter-value. The Treasury puts it at 31.8 % of GDP excluding arrears. Source: debt statistical bulletin (BSD), Trésor public (DGT/MEF).

Public debt at end-March 2026

31,151.1 bn Ar

Published counter-value: 7,476.8 million USD.

Debt-to-GDP (excluding arrears, published ratio)

31.8 % of GDP

Including arrears: 32.7 % of GDP, as published.

Stileex indicator

External share of the debt

85.8 %

External debt 26,739.3 bn Ar, domestic debt 4,411.8 bn Ar, per the same bulletin's published figures.

The public-debt stock since 2015

The year-end stocks published by the successive bulletins, plus the latest bulletin's own quarter. Figures revised by a later bulletin carry the latest published value.

One point per year-end, plus the latest bulletin's quarter. Source: debt statistical bulletins, Trésor public.

See the year-end history

Year	Total debt	External	Domestic	Published debt-to-GDP
2025	32,698.0	28,358.9	4,339.1	35.4 %
2024	31,163.6	25,933.9	5,229.7	36.1 %
2023	29,012.2	23,661.7	5,350.6	39.1 %
2022	24,207.0	20,303.3	3,903.7	35.8 %
2021	21,204.2	16,897.8	4,306.4	36.5 %
2020	18,934.1	14,508.6	4,425.5	37.0 %
2019	15,406.7	11,750.1	3,656.5	37.0 %
2018	14,320.3	10,649.0	3,671.4	28.6 %
2017	12,812.9	9,382.3	3,430.5	32.9 %
2016	11,604.9	8,585.0	3,019.9	32.9 %
2015	10,678.3	8,100.9	2,577.4	32.1 %

Year-end stocks in billions of ariary; ratio excluding arrears as published.

The breakdown at end-March 2026

The latest bulletin's published split: external debt by creditor and domestic debt by instrument. Shares relate each row to its block's published total.

External debt, by creditor

Component	Stock (bn Ar)	Share of block
Multilateral organisations	19,356.4	72.4 %
Bilateral, Paris Club	1,884.8	7.0 %
Bilateral, non-Paris Club	1,713.8	6.4 %
Commercial banks	355.5	1.3 %
Financial institutions	2,505.9	9.4 %
Arrears	923.1	3.5 %

Amounts in billions of ariary, as published; shares computed on the block's published total.

Domestic debt, by instrument

Component	Stock (bn Ar)	Share of block
BTA (auctioned Treasury bills)	520.5	11.8 %
BTF	3,248.3	73.6 %
BTS	209.7	4.8 %
Securitised debts	369.9	8.4 %
Other domestic debts	63.5	1.4 %

Amounts in billions of ariary, as published; shares computed on the block's published total.

See the state budget See Treasury-bill rates See GDP

Method and source

The figures come from the debt statistical bulletins the Treasury publishes quarterly since August 2014. Every bulletin is archived verbatim, then its stock table is rebuilt positionally (these tabular PDF layouts do not read as flowing text) and normalised. Successive bulletins revise the same year-ends: the latest publication stands.

The debt-to-GDP ratios shown are the bulletin's own published figures, never our computation. The earliest bulletin generation uses another layout and stays archived until its reader exists: the series says nothing where we have not yet read the source.

Source: Trésor public of Madagascar (DGT/MEF)

API access

The debt stock, its external component and the published debt-to-GDP ratio are available as JSON, for your services and your agents.

Public debt, latest stock: GET https://api.stileex.xyz/v1/series/mg/public-debt/latest
External debt: GET https://api.stileex.xyz/v1/series/mg/external-debt/latest
Published debt-to-GDP: GET https://api.stileex.xyz/v1/series/mg/debt-to-gdp/latest
All series: GET https://api.stileex.xyz/v1/series/mg

Frequently asked questions

How large is Madagascar's public debt?: The latest published stock sits at the top of this page with its date, in billions of ariary and its USD counter-value: the figure of the Treasury's debt statistical bulletin, covering the central government's external and domestic debt.
What is Madagascar's debt-to-GDP ratio?: The bulletin itself publishes two ratios, excluding and including arrears, against the nominal GDP it retains. This page shows those ratios verbatim, without recomputation.
How often are these figures updated?: The Treasury publishes one bulletin per quarter. We watch the bulletin page daily and take in each new issue as it appears; already-published year-ends are revised whenever a later bulletin updates them.
What exactly do these figures cover?: The central government's external and domestic debt, plus guaranteed debt, as defined by the bulletin. Domestic instruments include the BTA, BTF and BTS; external creditors range from multilateral organisations to private creditors, arrears included.