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  1. $Title{Table 6.: Madagascar. Balance of Payments, 1975-80 (in billions of Malagasy francs)}
  2.  
  3. ______________________________________________________________________________
  4.                              1975     1976     1977     1978     1979     1980
  5. ______________________________________________________________________________
  6. Current Account
  7.   Merchandise exports......  68.5     69.0     86.2     91.5     87.6     88.9
  8.   Merchandise imports......  71.1     62.5     76.6     91.2    143.4    152.8
  9.                             _____    _____    _____    _____    _____    _____
  10.     Trade Balance..........  -2.6      6.5      9.6      0.3    -55.8    -63.9
  11.     Net Services Balance... -23.5    -25.6    -26.9    -32.6    -52.8    -60.6
  12.   Net Private Transfers....  -0.7      0.8      0.2      1.9      1.5      1.5
  13.   Net Public Transfers.....  13.5     11.7     12.6     11.8     13.4     13.9
  14.                             _____    _____    _____   ______    _____    _____
  15.     Total Net Transfers....  12.8     12.5     12.8     13.7     14.9     15.4
  16.                             _____    _____    _____    _____    _____    _____
  17.       Current Balance...... -13.3     -6.6     -4.5    -18.6    -93.7   -109.1
  18.  
  19. Capital Flows (net)
  20.   Direct Investment........  -0.3     -0.6     -1.0     -1.4     -1.4     -1.4
  21.   Government...............   6.6      4.8      4.4      5.0     31.8     35.2
  22.   Private..................   0.2     -0.2      2.7      8.0     22.8     14.9
  23.   Other capital............  -0.4      1.0      1.4      5.4     -4.2      1.5
  24.  
  25. Changes in Foreign
  26.   Reserves (- means
  27.    increase)...............   7.2      1.6     -3.0      1.6     44.7     58.9
  28. ______________________________________________________________________________
  29.