Madagascar Airlines CEO: Reducing fuel costs will lead to profitability
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Background ✨
Madagascar Airlines faced financial challenges, accumulating losses of USD25 million in both 2022 and 2023, largely due to high fuel costs and maintaining long haul operations under ACMI agreements1. The restructuring plan included leasing two ATR 72-500s, authorised by Madagascar's Council of Ministers2 3. The World Bank agreed to provide USD25 million to support the airline's recovery, which is part of a broader USD100 million plan by Madagascar's Minister of Transport and Meteorology Valérie Ramonjavelo4 5.