02378cas a2200241 a 4500 AALejournalIMF019178 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498305839 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. African Dept. Republic of Madagascar : Fourth Review Under the Extended Credit Facility and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Madagascar. Washington, D.C. : International Monetary Fund, 2019. 1 online resource (85 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper discusses Madagascar's Fourth Review under the Extended Credit Facility (ECF) and Request for Modification of Performance Criteria. Madagascar's economic recovery continued in 2018, notwithstanding challenges related to the presidential election in November/December 2018. While some economic pressures developed in the second half of 2018, economic conditions remained generally positive. The discussions focused on maintaining progress on the key objectives of the program, especially boosting fiscal space for priority investment and social spending by containing lower priority spending. The main challenges involved fuel pricing and transfers to the public utility, JIRAMA. Other issues included structural reforms to promote inclusive growth, most notably in investment capacity, the financial sector, and governance. The outlook continues to be generally positive. Pursuit of economic reforms should yield results, while the pressures in 2018 from higher oil prices and pre-electoral weakness in confidence abate under the baseline. As a low-income country with an open economy, Madagascar remains vulnerable to exogenous shocks. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2019/089 Full text available on IMF http://elibrary.imf.org/view/journals/002/2019/089/002.2019.issue-089-en.xml IMF e-Library