The International Monetary Fund's Board of Directors has postponed its examination of Madagascar's file, though discussions continue under the third and fourth reviews of the Extended Credit Facility (ECF) combined with the Resilience and Sustainability Facility (RSF). According to sources, the postponement does not constitute a rejection of Madagascar's program. The authorities have submitted to the institution economic policy guidelines for the second half of 2026. These aim to preserve economic and social stability, support growth, and maintain the program's course. The temporary maintenance of fuel prices aligns with this approach. It does not undermine the reforms undertaken but responds to the need to prevent an immediate price increase from severely impacting transportation, essential goods prices, electricity, and household purchasing power. According to our source, the IMF has requested additional information to assess the proposed measures and their effects on budget balances. Madagascar is thus preparing the necessary clarifications, particularly on compensation mechanisms and the continuation of structural reforms. The file can then be submitted to the Board of Directors in the coming weeks. The challenge remains reconciling program commitments with the country's economic and social realities within a constructive dialogue with the IMF.