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Economic assistance --- Economic assistance. --- USAID/Madagascar --- USAID/Madagascar. --- Madagascar --- Madagascar. --- Economic aid --- Foreign aid program --- Foreign assistance --- Grants-in-aid, International --- International economic assistance --- International grants-in-aid --- Economic policy --- International economic relations --- Conditionality (International relations) --- United States. --- Democratic Republic of Madagascar --- Madagasikara --- Madagaskar --- Madagasukaru --- RDM --- Repoblika Demokratika Malagasy --- Repoblika Demokratika n'i Madagaskar --- Repoblikan'i Madagasikara --- Repoblikan'i Madakasikara --- Republic of Madagascar --- République de Madagascar --- République démocratique de Madagascar --- マダガスカル --- מדגסקר --- Malagasy Republic

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The staff report for the First Review Under the Three-Year Arrangement for the Republic of Madagascar reviews economic and financial policies. The 2007 economic program is designed to sustain growth, promote fiscal consolidation, and reduce poverty while keeping inflation to single digits and reducing the economy’s vulnerability to shocks. Central bank interventions will be limited to smoothing large variations in the exchange rate and meeting the program’s foreign reserve target. Planned spending reductions should offset any shortfall in revenues, which would allow the domestic financing target to be met.

Fiscal policy --- Monetary policy --- Balance of payments --- Current account balance (International trade) --- International payments, Balance of --- Foreign exchange --- Terms of trade --- Balance of trade --- International liquidity --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Tax policy --- Taxation --- Finance, Public --- Government policy --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Madagascar --- Madagaskar --- Democratic Republic of Madagascar --- Repoblika Demokratika n'i Madagaskar --- Repoblika Demokratika Malagasy --- République démocratique de Madagascar --- RDM --- Repoblikan'i Madagasikara --- République de Madagascar --- Repoblikan'i Madakasikara --- Madagasikara --- Republic of Madagascar --- マダガスカル --- Madagasukaru --- מדגסקר --- Malagasy Republic --- Economic conditions. --- Economic policy. --- Banks and Banking --- Budgeting --- Exports and Imports --- Public Finance --- Social Services and Welfare --- National Government Expenditures and Related Policies: General --- Taxation, Subsidies, and Revenue: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- National Budget --- Budget Systems --- National Budget, Deficit, and Debt: General --- Trade Policy --- International Trade Organizations --- Fiscal Policy --- Public finance & taxation --- Budgeting & financial management --- Banking --- Macroeconomics --- Social welfare & social services --- International economics --- Expenditure --- Revenue administration --- Public financial management (PFM) --- Budget planning and preparation --- Tariffs --- Taxes --- Budget --- Expenditures, Public --- Revenue --- Banks and banking --- Tariff --- Madagascar, Republic of