The International Monetary Fund (IMF) has delayed the release of $189 million in financing to Madagascar after the country’s authorities failed to implement agreed fuel pricing reforms.

According to reports, the IMF had urged the government led by Colonel Michaël Randrianirina to introduce a pricing mechanism that would allow domestic fuel prices to better reflect market conditions. However, the reform has yet to be put into effect, prompting the lender to postpone the planned disbursement.

The delayed funding forms part of the IMF’s broader financial support programme for Madagascar, which is tied to a series of economic and fiscal reforms aimed at strengthening public finances and reducing costly fuel subsidies.

The latest decision underscores the IMF’s insistence that agreed policy commitments be implemented before additional financial assistance is released.

This is not the first time Madagascar’s access to IMF financing has been affected by delays in fuel price reforms. In previous years, the institution also withheld funding after similar commitments on petroleum pricing were not fulfilled.

The postponement could increase pressure on Madagascar’s government as it seeks to stabilise the economy, manage public spending and secure external financing amid ongoing fiscal challenges.