Keep government liability to oil distributors below MGA 100 billion without any direct budget compensation.
For the purposes of the structural benchmark on fuel pricing, and until the adoption of a fuel pricing mechanism, the authorities will set prices in a manner that prevents total estimated net liabilities to fuel distributors from rising above MGA 100 billion (measured as a cumulative stock). The estimated total net liability is calculated by the Malagasy Office for Hydrocarbons (OMH), using the fuel price structure in place or any new fuel price structure established in accordance with prevailing laws and regulations. The authorities will provide to IMF staff the calculations for the estimate of the monthly flow and stock for these net liabilities, for each month, by the 14th day of that month.