This paper reviews Madagascar’s progress under the Heavily Indebted Poor Countries (HIPC) Initiative. Total assistance to be provided to Madagascar under the HIPC Initiative amounts to US$836 million in net present value terms—US$22 million higher than the decision point estimate. The paper assesses Madagascar’s performance in meeting the requirements for reaching the completion point, as set out in the decision point document. The paper also reviews the status of creditor participation and the delivery of debt relief to Madagascar under the enhanced HIPC Initiative. It also presents results of the updated Debt Sustainability Analysis.