Conformed Copy - C1941 - Public Sector Adjustment Credit - Amendment

Page 1 April 3,1991 H.E. Leon Rajaobelina Minister of Finance and Budget B.P. 61 Antananarivo Madagascar RE: Credit No. 1941 MAG (Public Sector Adjustment Credit) Excellency, We refer to the Development Credit Agreement for the Public Sector Adjustment Credit, dated July 18, 1988, between the Democratic Republic of Madagascar and the International Development Association, as amended by Amending Agreements, dated.April 6, 1989, January 22, 1990 and December 14, 1990. We also refer to your telex, dated March 20, 1991, requesting the increase of the amount of the second tranche of the credit. We are pleased to inform you that, pursuant to the above request, the Association hereby accepts your proposal and proposes to amend Paragraph 3 B (i) of Schedule I to the Development Credit Agreement by substituting "SDR 53,800,000" by SDR 60,700,000". We are also pleased to inform you that, pursuant to a communication received from the Federal office of Exterior Economic Affairs of the Swiss the amount set forth in Paragraph 3 B (ii) of Schedule 1 to the Development Credit Agreement is proposed to be amended by substituting 7,000,000" by "SWF 10,000,000". Please confirm the agreement on behalf of the Borrower to the 'foregoing amendments by signing and dating the confirmation form on the enclosed copy of this letter and returning it to us. Upon receipt of such co y the amendments will become effective. Sincerely yours, Francisco Aguirre-Sacasa Director South-Central and Indian Ocean Department CONFIRMED: MINISTRE DES FINANCES ET DU BUDJET THE DEMOCRATIC REPUBLIC OF MADAGASCAR By: Leon M. rajaobelina Date 16 APR 1991