IMF Staff Country Reports

Union of the Comoros: Request for a Four-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Supplement; and Statement by the Executive Director for the Union of the Comoros

June 21, 2023

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Union of the Comoros: Request for a Four-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Supplement; and Statement by the Executive Director for the Union of the Comoros, (USA: International Monetary Fund, 2023) accessed November 21, 2024

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Summary

Comoros is a small, fragile island state facing significant development challenges, balance of payments needs, a high risk of debt distress, vulnerabilities in the banking system, and governance weaknesses. In recent years, the country was hit by successive shocks including Cyclone Kenneth in 2019, the COVID-19 pandemic in 2020- 21, and fallout from the war in Ukraine in 2022. Two rounds of emergency support under the RCF/RFI of SDR 8.9 million each were approved in July 2019 and April 2020. A Staff Monitored Program (SMP), approved in September 2021, ended with broadly satisfactory performance, helping to establish a track record of policy implementation towards an Extended Credit Facility (ECF) arrangement. Policies under the SMP aimed to address the impact of the COVID-19 pandemic, reduce economic risks, and begin reforms to tackle sources of fragility.

Subject: Credit, Debt sustainability analysis, External debt, International organization, Monetary policy, Money, Public debt, Revenue administration

Keywords: Address debt sustainability risk, Africa, Comorian authorities, Credit, Debt sustainability analysis, ECF arrangement, ECF request, Global, Government securities market, Sustainability risk

Publication Details

  • Pages:

    90

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2023/215

  • Stock No:

    1COMEA2023002

  • ISBN:

    9798400245534

  • ISSN:

    1934-7685

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