IMF and World Bank finally agree to Debt Relief
The International Monetary Fund (IMF) and the World Bank’s International Development Association (IDA) have determined that the Union of the Comoros has taken the necessary steps to reach its decision point under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative.
The decisions by the Executive Boards of the two institutions mark a step towards Comoros receiving US$ 144.8 million in net present value (NPV) terms in debt relief. The IDA Executive Board also approved interim assistance to cover part of Comoros’ debt service to the institution.
IMF publishes Findings on Comoros
A team from the International Monetary Fund (IMF), visited Moroni from March 13 to 22, 2013 for discussions on the fifth review of the Union of Comoros’ Extended Credit Facility (ECF)1 arrangement. The mission met with His Excellency Dr. Ikililou Dhoinine, President of the Union, and held discussions with Vice-President and Finance Minister Soilihi, Governor of the Central Bank of the Comoros Chanfiou, Permanent Secretary of the Committee to Monitor Reforms Oubeidi, and other government and central bank officials, as well as representatives of the private sector and the donor community. The current arrangement under the ECF was approved in September 2009 (see Press Release No. 09/315). At the conclusion of the fourth review in December 2…