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.

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