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

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
READ MORE...
Volume/Issue: Volume 2023 Issue 215
Publication date: June 2023
ISBN: 9798400245534
$20.00
Add to Cart by clicking price of the language and format you'd like to purchase
Available Languages and Formats
English
French
Prices in red indicate formats that are not yet available but are forthcoming.
Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Money and Monetary Policy , Public Finance , International - Economics , ECF arrangement , Comorian authorities , government securities market , sustainability risk , address debt sustainability risk , ECF request , Debt sustainability analysis , Credit , Global , Africa

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.