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
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Volume/Issue: Volume 2023 Issue 215
Publication date: June 2023
ISBN: 9798400245534
$20.00
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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

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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.