I. I ntroduction
1. This paper, prepared jointly by the staffs of the IMF and IDA, presents an assessment of the eligibility of the Union of the Comoros (hereafter “Comoros”) for assistance under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. 1 The assessment is based on a joint HIPC debt relief analysis (DRA) 2 conducted by staffs of International Development Association (IDA) and the International Monetary Fund (IMF) and the Comorianauthorities, following data reconciliation missions to Moroni in January and April 2010. It builds on
Sources: Comorianauthorities; and Fund and World Bank staff estimates
1/ Includes arrears.
2/ Includes a hypothetical stock-of-debt operation on Naples terms at end-2009 and at least comparable action by other official bilateral and commercial creditors on eligible debt (pre-cutoff and non-ODA).
3/ Technical arrears, to be cleared at Decision Point by the European Commission.
4/ The relief resulting from the 2007-09 arrears clearance mechanism were added back to the NPV of debt
In percent of government revenue
Gross international reserves (end of period)
In millions of U.S. dollars
In months of imports of goods and services
Comorian francs per U.S. dollar (period average)
Sources: Comorianauthorities; and staff estimates and projections
indicative targets of the staff-monitored program and the data to be reported is also attached (Attachment II).
The Comorianauthorities firmly believe that the policies and measures set forth in the attached policy memorandum are adequate to achieve the objectives of its program, but it will take any further measures that may become appropriate for this purpose. Throughout the duration of the program, the government will consult the Managing Director, on its own initiative or at your request, to discuss the economic and financial policies of the Comoros.
the year. In the public enterprise sector, the authorities have replaced senior managers, and taken steps to ensure that the Union and island governments remain current on their utility bills, that rice imports are based on competitive tenders, and that retail prices for rice ad fuel reflect international prices.
My Comorianauthorities are confident that these strong measures have laid the foundation for safeguarding the fiscal situation, and will help to bring the program back on track. Preliminary data indicate that the objectives under the revised program are
I. I ntroduction
1. This paper presents a preliminary assessment of eligibility of the Union of the Comoros (hereafter “Comoros”) for assistance under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. 1 The assessment is based on a joint HIPC debt relief analysis (DRA) 2 conducted by staffs of International Development Association (IDA) and the International Monetary Fund (IMF) and the Comorianauthorities, following a data reconciliation mission to Moroni in January 2010.
2. The analysis reveals an NPV of debt-to-exports ratio of 332
My Comorianauthorities would like to thank staff for the constructive policy dialogue and useful advice provided under the ECF. They remain firmly committed to the Fund-supported program and have continued to make progress in its implementation. The current third ECF review assesses performance at end-December 2010. All quantitative performance criteria were met, except the criteria on the accumulation of external debt service arrears and the accumulation of domestic payments arrears. My authorities request the completion of the third
1. My Comorianauthorities would like to thank Management and staff for the prompt response to their request for rapid assistance in the wake of the cyclone that hit the Comoro islands in April 2019 . They thank staff for the fruitful policy discussions held in Moroni in June 2019 and for the assistance in the efforts to assess the extent and cost of the damage caused by the cyclone.
2. Cyclone Kenneth has had a severe and widespread impact on the islands . It hit a fragile country with immense development needs and caused extensive damage