Prepared by Mounir Bari (AFR).
IMF country members with low per-capita income levels and without durable and substantial access to international markets.
Comoros received extensive irrevocable debt relief in 2013, which resulted in a decline in nominal external debt from 40.3 percent of GDP at end-2012 to 18.5 percent at end-2013. In 2014, France unilaterally cancelled a debt of about$6.6 million Comoros owed to the French Post Office.
The ECP involved the selling of passports to foreign nationals in some Middle Eastern countries, mainly the United Arab Emirates. Revenues from the program declined steeply in 2013 following the imposition of tighter controls in response to earlier irregularities
United Nations Sustainable Development Goals, September 2015.
Prepared by Cameron McLoughlin (AFR)
The Herfindahl index of asset concentration is calculated by summing the squares of the market share of each financial institution, and then normalizing it to lie between zero and one. A higher index value denotes that the market is moreconcentrated.
Low-income SSA countries are defined as PRGT-eligible countries in Sub-Saharan Africa, excluding oil exporters and Zimbabwe, which is an outlier with respect to financial development. Frontier SSA economies are Angola, Côte d’Ivoire, Ghana, Kenya, Mauritius, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Uganda and Zambia.
The peg of the CFA franc exchange rate to the euro and the resulting lower inflation may also have contributed to lower interest rate spreads in Comoros. It is not possible to compare interest rate spreads in Comoros with those in other CFA franc zone countries due to data unavailability.
The database of the central risk bureau (Centrale des Risques et Incidences des Paiements) maintained by the central bank of Comoros is in the process of development and will in the future contain full historical data on the sectoral breakdown of lending and non-performing loans. At the current time, industry-level loan data are only available for the flow of new lending made in 2015, hence it is not a representative sample of the total stock of loans and NPLs held by financial institutions in Comoros.
Caution should be used in interpreting FSIs across institutions, as there are no common bank accounting standards in Comoros.
This acceleration related to the reclassification of a bad loan on the books of SNPSF that was made in the real estate sector.
NPLs include old discount loans of about KMF 1.3 billion to the vanilla sector that have been non-performing since the early 2000s. The central bank of Comoros is coordinating efforts to have these loans written off. An agreement signed in 2014 between interested parties stipulated that affected borrowers would repay a third of the outstanding loan amount over a three-year period, while a further third would be written-off by the banks.
Deposits of public enterprises constitute about 20 percent of total deposits at SNPSF
The Global Findex survey, conducted by the World Bank in conjunction with the Gallup World Poll and funded by the Bill & Melinda Gates foundation, provides in-depth data on how individuals save, borrow, make payments and manage risks. The survey was first conducted in 2011 and updated in 2014. Comoros was not included in the survey update.
The ‘bankable’ population is the share of the adult population with access to a formal financial account. The better-off’ and the ‘poor’ are respectively the top income quintile and the bottom income quintile of the adult population.