Union of Comoros: Request for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Union of Comoros

International Monetary Fund

No 2019/272, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses Union of Comoros’ Request for Disbursement Under the Rapid Credit Facility (RCF) and Purchase Under the Rapid Financing Instrument (RFI). Reflecting the large budgetary and external financing gaps arising from emergency assistance and reconstruction needs, the authorities are seeking financial assistance under the RCF and RFI exogenous shock windows. Comoros’ qualification is based on urgent balance of payments needs following a severe natural disaster. The authorities shared staff’s main policy recommendations. Efforts to address the cyclone’s impact will need to focus on mobilizing external financing, creating fiscal space by containing the wage bill, and spending mobilized resources in a well-targeted and timely manner. The authorities plan to address financial sector weaknesses, including by finding a solution for the critical situation of the postal bank, closely monitoring nonperforming loans, and addressing obstacles in the judicial system to facilitate the use of collateral and promote lending.

Keywords: ISCR; CR; financing; authority; cyclone; Comorian authorities; tropical cyclone; country's financing needs; authorities' effort; borrowing policy; sound financing; financing of the economy; Natural disasters; Debt sustainability analysis; Global; Southern Africa; Africa (search for similar items in EconPapers)
Pages: 65
Date: 2019-08-14
New Economics Papers: this item is included in nep-mac
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