IMF, World Bank: Comoros Eligible for HIPC Status

Comoros is eligible to receive assistance under the Heavily Indebted Poor Countries Initiative, the International Monetary Fund and World Bank said in a joint statement. IMF is set to conduct its first review of the African country’s economy, which is the first step toward becoming a beneficiary country under the HIPC Initiative.

Following the review, Comoros will also need to implement a poverty reduction strategy paper and completion point triggers set by IMF and the World Bank.

Comoros will be relieved of its USD258.9 million total foreign debt if it successfully completes all requirements under the HIPC Initiative.

About the author

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.