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