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.
