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Comoros - Completion Point under the Enhanced HIPC Intiative

21-Feb-2013

The Executive Boards of the International Monetary Fund (IMF) and the World Bank approved irrevocable debt relief for the Union of the Comoros « the Comoros » on 17 and 20 December, 2012, respectively under the HIPC initiative framework. The country thus became the 29th regional member country (out of the 33 potentially eligible countries) to reach the completion point and qualify for assistance from the Heavily Indebted Poor Countries (HIPC) Initiative estimated at USD 144.8 million in end-December 2009 net present value (NPV) terms. This commitment on the part of the creditors should enable the Comoros to reduce its external debt burden to sustainable levels and invest the budgetary resources freed-up as a result of debt relief in the country’s national development program. In reaching the completion point, the Comoros also benefits from additional debt relief from the Multilateral Debt Relief Initiative (MDRI).

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