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

Author/Editor:

International Monetary Fund. African Dept.

Publication Date:

August 14, 2019

Electronic Access:

Free Full Text. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

Tropical Cyclone Kenneth struck Comoros on April 23-24. The cyclone caused several casualties; displaced thousands; and damaged substantial parts of the building stock, infrastructure, and plants used in subsistence and commercial farming, thereby lowering productive capacity. Request for Fund support. Reflecting the large budgetary and external financing gaps arising from emergency assistance and reconstruction needs, the authorities are seeking financial assistance under the Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI) exogenous shock windows. Comoros’ qualification is based on urgent balance of payments needs following a severe natural disaster. In the attached letter, the authorities request a disbursement under the RCF and purchase under the RFI of a combined SDR 8.9 million, equivalent to 50 percent of quota, with the full amount to become available upon Board approval. Staff supports this request. IMF involvement in the international effort to assist Comoros will play also a catalytic role in securing grants from Comoros’ development partners.

Series:

Country Report No. 19/272