( 2 minutes read)
· The Executive Board of the IMF approved a disbursement
under the Rapid Credit Facility (RCF) equivalent to SDR2.97 million
(about US$4.05 million to Comoros to meet its urgent balance of
payment needs.
· Comoros will also get a debt service relief of US$ 1.2
million from the International Development Association (IDA) in the
form of grant assistance under the Catastrophe Containment and Relief
Trust (CCRT), which is extendable for up to 2 years, subject to the
availability of resources under the CCRT.
The Executive Board of the IMF approved a disbursement under the
Rapid Credit Facility (RCF) equivalent to SDR2.97 million (about
US$4.05 million to Comoros to meet its urgent balance of payment
needs.
Comoros will also get a debt service relief of US$ 1.2 million from
the International Development Association (IDA) in the form of grant
assistance under the Catastrophe Containment and Relief Trust (CCRT),
which is extendable for up to 2 years, subject to the availability
of resources under the CCRT.
Coming close on the heels of Cyclone Kenneth, pandemic has come as a
double whammy. Remittances from abroad, particularly people from the
country working abroad have slowed and visitor arrivals have stopped.
This would mean receipts from inbound tourism will be heavily affected
in the coming months and years, depending on the longevity of the
pandemic. There will also be substantial fall in the GDP so also
increase in the fiscal deficit because of the heavy government
spending.
