[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110815-en":3,"doc-seo-110815-105":29,"detail-sidebar-cat-0-en-105":90},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},110815,1374391974468,"Eden","https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0",8,"Research & Report","Joint World Bank-IMF Debt Sustainability Analysis - October 2021","Comoros’ joint World Bank-IMF debt sustainability assessment evaluates external and overall debt distress risks, concluding high risk levels despite a prior moderate rating. The analysis links deterioration to higher debt service obligations, including a large short-maturity non-concessional loan and the incorporation of expected postal bank recapitalization costs, alongside pandemic-related weakening of economic performance. It recommends stronger domestic resource mobilization, accelerated GDP and export growth, gradual and sustained fiscal consolidation, and avoiding additional non-concessional borrowing.","Pub lic Disclosure Authorized Pub lic Disclosure Authorized  \n# INTERNATIONAL DEVELOPMENT ASSOCIATION\n\nINTERNATIONAL MONETARY FUND  \nCOMOROS  \n# Joint World Bank-IMF Debt Sustainability Analysis\n\nOctober 2021  \nPrepared Jointly by the staffs ofthe International Development Association (IDA)  \nandthe International Monetary Fund (IMF)Approved by Marcello Estevão, Asad Alam (IDA) and Vivek Arora (IMF)  \n\n| Union of the Comoros  \u003Cbr>Joint Bank-Fund Debt Sustainability Analysis   |  |\n| --- | --- |\n| Risk of external debt distress   | High   |\n| Overall risk of debt distress   | High   |\n| Granularity in the risk rating   | Sustainable   |\n| Application of judgement   | No   |\n\nComoros’ risk of external debt distress and overall risk of debt distress are high, a deteriorationfrom the finding of moderate risk inthe DSA prepared forthe 2019 Article IV consultation. 1 Thechange mainly reflects higher debt service obligations. Three out of four external debt burdenindicators breach their respective thresholds under the macroeconomic assumptions underlying theStaff-Monitored Program (SMP) request. The recent taking up of large non-concessional loan witha short maturity andthe integration of expected postal bank recapitalization costs into underlyingmacroeconomic projections were key drivers of the deterioration, while a pandemic-relatedweakening in economic performance also pushed the debt burden higher. Mitigating risks to debtsustainability requires (i) making faster progress on domestic resource mobilization andaccelerating GDP and exports growth; (ii) ensuring gradual but sustained fiscal consolidation overthe medium term; and (iii) avoiding the contracting of further non-concessional borrowing.  \n1 Comoros’debt carrying capacity is assessed as medium, given a Composite Indicator of 2.89 based on April 2021 WEOprojections andthe 2019 Country Policy and Institutional Assessment (CPIA) rating.  \n## PUBLIC DEBT COVERAGE\n\n1. The coverage of external debt effectively comprises the entire public sector (Text Table 1).It includes external debt of the central government, the central bank borrowing on behalf of thegovernment (believed tobe zero), and government-guaranteed debt of state-owned enterprises (SOEs,also believed tobe zero) .2 Subnational government entities cannot take up external debt on their own,and SOEs cannot access the external debt market without a government guarantee. Information ondomestic debt is limited to central government debt to domestic commercial banks (the government doesnot issue tradable debt securities). No information is available on domestic debt incurred by SOEs. Thegovernment intends to improve debt coverage through enhanced SOE oversight and improved financialreporting, which is supported under plans for SNPSF reforms.  \n\n| Text Table 1. Public debt coverage   |\n| --- |\n| |\n| Sources: Comorian authorities, and IMF staff   |\n\n2. Comoros faces substantial contingent liabilities, estimated at 8.8 percent of GDP. As in theprevious DSA, contingent liabilities not captured in government debt are set to 1.8 percent of GDP, theestimated level of domestic arrears that would remain after validation (the authorities intend tocommission an audit of these arrears by end-September 2021, and staff will include the results in the nextDSA) .3 Contingent liabilities created by SOEs are set to the default level of 2 percent of GDP, andcontingent liabilities from the financial system to the default of 5 percent of GDP (lower than in theprevious DSAas the cost of recapitalizing postal bankSNPSF has been brought into the macroeconomicprojections) .4  \n2 Therecent SDR allocation is currently not part ofthe DSA. Itis recorded on the central bank’s balance sheet and placed at anaccount atthe French Treasury.  \n3 These domestic arrears represent unpaid bills for goods and services, and are included as contingent liabilities asthe figures arebased on unaudited estimates from the national authorities. External debt arrears, in cont","cbCaifFTbetZvLrg","https://ap.wps.com/l/cbCaifFTbetZvLrg","pdf",414324,1,17,"English","en",105,"# Executive Summary\n## Debt Distress Risk Assessment\n## Public Debt Coverage\n### Coverage scope\n### Contingent liabilities and stress test coverage\n# Background\n## Recent Debt Developments","[{\"question\":\"What is the overall conclusion of the Comoros debt sustainability analysis?\",\"answer\":\"The analysis finds high risk for both external debt distress and overall debt distress, reflecting deterioration from the previous moderate risk assessment.\"},{\"question\":\"Which factors drove the deterioration in Comoros’ debt sustainability?\",\"answer\":\"Higher debt service obligations were key, driven by a large short-maturity non-concessional loan, inclusion of expected postal bank recapitalization costs, and pandemic-related weakening of economic performance.\"},{\"question\":\"What measures are recommended to improve debt sustainability?\",\"answer\":\"The report recommends faster progress on domestic resource mobilization and boosting GDP and export growth, implementing gradual but sustained fiscal consolidation, and avoiding further non-concessional borrowing.\"}]",1784487225,43,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":85,"head_meta":87,"extra_data":89,"updated_unix":27},"joint-world-bank-imf-debt-sustainability-analysis-october-2021","",{"@graph":35,"@context":84},[36,53,67],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/joint-world-bank-imf-debt-sustainability-analysis-october-2021/110815/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":61,"encodingFormat":60,"isAccessibleForFree":62,"interactionStatistic":63},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-19",true,{"@type":64,"interactionType":65,"userInteractionCount":4},"InteractionCounter",{"@type":66},"ViewAction",{"@type":68,"mainEntity":69},"FAQPage",[70,76,80],{"name":71,"@type":72,"acceptedAnswer":73},"What is the overall conclusion of the Comoros debt sustainability analysis?","Question",{"text":74,"@type":75},"The analysis finds high risk for both external debt distress and overall debt distress, reflecting deterioration from the previous moderate risk assessment.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"Which factors drove the deterioration in Comoros’ debt sustainability?",{"text":79,"@type":75},"Higher debt service obligations were key, driven by a large short-maturity non-concessional loan, inclusion of expected postal bank recapitalization costs, and pandemic-related weakening of economic performance.",{"name":81,"@type":72,"acceptedAnswer":82},"What measures are recommended to improve debt sustainability?",{"text":83,"@type":75},"The report recommends faster progress on domestic resource mobilization and boosting GDP and export growth, implementing gradual but sustained fiscal consolidation, and avoiding further non-concessional 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