Union of the Comoros : Debt Management Performance Assessment

This study shows that performance in terms of debt management has been weakened by recurrent political and institutional crises experienced by the country in recent years and has had a negative impact on the State's ability to both mobilize external financing and to honor its financial commitments. The accumulation of external arrears has increased by extension of the depletion sources of funding. However, the government recently initiated numerous actions contributing to a more serene climate at home with the establishment of democratic governance, developing a program of poverty reduction and regularization of arrears. This more favorable environment will soon pave the way for more substantial outside funding, especially following the accession of the Comoros to the enhanced Heavily Indebted Poor Countries (HIPC), and therefore requires the full attention of the authorities to implement better management of public debt. This evaluation is part of this perspective. Overall, performance in terms of debt management in the Comoros is satisfactory in all three of the following areas: (i) coordination with fiscal policy, including the integration of forecasts and actual payment of debt service in the preparation and monitoring of budget, (ii) coordination with monetary policy focused on the management of statutory advances granted by the Central Bank of Comoros (BCC), and (iii) procedures for payment of service external debt.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, Dc 2011-06
Subjects:	ACCESS TO CREDIT, ACCOUNTANT, ACCOUNTING, ALLOCATION OF FUNDS, ARREARS, ARREARS ACCUMULATION, AUDIT COMMISSION, BANK ACCOUNTS, BENEFICIARY, BID, BORROWING CAPACITY, BORROWING PLAN, BORROWING PLANS, BORROWING STRATEGY, BUDGET DEFICIT, BUDGET LAW, CAPACITY BUILDING, CAPACITY-BUILDING, CASH BALANCE, CASH BALANCES, CASH FLOW, CASH FLOWS, CENTRAL BANK, CENTRAL GOVERNMENT, CENTRAL GOVERNMENT DEBT, CHECKS, CONSUMER PRICE INDEX, CONTINGENT LIABILITIES, CONTRACTUAL OBLIGATIONS, CREDIT FACILITY, CREDIT RISK, CREDIT RISKS, CREDITORS, CS, CURRENCY, CURRENCY COMPOSITION, CURRENT ACCOUNT, CURRENT ACCOUNT DEFICIT, CURRENT ACCOUNTS, DEBT DATA, DEBT DATABASE, DEBT LEVELS, DEBT MANAGEMENT POLICY, DEBT PAYMENTS, DEBT POLICY, DEBT RELIEF, DEBT RESTRUCTURING, DEBT SERVICE, DEBT SERVICE PAYMENT, DEBT SERVICE PAYMENTS, DEBT SERVICING, DEBT STOCK, DEBT SUSTAINABILITY, DEBT TRANSACTIONS, DEBTS, DEFICITS, DEPOSIT, DEPOSITS, DERIVATIVES, DEVELOPMENT BANK, DISBURSEMENT, DISBURSEMENTS, DOMESTIC ARREARS, DOMESTIC BORROWING, DOMESTIC CURRENCY, DOMESTIC DEBT, DOMESTIC FINANCIAL MARKET, DOMESTIC MARKET, EARNINGS, ECONOMIC DEVELOPMENT, EMPLOYEE, EQUAL AMOUNTS, EXCESS LIQUIDITY, EXCHANGE RATE, EXPENDITURE, EXPENDITURES, EXTERNAL BORROWING, EXTERNAL BORROWINGS, EXTERNAL DEBT, EXTERNAL FINANCING, EXTERNAL SHOCKS, FINANCE MINISTRY, FINANCES, FINANCIAL ACCOUNTABILITY, FINANCIAL ASSISTANCE, FINANCIAL MANAGEMENT, FINANCIAL OBLIGATION, FINANCIAL OBLIGATIONS, FINANCIAL POLICIES, FINANCIAL REFORM, FINANCIAL REFORMS, FINANCIAL RISK, FINANCIAL STATEMENTS, FINANCIAL SYSTEM, FINANCING NEEDS, FISCAL POLICIES, FISCAL POLICY, FIXED EXCHANGE RATE, FLOATING RATE, FLOW OF FUNDS, FOREIGN CURRENCIES, FOREIGN CURRENCY, FOREIGN CURRENCY DEBT, FOREIGN DEBT, FOREIGN MARKETS, FORM OF CREDIT, FUTURE LOAN, GOVERNMENT BANK, GOVERNMENT BORROWINGS, GOVERNMENT BUDGET, GOVERNMENT GUARANTEE, GOVERNMENT REVENUE, GOVERNMENT SECURITIES, GRACE PERIOD, GROSS DOMESTIC PRODUCT, GUARANTEE FEE, GUARANTOR, HIGH INTEREST RATES, HOUSEHOLD INCOME, HUMAN DEVELOPMENT, HUMAN RESOURCE, INFLATION, INFLATIONARY PRESSURES, INFORMATION SHARING, INSTALLMENTS, INSTITUTIONAL CAPACITIES, INSTITUTIONAL CAPACITY, INSTITUTIONAL REFORMS, INSTITUTIONAL SUPPORT, INSTRUMENT, INTEREST PAYMENTS, INTEREST RATE, INTEREST RATES, INTERNAL AUDIT, INTERNATIONAL DEBT, INTERNATIONAL DEVELOPMENT, INTERNATIONAL STANDARDS, ISSUANCE, ISSUANCE OF GOVERNMENT SECURITIES, ISSUANCE OF GUARANTEES, LEGAL FRAMEWORK, LEGAL PROVISIONS, LEGISLATIVE FRAMEWORK, LENDER, LIQUIDITY, LOAN, LOAN AGREEMENT, LOAN AGREEMENTS, LOAN AMOUNT, LOAN AMOUNTS, LOAN CONTRACT, LOAN GUARANTEE, LOAN GUARANTEES, LOCAL BANKS, LOCAL CURRENCY, MACROECONOMIC POLICIES, MACROECONOMIC POLICY, MACROECONOMIC VARIABLES, MARKET BORROWING, MATURITY, MATURITY DATE, MATURITY DATES, MATURITY PERIOD, MAXIMUM MATURITY, MICRO FINANCE, MINISTRY OF ECONOMY, MINISTRY OF FINANCE, MONETARY FUND, MONETARY POLICIES, MONETARY POLICY, NATIONAL BORROWING, NATIONAL BUDGET, NATIONAL DEBT, OIL PRICES, OUTSTANDING LOAN, OUTSTANDING LOAN AMOUNTS, OUTSTANDING LOANS, PAYMENT OF WAGES, PAYMENT ORDER, PENSION, PENSION SYSTEM, PENSIONS, PERFORMANCE ASSESSMENT, PERFORMANCE INDICATOR, PLEDGES, PORTFOLIO, POSTAL BANK, POVERTY REDUCTION, POVERTY REDUCTION STRATEGY, PRIVATE INVESTMENT, PRIVATE INVESTORS, PUBLIC BORROWING, PUBLIC DEBT, PUBLIC DEBT MANAGEMENT, PUBLIC EXPENDITURE, PUBLIC FINANCE, PUBLIC FINANCES, PUBLIC INVESTMENT, PUBLIC SECTOR DEBT, RECEIPT, REGISTRY SYSTEM, REMITTANCES, RENEGOTIATION, REPAYMENT, REPAYMENT PERIOD, REPAYMENT SCHEDULES, REPAYMENTS, RESERVES, RISK ASSESSMENTS, RISK MANAGEMENT, SOURCE OF FUNDS, SUSTAINABILITY ANALYSIS, T-BILLS, T-BONDS, TAX, TECHNICAL ASSISTANCE, TELECOMMUNICATIONS, TOTAL DEBT, TRANSACTION, TRANSPARENCY, TREASURIES, TREASURY, TREATIES, UNION, USE OF DERIVATIVES,
Online Access:	http://documents.worldbank.org/curated/en/2011/06/18754496/comoros-debt-management-performance-assessment-dempa https://hdl.handle.net/10986/16714
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