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Article: Reforms seek to prune the size of the public sector. (Comoros)
- Article from:
- African Business
- Article date:
- June 1, 1994
- Author:
CopyrightCOPYRIGHT 1994 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Comoros has had its request for assistance from the IMF accepted, in the form of a second annual credit under a structural-adjustment facility (Saf) loan for SDR1.35m ($1.9m).
Under the Saf, the IMF provides balance-of-payments financial assistance on concessional terms to support medium-term structural reforms in low-income developing member-countries.
The background of the Comoros' request for the IMF loan lies in an economic deterioration since the mid-1980s, marked by a worsening of its terms of trade, a substantial rise in arrears on domestic and foreign debt, and sizeable current-account deficits.
Rocky reform path
The government ...