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                   Comoros: Economic Reform Development Policy Grant

                                SUMMARY OF DISCUSSION∗

                               Meeting of the Executive Directors

                                           November 29, 2012



      Executive Directors approved an Economic Reform Development Policy Grant to the
Union of Comoros in the amount of SDR 3.3 million (US$5 million equivalent) on the payment
terms and conditions set out in the President’s Memorandum (IDA/R2012-0274).
      Directors expressed support for the program, which would help improve governance,
transparency, and accountability and address economic and social vulnerabilities. In this
context, Directors highlighted the importance of continued reforms of state-owned enterprises to
improve overall governance and foster stronger growth and poverty reduction. Directors stressed
the need to keep the momentum for reform through consistent and deepened engagement.
Directors also acknowledged the country’s very limited institutional capacity and underscored
the importance of stronger collaboration among all donors to provide a substantial mass of
coordinated interventions.
       Finally, Directors commended the Government’s progress on macroeconomic and fiscal
stabilization, including progress towards the HIPC completion point, and welcomed the progress
achieved on key structural reforms.




∗
 This summary is not an approved record.