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Cover IMF Staff Country Reports
Union of the Comoros
Statistical Appendix
International Monetary Fund

Investment Code, agricultural cooperatives and credit unions, government agencies and offices. 35 percent for individuals and companies with turnover less than CF 500 million, 50 percent otherwise. 1.2 Taxe Professionnelle Unique (TPU) Tax levied on companies and self-employed individuals with turnover below CF 20 million Provisions of the investment code apply. x times the cost of a business licence (see item 3.1), depending on turnover, with x equal to Turnover (T, in CF millions) 4 15<T<20 3 5<T< 15 2

Keywords:
ISCR; CR; central bank; retail price; CF millions; statement of public enterprises; net credit; unit values of imports
Cover 2020-152-A001-en
2020-152-A001-en

.5 -3.6 -3.3 -2.6 Excluding transfers -15.2 -16.0 -16.6 -17.3 -17.8 -16.8 -17.3 -17.1 -17.1 -16.9 Exports of goods and services (percentage of GDP) 10.7 11.9 12.9 12.4 11.2 11.9 12.6 13.2 13.2 13.3 Imports of goods and services (percentage of GDP) 26.5 28.4 30.0 30.1 29.3 29.0 30.1 30.6 30.6 30.4 Gross international reserves (millions of U.S. dollars) 160.0 209.3 198.4 196.4 182.2 185.3 191.8 199.8 209.4 219.1 In months of imports of goods and services 7.2 8.2 6.7 6.6 6.2 6.0 5.7 5.5 5.4 5.4 Nominal GDP (CF millions) 450,159 469,217 490,958 521,084 527,919 555,346 586

Cover IMF Staff Country Reports
Union of the Comoros: Third Review Under the Three-Year Arrangement Under the Extended Credit Facility, Requests for Waiver of Nonobservance of a Performance Criterion, Modification of a Performance Criterion, Extension of the Arrangement, Rephasing of Disbursements, and Financing Assurances Review
International Monetary Fund. African Dept.
Comoros remains in debt distress, pending the achievement of the completion point under the Highly Indebted Poor Country (HIPC) Initiative. The outlook for 2012 is broadly consistent with expectations under the Extended Credit Facility (ECF) arrangement. The IMF Executive Board has approved a three-year ECF arrangement to support Comoros’ medium-term economic recovery efforts. The government has continued pursuing a prudent external debt management policy. Achievement of the government’s fiscal objectives requires close adherence to the fiscal program to enhance the efficiency of tax and customs administration and to expand the tax base.
Keywords:
ISCR; CR; government; ECF arrangement; Comorian authorities; debt; unsustainable debt situation; ECF-supported program; et des Domaines; Arrears; Debt sustainability analysis; Debt sustainability; Africa; Global
Cover IMF Staff Country Reports
Union of the Comoros: Request for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Union of the Comoros
International Monetary Fund. African Dept.
This paper presents Union of the Comoros’ Request for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument. The Comoros’ authorities should use fiscal policy to cushion the adverse effects of the coronavirus disease 2019 shock and bring the fiscal position back in line with medium-term paths once the crisis has passed. In addition to expanding very substantially healthcare spending to meet the population’s pandemic-related needs, the authorities should consider giving targeted and temporary support to the most vulnerable. Monetary policy should focus on maintaining the exchange rate peg. At the same time, the authorities should use all tools at their disposal to safeguard the stability of the banking system, including by providing liquidity to banks facing liquidity pressures and addressing loan servicing difficulties. Beyond implementing their pandemic preparedness plan and strengthening the health care system’s ability to respond to pandemic needs, the authorities are considering delaying deadlines for tax filings and temporarily lowering customs duties for certain imports. They will monitor inflation developments and maintain the exchange rate peg to the euro. The authorities will also do all they can to ease liquidity strains in the banking system. They are also are working with banks to enable targeted loan maturity extensions.
Keywords:
ISCR; CR; Comoros' financing; remittances inflow; financing; pandemic; financial support; RFI financing; financing needs; emergency financing request; IMF lending tracker; financing need; Debt service; Current spending; Arrears; Credit; Global; COVID-19
Cover IMF Staff Country Reports
Union of the Comoros: First Review Under the Staff-Monitored Program and Request for Extension; and Staff Report
International Monetary Fund. African Dept.
Comoros is a small, fragile island state (population: 850,000) with persistently low and shock-prone growth and a high risk of external debt distress. Officially recorded COVID-related casualties have remained low (4,569 infections and 151 deaths so far). Growth projections remain at 1.6 percent in 2021 and 3.8 percent in 2022, supported in part by progress in vaccinations.
Keywords:
Comoros' Staff Monitored program; IMF team; SMP review; Comorian authorities; IMF's transparency policy; management of the International Monetary Fund; SMP objective; Arrears; Fiscal stance; Current spending; Sub-Saharan Africa
Cover IMF Staff Country Reports
Union of the Comoros: Poverty Reduction and Growth Strategy Paper
International Monetary Fund
A poverty profile for the Comoros has been established based on the latest poverty data (EIM 2004). The data indicate that monetary poverty is still widespread in the Comoros. For the overall country, the incidence of poverty at the household level was estimated at 36.9 percent in 2004. Three socioeconomic groups account for nearly two-thirds of national poverty: farmers' households (30.2 percent), unprotected wage earners' households (15.8 percent), and households headed by an inactive person (19.6 percent).
Keywords:
ISCR; CR; private sector; Agenda 21; civil society; natural resources; economic growth; tertiary sector; purchasing power; Global; East Africa; Africa
Cover IMF Staff Country Reports
Union of Comoros: Request for a Staff-Monitored Program-Press Release; and Staff Report
International Monetary Fund. African Dept.
Comoros is a small, fragile island state (population: 850,000) with persistently low and shock-prone growth. The last Article IV Consultation (completed in early 2020) assessed Comoros’ fragility as arising from two vicious circles: economic fragility manifests in low fiscal revenue, insufficient government investment in human and physical capital, and pronounced vulnerability to shocks; while institutional fragility manifests in governance challenges, low government implementation capacity, and a weak judicial system. The circles feed into each other, undermining economic performance and stability. Overcoming fragility requires breaking both circles.
Keywords:
COVID pandemic; SMP design; SMP objective; burden indicator; implementation capacity; IMF's transparency policy; COVID-19; Global; Africa; West Africa; Southern Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Union of Comoros: Request for a Staff-Monitored Program-Press Release; and Staff Report
International Monetary Fund. African Dept.
Comoros is a small, fragile island state (population: 850,000) with persistently low and shock-prone growth. The last Article IV Consultation (completed in early 2020) assessed Comoros’ fragility as arising from two vicious circles: economic fragility manifests in low fiscal revenue, insufficient government investment in human and physical capital, and pronounced vulnerability to shocks; while institutional fragility manifests in governance challenges, low government implementation capacity, and a weak judicial system. The circles feed into each other, undermining economic performance and stability. Overcoming fragility requires breaking both circles.
Keywords:
COVID pandemic; SMP design; SMP objective; burden indicator; implementation capacity; IMF's transparency policy; COVID-19; Global; Africa; West Africa; Southern Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Union of Comoros: Request for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Union of Comoros
International Monetary Fund. African Dept.
This paper discusses Union of Comoros’ Request for Disbursement Under the Rapid Credit Facility (RCF) and Purchase Under the Rapid Financing Instrument (RFI). Reflecting the large budgetary and external financing gaps arising from emergency assistance and reconstruction needs, the authorities are seeking financial assistance under the RCF and RFI exogenous shock windows. Comoros’ qualification is based on urgent balance of payments needs following a severe natural disaster. The authorities shared staff’s main policy recommendations. Efforts to address the cyclone’s impact will need to focus on mobilizing external financing, creating fiscal space by containing the wage bill, and spending mobilized resources in a well-targeted and timely manner. The authorities plan to address financial sector weaknesses, including by finding a solution for the critical situation of the postal bank, closely monitoring nonperforming loans, and addressing obstacles in the judicial system to facilitate the use of collateral and promote lending.
Keywords:
ISCR; CR; financing; authority; cyclone; Comorian authorities; tropical cyclone; country's financing needs; authorities' effort; borrowing policy; sound financing; financing of the economy; Natural disasters; Debt sustainability analysis; Global; Southern Africa; Africa
Cover IMF Staff Country Reports
Union of the Comoros: Poverty Reduction Strategy Paper: Review of the Second Year of Implementation
International Monetary Fund. African Dept.
Since its independence in 1975, the Union of Comoros has been deeply affected by political and institutional crises. Resolution of the separatist crisis on the island of Anjouan and subsequent national consolidation has constituted a historic turning point. The government has begun a wide-ranging program of structural reforms. The external debt of Comoros remains unsustainable. The government is making efforts to speed up the implementation of reforms and obtain access to a reduction in its debt burden.
Keywords:
ISCR; CR; private sector; public finance; financial support; rural area; value chain; feasibility study; Comorian authorities; Agroindustries; Global