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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.
International Monetary Fund. Middle East and Central Asia Dept.

building institutions, economic data, and capacity are integral parts of the program (MEFP, Attachment I ). Program Monitoring and Risks 18. The SMP will be monitored based on quarterly ITs and SBs (MEFP Tables 1 and 2 ) . It will have two reviews which are expected to be completed by end-December 2017 and end-June 2018, respectively. The program’s ITs are defined in the Technical Memorandum of Understanding (TMU, Attachment II ). Box 1. Somalia: May 2016–April 2017 SMP and Follow-up SMP: Lessons Learned Objectives, Outcomes, and Lessons The SMP

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.
International Monetary Fund

Poverty Indices Annex I 1. Performance for Quantitative Targets in the Staff-Monitored Program 2. Structural Benchmarks Under SMP for 2000/01-2001/02—Status of Implementation Annex II Letter of Intent E xecutive S ummary In June 2000, the Jamaican authorities undertook a staff-monitored program (SMP) designed to tackle the extremely heavy burden of public sector debt and the legacy of earlier periods of high inflation. The authorities have made a strong start in implementing their SMP, which is broadly on track in 2000/01. Despite a

International Monetary Fund. African Dept.

effective asset declaration framework for senior public officials. SMP design : The SMP will cover the period July-December 2021, with test dates at end-September and end-December 2021. Conditionality will help the authorities achieve their short-term goals and initiate progress on the longer-term goals. Structural conditionality, which is parsimonious given the authorities’ limited implementation capacity, focuses on the priority areas of governance, revenue mobilization, public financial management, and SOE reform. Staff supports the request for an SMP . The

International Monetary Fund

fiscal policy improved with the establishment of the Monetary Policy Committee on which the Department of State for Finance and Economic Affairs is represented. Other notable structural measures implemented in 2005 included the submission of audited government accounts for 1992–99 to the national assembly and the introduction of new codes for PRSP-related expenditures in 2006 budget (formulated in 2005) to improve the monitoring of such expenditures. An SMP designed to re-establish the country’s record of policy implementation with the Fund was successfully implemented

International Monetary Fund

resolution of the financial crisis that erupted in 1996/97, has heavily burdened the public finances. From mid–1996, the government’s exchange rate-based disinflation strategy has successfully delivered single digit inflation, but interest rates remain high and real exchange rate appreciated about 30 percent between 1996 and 2001. Social problems such as crime and unemployment persist. In FY 2000/01-FY 2001/02, the Jamaican authorities undertook a staff-monitored program (SMP) designed to tackle the heavy public sector debt burden and restore economic growth. Results

International Monetary Fund

exchange rate in order to reduce inflation. Inflation declined to single digits by end-1996/97, but tight monetary policy, coupled with fiscal deficits, led to high real interest rates and an erosion in external competitiveness. This policy mix also created unfavorable debt dynamics in subsequent years and the stock of debt escalated sharply. In June 2000, the Jamaican authorities undertook a staff-monitored program (SMP) designed to tackle the heavy burden of public sector debt and the legacy of earlier periods of high inflation. After a decline in 1999/00, real GDP

International Monetary Fund
The Gambian authorities produced two Annual Progress Reports (APRs) covering implementation of the first Poverty Reduction Strategy Paper (PRSP) during 2002–03 and 2004, respectively. This addendum is organized around four of the main themes of the first PRSP: (i) macroeconomic stability and effective public resource management; (ii) promotion of pro-poor growth and employment creation through private sector development, particularly in the rural agricultural sector; (iii) improved basic social services and infrastructure; and (iv) capacity-building of local communities and civil society organizations (CSOs).
International Monetary Fund. Independent Evaluation Office

not play a direct financing role, it could still strongly influence FCS outcomes by establishing a framework for macroeconomic stabilization. This could (though did not always) occur through a Staf-Monitored Program (SMP) designed to provide a track record of policy performance that international partners could use as a basis for providing financing (e.g., Myanmar, Somalia). However, interviewees thought that SMPs provided a less effective signal than programs qualifying for UCT conditionality, where the IMF had “skin in the game.” In some countries, the authorities