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International Monetary Fund

.9 Sources: Togolese authorities; and Fund staff estimates and projections. 1 Projection reflects SMP objectives and the 2007 budget. Assumes external arrears rescheduling and relief. 2 Percent of broad money at the beginning of the period. 3 Revenue minus expenditure, excluding grants, interest, and foreign-financed expenditure. 1 Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and

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.
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. 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.
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. African Dept.
This paper discusses the Staff-Monitored Program (SMP) for Zimbabwe and highlights that the new government that assumed office following the July 2018 elections is committed to addressing the macroeconomic imbalances, removing structural distortions to facilitate a resumption in growth, and to re-engaging with the international community including by clearing its external arrears. The SMP will be monitored on a quarterly basis and is intended to assist the authorities in building a track record of implementation of a coherent set of economic and social policies that can facilitate a return to macroeconomic stability and assist in reengagement with the international community. With limited access to external financing and the very low level of international reserves, the authorities’ room for manoeuvre is very narrow. There are also significant implementation risks of the monetary and exchange rate reforms, as well as addressing governance and corruption weaknesses, which could adversely impact the attainment of SMP objectives.
International Monetary Fund

Memorandum of Economic and Financial Policies (MEFP) ( Attachments I and II , respectively), the authorities have indicated their intention to implement a 12-month SMP covering the period January–December 2004, including prior actions, indicative targets, structural benchmarks, and a detailed policy matrix. SMP objectives . In line with Board recommendations at the time of the last Article IV consultation, the program aims at further strengthening the fiscal position, reducing domestic arrears, and completing the unfinished reform agenda of the previous PRGF

International Monetary Fund. African Dept.

access to external financing and the very low level of international reserves, the authorities’ room for maneuver is very narrow. There are also significant implementation risks of the monetary and exchange rate reforms, as well as addressing governance and corruption weaknesses, which could adversely impact the attainment of SMP objectives. Approved By David Robinson (AFR) and Maria González (SPR) Prepared By African Department Discussions took place in Harare during November 7–20, 2018 and April 1–5, 2019. The missions met with Finance Minister Ncube

International Monetary Fund. African Dept.

convergence with more developed countries. Fiscal and associated BoP financing needs are expected to open up starting in 2022 owing in part to difficulties in SOEs and debt service obligations from recent non-concessional borrowing. Comoros could thus benefit from a potential ECF arrangement that could start in 2022 to move to a higher growth path and help fill associated financing gaps. In case of a third wave of COVID infections, financing needs could arise even earlier and exceed currently projected levels. SMP objectives : The SMP aims to help the authorities

International Monetary Fund. African Dept.

,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. SMP objectives : A Staff Monitored Program (SMP) is in place for the period July 22- December 31, 2021, with test dates at end-September and end-December. The SMP aims to help the authorities establish a track record of policy implementation to pave the way to a potential ECF arrangement. Policies aim to (i) contain and recover from the pandemic; and (ii) start implementing reforms to overcome fragility, boost