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International Monetary Fund. African Dept.
This paper examines Comoros’ weak domestic revenue and volatile windfall revenues. Weak revenue mobilization and the reliance on volatile one-off windfall gains remains a significant development challenge for Comoros. Weak revenue mobilization not only makes it more difficult for Comoros to finance its significant development needs, but also increases the budget’s reliance on uncertain and volatile one-off revenue streams. Sustainably improving revenue mobilization based on realistic and attainable budgetary targets, is key for financing Comoros’ medium to long-term development goals without endangering debt sustainability. Broadening the tax base and thereby increasing the tax ratio to develop more predictable budgetary financing sources will aid execution of Comoros’ ambitious investment program that underpins the country’s development strategy.
International Monetary Fund. African Dept.
This 2016 Article IV Consultation highlights difficulties the economy of Comoros encountered in 2015 and the first half of 2016. An ongoing crisis in the electricity sector and slower-than-expected implementation of the public investment program were the main factors behind the slower growth. Inflation remained well anchored at an annual rate of about 2 percent. Fiscal policy was challenging for most of 2015 as the impact of slower economic growth was compounded by lower revenues. Growth is projected to pick up somewhat to 2 percent in 2016, and revenues are projected to increase to 12 percent of GDP.
International Monetary Fund. African Dept.
This Selected Issues paper assesses the main fiscal trends of the Comorian economy over 2005–15. It highlights continued difficulties in the fiscal performance of and the outlook for Comoros as a result of systemic challenges in revenue administration and public financial management. In particular, there is a structural imbalance between domestic resource mobilization and current spending, especially on public wages and salaries, leaving little scope for domestically financed capital spending, which is essential for economic growth and social development. This fiscal imbalance is more pronounced than in similar sub-Saharan African countries, even after taking into account sizable one-off budget grants that benefited the Comorian economy.
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.
International Monetary Fund. African Dept.
This review is on Comoros’ first full Poverty Reduction Strategy (CPRS). The macroeconomic developments outlined in the progress report are broadly in line with the assessment. Key policy challenges remain for the future. Progress in strengthening budget management has mixed during the report period. Despite reform momentum, which has picked up recently, the progress report correctly characterizes developments in the energy sector as falling short of expectations during 2011. Deficient transport and telecommunication infrastructures are important constraints to the development of the Comorian economy.
International Monetary Fund
The policies in a challenging political and economic environment are discussed in this study. The importance of reforms to enhance the budget process, tax administration, and expenditure control is encouraged. A higher growth path will require far-reaching structural reforms to bolster Comoros's competitiveness and increase the economy’s ability to intermediate remittances and aid inflows. The need to improve the business environment and the management of public utilities is explained in detail.
International Monetary Fund
Recent developments in the Comoros point to slow, uneven, yet significant progress in political normalization. Overall performance under the Extended Credit Facility-supported program has been broadly satisfactory. The government understands the need to continue fiscal consolidation in support of macroeconomic objectives, targeting a reduction of the domestic primary deficit. In the structural area, program focus will be on public finance management and key sectors critical to improved growth performance. Debt relief is crucial to securing medium-term external debt sustainability and for success of the program.
International Monetary Fund
The dominant role of remittances in Comoros’s economy presents policymakers with important challenges and opportunities. Fiscal decentralization is a pillar of national reconciliation in Comoros. To make decentralization work better, more revenue and expenditure responsibilities could be devolved to the islands. The paper also presents statistical data on gross domestic product, indicators of tourism, consolidated government financial operations, breakdown of staffing levels, summary statement of banks, balance of payments, payment arrears and service payments, summary of the tax system, and other economic indices.
International Monetary Fund
This Selected Issues paper analyzes the decentralization of government in the Union of the Comoros and its economic management functions foreseen under the constitution. The paper examines the special challenge of combining a civil service reform needed to increase the efficiency of the civil service with the decentralization of the civil service foreseen under the new constitution. It discusses developments in a number of civil service indicators that are often used to analyze the government wage bill and employment in relation to economic and fiscal objectives.
International Monetary Fund
The statistical data on gross domestic product, cost structure of vanilla exports, production of meat, fish, and dairy products, consumer price index, and consolidated government financial operations of Comoros have been presented in this paper. The wage bill developments, consolidated net statement of public enterprises, monetary survey, summary statement of the central bank, volume and value of principal exports, geographical distribution of trade, external debt payments, arrears by creditors, and related economic indices have been included in the statistical data.