Africa > Comoros, Union of the

You are looking at 1 - 10 of 87 items for

  • Type: Journal Issue x
Clear All Modify Search
International Monetary Fund. African Dept.
Economic conditions have improved since the beginning of the ECF-supported program. Real GDP growth is expected to remain on an upward trajectory peaking at around 4½ percent under the program. Inflation is projected to decline further in 2024 although at a much slower pace than observed in 2023. The near completion of large public projects and the steady improvement in domestic revenue mobilization will be key driving factors for the improvement in the domestic primary balance. The external sector is stable, and gross international reserves are expected to remain above 7 months of import cover over the program period. The baseline, however, is subject to considerable uncertainty as Comoros continues to face the challenges of a small, fragile island state: significant development challenges, balance of payments needs, a high risk of debt distress, vulnerabilities in the banking system, governance and corruption vulnerabilities, and exposure to climate change risks. Tropical storms that impacted East Africa in April and May also inflicted significant damage across the country.
International Monetary Fund. African Dept.
Les conditions économiques se sont améliorées depuis le début du programme soutenu par la FEC. La croissance réelle du PIB devrait rester sur une trajectoire ascendante et culminer à environ 4½ pour cent dans le cours du programme. La baisse de l’inflation devrait se poursuivre en 2024, bien qu’à un rythme beaucoup plus lent que celui observé en 2023. L’achèvement prochain de grands projets publics et l’amélioration constante de la mobilisation des recettes intérieures seront les principaux facteurs de l'amélioration du solde primaire intérieur. Le secteur extérieur est stable et les réserves internationales brutes devraient rester supérieures à 7 mois de couverture des importations sur la durée du programme. Le scénario de référence est cependant sujet à une incertitude considérable car les Comores continuent de faire face aux difficultés d’un petit État insulaire fragile : d’importants enjeux de développement, des besoins de balance des paiements, un risque élevé de surendettement, un système bancaire vulnérable, des vulnérabilités en matière de gouvernance et de corruption, et l’exposition aux risques liés au changement climatique. Les tempêtes tropicales qui ont frappé l’Afrique de l’Est en avril et en mai ont également causé des dégâts importants dans le pays.
International Monetary Fund. African Dept.
This Selected Issues paper focuses on the costing and financing of social development goals (SDG) in Comoros. Comoros is committed to achieve SDGs, but progress has been limited. This paper uses two models—a costing model and a financing model—to illustrate the large costs of reaching some of the SDGs related to social, human capital and infrastructure by the target year of 2030 and to highlight particular cost drivers. The substantial cost of achieving SDG, 18.8 percent of 2030 gross domestic product, is due to the country’s very low starting point and the inherent difficulties associated with its small size. The persistently very weak domestic resources are another reason for the substantive cost of achieving SDGs. The ongoing commitments of the authorities in the Extended Credit Facility program, with a focus on enhancing domestic revenue mobilization is a key to achieve better outcomes in this area. The fiscal space generated by the program could be both used to restore debt sustainability and to accelerate the achievement of SDGs in Comoros.
International Monetary Fund. African Dept.
This paper highlights Union of the Comoros’ 2023 Article IV Consultation, First Review under the Extended Credit Facility (ECF) Arrangement, Requests for Waivers of Nonobservance of Performance Criteria, and Modifications of Performance Criteria. Performance under Comoros’s economic reform program has been broadly satisfactory, despite a challenging context and the authorities remain committed to the ECF Arrangement. Policy priorities under the program aim to preserve medium-term fiscal and debt sustainability, improve public financial management by monitoring fiscal risks from state-owned enterprises, enhance financial sector stability through strengthening supervision and resolution capacities, and improve the governance architecture. Continued fiscal consolidation, including through improved domestic revenue mobilization, will gradually reduce financing needs and create the fiscal space necessary for the considerable social and investment spending priorities. The focus on strengthening the monetary policy toolkit is welcome and the fixed exchange rate regime has provided an effective anchor for monetary policy and ensured sufficient external buffers for Comoros. Sound program implementation would help to ensure economic resilience and support social and developmental objectives.
Anne-Marie Geourjon, Bertrand Laporte, and Mr. Gilles Montagnat-Rentier
This note discusses the relevance of mirror data analysis for customs administrations and how these administrations can adjust this technique to their needs, particularly to support the customs risk management function. Based on IMF Fiscal Affairs Department’s capacity development experience in developing countries, it describes in detail the recommended steps to be followed to analyze the data, then advises on the operational utilization of obtained results.
International Monetary Fund. African Dept.
This paper presents Union of Comoros’ request for a 4-year arrangement under the Extended Credit Facility (ECF). The ECF-supported program will help preserve Comoros’ macroeconomic stability and implement the authorities’ plans for fiscal consolidation, financial sector stabilization, and governance and anti-corruption reforms. Program measures aim to reduce economic and institutional fragilities and create fiscal space for needed investments in human and physical capital. Continued support from Comoros’ international partners, both in terms of financing and capacity development, will be critical for the success of the program. Strong and timely support from donors, complemented by IMF disbursements, is critical. Given the sizeable financing needs over the coming years, the authorities need to intensify their effort to mobilize financial support, including through good progress in the reform implementation. The reform program and financing supported by the ECF will continue to play a catalytic role.