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International Monetary Fund. African Dept.

IMF Country Report No. 23/215

International Monetary Fund. African Dept.
Comoros is a small, fragile island state facing significant development challenges, balance of payments needs, a high risk of debt distress, vulnerabilities in the banking system, and governance weaknesses. In recent years, the country was hit by successive shocks including Cyclone Kenneth in 2019, the COVID-19 pandemic in 2020- 21, and fallout from the war in Ukraine in 2022. Two rounds of emergency support under the RCF/RFI of SDR 8.9 million each were approved in July 2019 and April 2020. A Staff Monitored Program (SMP), approved in September 2021, ended with broadly satisfactory performance, helping to establish a track record of policy implementation towards an Extended Credit Facility (ECF) arrangement. Policies under the SMP aimed to address the impact of the COVID-19 pandemic, reduce economic risks, and begin reforms to tackle sources of fragility.
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.