The Comorian authorities have made steady progress in fiscal consolidation, reinvigorated their structural reform agenda, and gathered strong public support for sound macroeconomic policies. Macroeconomic developments have been largely positive, mostly thanks to improved policies. External competitiveness has improved step by step in the last year by the recent depreciation of the euro vis-à-vis the U.S. dollar. In the medium term, the government intends to seek further gains in fiscal consolidation and to accelerate reform of public enterprises and civil service.
Request for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Union of the Comoros
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.