Africa > Comoros, Union of the

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International Monetary Fund. African Dept.
À la suite des élections présidentielles du 14 janvier, le Président Azali a présenté son nouveau cabinet en juillet, introduisant plusieurs nouvelles figures dans la scène politique avec une équipe en partie renouvelée et rajeunie. Dans ce contexte de transition politique, l’économie comorienne montre des signes de fléchissement, s’accompagnant de tensions inflationnistes entraînées par la hausse accélérée des prix des denrées alimentaires. Le crédit au secteur privé a ralenti durant toute l’année, les importateurs se désendettant après avoir considérablement augmenté leurs emprunts ces deux dernières années pour faire face au prix élevé des importations. Les volumes de produits importés, notamment de denrées alimentaires, ont diminué au premier semestre 2024, et les exportations et l’investissement public ont été plus faibles que prévu. Les efforts d’administration des recettes fiscales ont été entravés par les troubles qui ont suivi les élections, l’épidémie de choléra et les conditions météorologiques extrêmes du premier semestre 2024. Le secteur extérieur reste néanmoins stable, avec des réserves adéquates pour couvrir plus de sept mois d’importations.
International Monetary Fund. African Dept.
This paper highlights the Union of the Comoros’ Third Review under the Extended Credit Facility (ECF) Arrangement and Requests for Modifications of Performance Criteria and Waivers of Nonobservance of Performance Criteria. Program performance remains broadly on track albeit uneven, amid a political transition and a more challenging external financing environment. While there is considerable progress toward the achievement of program objectives, significant and continued effort is required to maintain the reform momentum. The authorities have reaffirmed their commitment to the reform agenda under the ECF-supported program. Institutional and governance improvements remain critical as a foundation for economic activity and to enhance policy credibility for domestic and external stakeholders. Reforms such as the operationalization of the Anti-Corruption Chamber have advanced, with additional support required for capacity development and to boost public sector transparency. Economic conditions have remained stable despite inflationary pressures and signs of softening economic activity, and adherence to the ECF-supported program will safeguard macroeconomic stability and advance needed structural reforms while catalyzing additional financial support for the country’s large financing needs.
André Brotto
,
Adam Jakubik
,
Roberta Piermartini
, and
Fulvio Silvy
This paper studies the impact of the process of accession to the WTO on growth rates in a sample of 150 economies. Unlike GATT-era accessions, WTO accessions involve reforms that extend beyond conventional trade liberalization measures. Using information on the pace of negotiations and requests in the working party's meetings, we construct an index that tracks the progress of reforms in the pre-accession period. We estimate that economies that implemented reforms and made deeper commitments during their WTO accession negotiations grew on average 1.5 percentage points faster than they otherwise would have. These results are robust to instrumental variable estimation and falsification tests.
International Monetary Fund. African Dept.
This paper presents Union of Comoros’ Second Review under the Extended Credit Facility (ECF) Arrangement and Request for a Waiver of Nonobservance of Performance Criterion. Performance under Comoros’s economic reform program continues to be broadly satisfactory, and the authorities remain committed to the economic policies and reforms underpinning the ECF-supported program. Reforms are beginning to bear fruit, with visible signs of macroeconomic stabilization. However, Comoros continues to face the challenges of a small, fragile island state which requires steadfast program implementation and continued support from international partners. Monetary policy has contained inflation and ensured sufficient external buffers for Comoros and the stability of the peg. Continued efforts to stabilize the financial sector, including through the restructuring of the state-owned postal bank, addressing credit quality in the banking system, and strengthening banking supervision and resolution capacities are welcome. Support from international partners continues to be important for addressing the country’s large development needs and climate-related risks.