Narrow Your Choices

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Africa > Comoros, Union of the

You are looking at 1 - 10 of 86 items for

  • Type: Journal Issue x
Clear All Modify Search
Cover IMF Staff Country Reports
Union des Comores: consultations de 2023 au titre de l’article IV, de la première revue de l’accord au titre de la facilité élargie de crédit, et des demandes de dérogations pour non-respect de critères de performance quantitatifs et de modifications de critères de performance quantitatifs-communiqué de presse; rapport des services du; Lettre d'Intention; Mémorandum des Politiques Économiques et Financières; analyse de viabilité de la dette; Déclaration du personnel; Déclaration de l’administrateur de l’Union des Comores
International Monetary Fund. African Dept.
La reprise économique est engagée aux Comores, soutenue par le redémarrage des activités sociales, le dynamisme du tourisme et la mise en oeuvre de projets d’investissement public. L’inflation ralentit, parallèlement à la normalisation des prix internationaux du pétrole et des produits alimentaires en 2023 jusqu’à présent. Cela étant, des risques élevés entourent les perspectives en raison des fragilités au niveau national et des incertitudes à l’échelle mondiale : la dépendance de l’économie vis-à-vis des importations, des envois de fonds et de l’aide étrangère fait que le pays reste très exposé aux chocs extérieurs. Dans ces conditions, le programme de réformes économiques appuyé par la facilité élargie de crédit (FEC) vise à réduire les facteurs de fragilité et à accroître la résilience en étoffant les marges de manoeuvre budgétaires, en diminuant les vulnérabilités liées à la dette, en renforçant le secteur financier et en atténuant les risques de corruption.
Cover IMF Staff Country Reports
Union of the Comoros: 2023 Article IV Consultation, First Review Under the Extended Credit Facility Arrangement, Requests for Waivers of Nonobservance of Performance Criteria, and Modifications of Performance Criteria-Press Release; Staff Report; Debt Sustainability Analysis; and Statement by the Executive Director for the Union of the Comoros
International Monetary Fund. African Dept.
Economic recovery is underway, supported by the resumption of social activities, tourism, and ongoing public investment projects. Inflation has decelerated, in line with normalizations in international oil and food prices thus far in 2023. However, risks to the outlook are elevated due to the fragile context and global uncertainty; dependence on imports, remittances, and foreign aid means the economy remains highly vulnerable to external shocks. In this context, the economic reform program supported by the Extended Credit Facility (ECF) seeks to reduce fragility and increase economic resilience by building fiscal buffers, reducing debt vulnerabilities, strengthening the financial sector, and mitigating corruption risks.
Cover IMF Staff Country Reports
Union of the Comoros: Selected Issues
International Monetary Fund. African Dept.
Selected Issues
Keywords:
fuel price subsidy; budget proposal; import demand elasticity; Brent Crude oil price; health indicator; financing tool; Taxes on trade; Fuel prices; Energy subsidies; Sub-Saharan Africa; Africa; Southern Africa; Global
Cover Technical Notes and Manuals
The Use of Mirror Data by Customs Administrations: From Principles to Practice
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.
Keywords:
Customs administration; export; data; import; revenue mobilization; risk management; tax compliance; international trade; mirror data analysis; export data; IMF Library; analysis sustainability; Customs information; Exports; Customs administration core functions; Imports; Tariffs; Valuation, origin and classification; Sub-Saharan Africa; Africa; Global
Cover IMF Staff Country Reports
Union of the Comoros: Request for a Four-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Supplement; and Statement by the Executive Director for the Union of the Comoros
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.
Cover IMF Staff Country Reports
Union of the Comoros: Request for a Four-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Supplement; and Statement by the Executive Director for the Union of the Comoros
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.
Keywords:
ECF arrangement; Comorian authorities; government securities market; sustainability risk; address debt sustainability risk; ECF request; Debt sustainability analysis; Credit; Global; Africa
Cover IMF Staff Country Reports
Union Des Comoros: Deuxième Revue Au Titre Du Programme De Référence— Communiqué De Presse; Rapport Des Services Du Fmi Pour L’union Des Comores; Analyse De Viabilité De La Dette; Lettre D’intention; Et Memorandum De Politiques Economiques Et Financières
International Monetary Fund. African Dept.
Comoros is a small, fragile island state (population: 850,000) with low and shock-prone growth. A Staff-Monitored Program (SMP) has been in place since July 2021. Policies aimed to: (i) contain and recover from the COVID-19 pandemic; and (ii) start implementing reforms to overcome fragility, boost inclusive growth, and limit risks. The first review assessed implementation through end-September 2021 as satisfactory and rescheduled three structural benchmarks that needed more time from end-December 2021 to end-February 2022. This second (and final) review assessed implementation of end-December 2021 and end-February 2022 quantitative targets and structural benchmarks, as well as overall policy implementation under the SMP.
Keywords:
SMP staff report; SMP implementation; Comoros' Staff-Monitored Program; debt sustainability risk; reform program; Debt sustainability analysis; Arrears; Global
Cover IMF Staff Country Reports
Union of the Comoros: Second Review Under the Staff-Monitored Program-Press Release; and Staff Report
International Monetary Fund. African Dept.
This paper discusses Union of The Comoros’ Second Review under the Staff-Monitored Program (SMP). The implementation of the SMP, which supported the government’s reform program during 2021–2022, was broadly satisfactory, with most quantitative targets and structural benchmarks being met on time. The reported number of coronavirus disease 2019-related cases has remained relatively low. State-owned enterprises (SOEs) incurred substantial losses in 2022 as administered prices were slow to adjust to the surge in global commodity prices, implying lower fiscal revenue, higher public debt, and wider financing gaps over the medium term. Comoros was already facing a high risk of debt distress and substantial financing gaps due to large projects financed by nonconcessional debt and the restructuring of the insolvent state-owned postal bank (SNPSF). The recent deterioration in macroeconomic conditions has further heightened debt sustainability risks. Strong remittances and a resumption of tourism have helped cushion the shock while maintaining an adequate level of foreign reserves. The fallout from the war in Ukraine, however, has set back the expected fiscal gains, underscoring the need for continued fiscal consolidation efforts. IMF welcomes the authorities’ commitment to continuing engagement with the IMF country and technical assistance teams as they push forward the remaining structural benchmark and tackle other structural reforms.
Keywords:
SMP staff report; SMP implementation; Comoros' Staff-Monitored Program; debt sustainability risk; reform program; Debt sustainability analysis; Arrears; Global
Cover Good Governance in Sub-Saharan Africa
Good Governance in Sub-Saharan Africa
Opportunities and Lessons

Abstract

Governance and corruption issues have taken the center stage in international discussions, especially after the adoption by the IMF in 2018 of a new framework for engagement on governance and corruption. Sound institutions that guarantee integrity in the management of public affairs are critical on the path toward higher and more inclusive growth. Corruption undermines the quality of institutions, weakens the effectiveness of government programs, and compromises social trust in government policies. Indeed, countries around the world that improved their governance systems are reaping a “governance dividend,” and governance-enhancing reformist countries in sub-Saharan Africa include Botswana, Rwanda, and Seychelles. In addition, Liberia, Sierra Leone, and Angola demonstrate that important reforms are possible, including in fragile environments. The importance of good governance has acquired even more importance as countries try to introduce policies to fight the ongoing COVID-19 pandemic. Special attention to governance in an emergency context, including situations associated with conflict, other health crises and natural disasters, is therefore essential. Innovation and new technologies are critical instruments that policymakers can use in their efforts to improve governance and transparency.

Keywords:
Governance; financing; growth; emergencies; pandemic; digitization; resource-rich countries; fragile and conflict-afflicted countries; tax official; government effectiveness; governance indicator; corruption perception; governance challenge; government policy; Corruption; Auditing; Anti-money laundering and combating the financing of terrorism (AML/CFT); Oil; Sub-Saharan Africa; Africa; Global; Caribbean; Middle East; South Asia
Cover IMF Staff Country Reports
Union of the Comoros: First Review Under the Staff-Monitored Program and Request for Extension; and Staff Report
International Monetary Fund. African Dept.
Comoros is a small, fragile island state (population: 850,000) with persistently low and shock-prone growth and a high risk of external debt distress. Officially recorded COVID-related casualties have remained low (4,569 infections and 151 deaths so far). Growth projections remain at 1.6 percent in 2021 and 3.8 percent in 2022, supported in part by progress in vaccinations.
Keywords:
Comoros' Staff Monitored program; IMF team; SMP review; Comorian authorities; IMF's transparency policy; management of the International Monetary Fund; SMP objective; Arrears; Fiscal stance; Current spending; Sub-Saharan Africa