Africa > Comoros, Union of the

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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.
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.
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.