IMF Staff Country Reports

Union of the Comoros: Second Review under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for the Union of Comoros

July 11, 2024

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International Monetary Fund. African Dept. "Union of the Comoros: Second Review under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for the Union of Comoros", IMF Staff Country Reports 2024, 212 (2024), accessed December 21, 2024, https://doi.org/10.5089/9798400283468.002

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Summary

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.

Subject: Arrears, Credit, External debt, Government debt management, Money, Public financial management (PFM), Revenue administration

Keywords: Arrears, Comorian authorities, Credit, Customs administrations IT management systems, East Africa, ECF arrangement, Global, Government debt management, Government liquidity, Middle East, Union of the Comoros' Extended Credit Facility, West Africa

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