IMF Staff Country Reports

The Union of the Comoros: Third Review under the Extended Credit Facility Arrangement and Request for Modifications of Performance Criteria and Waivers of Nonobservance of Performance Criteria -Press Release; Staff Report; and Statement by the Executive Director for The Union of the Comoros

December 19, 2024

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Format: Chicago

International Monetary Fund. African Dept. "The Union of the Comoros: Third Review under the Extended Credit Facility Arrangement and Request for Modifications of Performance Criteria and Waivers of Nonobservance of Performance Criteria -Press Release; Staff Report; and Statement by the Executive Director for The Union of the Comoros", IMF Staff Country Reports 2024, 354 (2024), accessed December 22, 2024, https://doi.org/10.5089/9798400296932.002

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Summary

Following the January 14 presidential election, President Azali announced a new cabinet in July, introducing several new and youthful faces into the political scene. Amid this political transition, Comoros’ economy is showing signs of softening coupled with inflationary pressures driven by accelerating food prices. Credit to the private sector has slowed throughout this year as importers deleveraged following the significant ramp-up in borrowing over the last two years to meet high import prices. Import volumes—notably food products—have declined during 2024H1 while exports and public investment have both been lower than expected. Tax revenue administration efforts were hampered by post-elections unrest, the cholera epidemic, and severe weather events during the first half of 2024. Nonetheless, the external sector remains stable with adequate reserve cover above 7 months of imports.

Subject: Arrears, Credit, Debt service, Debt sustainability, Debt sustainability analysis, External debt, Fiscal policy, Fiscal stance, Money, Public debt, Revenue administration

Keywords: Arrears, Credit, Debt service, Debt sustainability, Debt sustainability analysis, Fiscal stance, Public and publicly-guaranteed external debt

Publication Details

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