{
  "title": "IMF Staff Concludes Visit to Comoros for the 2019 Article IV Consultation and Discussions on Engagement in 2020",
  "publication": "IMF News, December 20, 2019",
  "sourceUrl": "https://www.imf.org/en/news/articles/2019/12/20/pr19482-comoros-imf-staff-concludes-visit-for-the-2019-article-iv-consultation",
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  "summary": "Press Release No. 19/482; December 20, 2019.",
  "publishDate": "2019-12-20",
  "sections": [
    {
      "heading": "Mission overview and engagements",
      "content": "- Press Release No. 19/482; December 20, 2019.\n- An IMF team, led by Hans Weisfeld, visited Comoros during December 11-20, 2019 to conduct 2019 Article IV consultations and discuss options for engagement in 2020.\n- Meetings included President Azali Assoumani, Minister of Finance and Budget Said Ali Said Chayhane, Central Bank Governor Younoussa Imani, other high-level officials, private sector representatives, and the donor community."
    },
    {
      "heading": "Economic assessment and recent developments",
      "content": "- 2019 characterized as a challenging year for Comoros’ economic development, driven by the negative impact of Cyclone Kenneth (struck in April) and difficulties at several state-owned enterprises.\n- Key 2019 indicators and assessments:\n  - Growth for the year as a whole is projected to fall to about 1.9 percent.\n  - Inflation remains contained (at 3.3 percent).\n  - Fiscal revenue as a share of GDP fell, driven by the impact of the cyclone on the economy and difficulties at several state-owned enterprises.\n  - Growth of credit to the private sector remained weak, due in part to a challenging operating environment for banks."
    },
    {
      "heading": "Near-term outlook",
      "content": "- For 2020:\n  - Growth is expected rebound to 4-4½ percent.\n  - Inflation should come down (to below 2 percent).\n  - Difficulties in several state-owned enterprises will likely continue to weigh on fiscal revenue."
    },
    {
      "heading": "Policy recommendations and reform priorities",
      "content": "- Institutional reforms to address fragility:\n  - Strengthen the civil service.\n  - Enhance governance.\n  - Reinforce the judicial system to better protect property rights and help private parties enforce contracts.\n- Economic measures to address fragility and support emergence:\n  - Create fiscal space and use it to raise investment in both physical and human capital, including through higher social spending.\n  - Lessen vulnerability to shocks such as natural disasters.\n  - To create fiscal space, raise fiscal revenue, for example by reducing tax exemptions and registering more taxpayers."
    },
    {
      "heading": "Next steps and engagement",
      "content": "- The IMF team discussed options for engagement with the Comoros authorities in 2020.\n- IMF mission expressed thanks to the authorities for constructive discussions and warm hospitality.\n\nSource: IMF Press Release No. 19/482, December 20, 2019.\n\n---\n\n\n References\n\n- Union of the Comoros and the IMF\n- IMF Policy Advice -- A Factsheet\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2019/12/20/pr19482-comoros-imf-staff-concludes-visit-for-the-2019-article-iv-consultation"
    }
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    "Published: December 20, 2019",
    "Press Release No. 19/482; December 20, 2019.",
    "An IMF team, led by Hans Weisfeld, visited Comoros during December 11-20, 2019 to conduct 2019 Article IV consultations and discuss options for engagement in 2020.",
    "Meetings included President Azali Assoumani, Minister of Finance and Budget Said Ali Said Chayhane, Central Bank Governor Younoussa Imani, other high-level officials, private sector representatives, and the donor community.",
    "2019 characterized as a challenging year for Comoros’ economic development, driven by the negative impact of Cyclone Kenneth (struck in April) and difficulties at several state-owned enterprises.",
    "Key 2019 indicators and assessments:",
    "For 2020:",
    "Institutional reforms to address fragility:",
    "Economic measures to address fragility and support emergence:",
    "The IMF team discussed options for engagement with the Comoros authorities in 2020.",
    "IMF mission expressed thanks to the authorities for constructive discussions and warm hospitality.",
    "[Union of the Comoros and the IMF](http://www.imf.org/external/country/COM/index.htm)",
    "[IMF Policy Advice -- A Factsheet](https://www.imf.org/en/about/factsheets/imf-surveillance)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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