Union of Comoros: Request for a Staff-Monitored Program-Press Release; and Staff Report
IMF Staff Country Reports, October 29, 2021
Source details
- Canonical URL
- Union of Comoros: Request for a Staff-Monitored Program-Press Release; and Staff Report
Other formats
Bibliographic details
- Published: October 29, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513598086.002
Summary
- Comoros is a small, fragile island state (population: 850,000) with persistently low and shock-prone growth.
- The last Article IV Consultation (completed in early 2020) assessed Comoros’ fragility as arising from two vicious circles:
- economic fragility manifests in low fiscal revenue, insufficient government investment in human and physical capital, and pronounced vulnerability to shocks; and
- institutional fragility manifests in governance challenges, low government implementation capacity, and a weak judicial system.
- The circles feed into each other, undermining economic performance and stability.
- Overcoming fragility requires breaking both circles.
Major themes and substantive findings
- Fragility diagnosis:
- Two interacting vicious circles: economic fragility and institutional fragility (text reproduced exactly).
- Economic characteristics:
- Persistently low growth and high shock vulnerability.
- Institutional challenges:
- Governance challenges, low government implementation capacity, and a weak judicial system (text reproduced exactly).
Policy orientation and areas of focus (as indicated by subject tags)
- Subjects associated with the publication:
- COVID-19
- External debt
- Health
- International organization
- Monetary policy
- Public debt
- Public financial management (PFM)
- Revenue administration
- Keywords highlighting scope and concerns:
- Africa
- burden indicator
- COVID pandemic
- COVID-19
- Global
- IMF's transparency policy
- implementation capacity
- SMP design
- SMP objective
- Southern Africa
- Sub-Saharan Africa
- West Africa
Content in this bundle
- 1comea2021001