IMF Management has approved the first review of Comoros’ Staff-Monitored Program (SMP). The SMP supports the government’s program of reforms.
It also aims to help the authorities establish a track record of policy implementation to pave the way to a potential Extended Credit Facility (ECF) arrangement; Program implementation at end-September 2021 was satisfactory.
In light of delays in preparations for several structural reforms that had been scheduled for completion at end-December 2021, however, these measures were rescheduled to February 2022; Comoros’ economic conditions are slowly improving, with growth rising from around zero in 2020 to around 1.6 percent in 2021.
A further increase in growth is expected for 2022.
The Management of the International Monetary Fund (IMF) approved on December 21, 2021 the completion of the first review of Comoros’ Staff Monitored program (SMP).
Policies under the SMP, which was approved on July 21, 2021 aim to (i) contain and recover from the pandemic; and (ii) start implementing reforms to overcome fragility, boost inclusive growth, and limit risks.
To tackle economic fragility, the government’s top priority is to raise fiscal revenue to support investment in human and physical capital and enhance debt sustainability. The authorities also aim to strengthen the quality of spending, public financial management, State-Owned Enterprises (SOE) oversight, and the financial sector.
To address institutional fragility, the authorities aim to enhance governance, including by strengthening public reporting on large public procurement projects with the inclusion of beneficial ownership information and creating an effective asset declaration framework for senior public officials.
The authorities made satisfactory progress on their reform program through end-September 2021. In particular, they succeeded in raising fiscal revenue and providing substantial cash transfers to the poor.
Timely implementation of the outstanding reforms envisaged under the program will be important for improving economic conditions and establishing a track record towards a potential ECF arrangement.
The IMF supports the government’s efforts through the provision of capacity development in coordination with international partners. It also supports the authorities’ efforts to mobilize external concessional financing.
More information on ECF: Extended Credit Facility
Share on Facebook «||»
Share on Twitter «||»
Share on Reddit «||»
Share on LinkedIn
IMF Staff Concludes Virtual Staff Visit to Cote d’Ivoire: In Côte d’Ivoire, the Omicron variety has had modest consequences, and officials are stepping up vaccination efforts; the Ivorian economy continues to show evidence of...
Governor Newsom Highlights Universal College Savings Program at Celebration of $11 Millionth Deposit for Kindergarten to College Program in San Francisco : Today, Governor Gavin Newsom joined a class of 1st graders from Bryant Elementary School as they deposited the $11 millionth dollar into Kindergarten to College...
Outlier Ventures and National Technology Development Program (NTDP) Join Forces to Launch Web3 Accelerator Program in Saudi Arabia: Outlier Ventures, a renowned global Web3 accelerator, has joined forces with the National Technology Development Program (NTDP) of Saudi Arabia to introduce a pioneering Base...
African Union Invites Applications for 2024 Summer Internship Program in Various Departments: The African Union (AU), committed to driving Africa’s integration and sustainable development, announces its Internship Program for 2024. Situated at its headquarters in Addis Ababa,...
African Development Bank’s African Leaders for Nutrition lauded by African Union during Assembly declaration of 2022 as “African Union Year of Nutrition”: The African Union has recognized the African Leaders for Nutrition program, which is based at the African Development Bank (www.AfDB.org), for its progress in increasing...
Academic Staff Union Of Polytechnics to join ASUU strike: ASUP, the Academic Staff Union of Polytechnics, has encouraged its members to be ready to cease working at any time if necessary. Mr. Anderson Umezurike...
Biden says substantial auto staff strike is ‘unlikely’: claims the union threat wants less work and a 46% pay rise: President Joe Biden has downplayed the possibility of a substantial autoworkers strike in the near future. The United Auto Workers (UAW) union, representing around 150,000...
New Labour PS Solicits Corporation of Management and Staff: The new Permanent Secretary, Federal Ministry of Labour and Employment, Ms Kachollom S. Daju, mni, has solicited the cooperation of the management and staff in...
University of Pretoria: staff resume work after management agree to demands: The strike by University of Pretoria workers affiliated with the Academic and Professional Staff Association of SA (APSA) has been called off following an agreement...
Governor Sanwo-Olu Makes First Appointments of Second Term: Reappoints Chief of Staff and Deputy Chief of Staff: …By Lola Smith for TDPel Media. Following the commencement of his second term in office, Lagos State Governor, Babajide Sanwo-Olu, wasted no time in making...