Union of Comoros: Request for a Staff-Monitored Program-Press Release; and Staff Report

Request for a Staff-Monitored Program-Press Release; and Staff Report
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Volume/Issue: Volume 2021 Issue 235
Publication date: October 2021
ISBN: 9781513598086
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Exports and Imports , Money and Monetary Policy , Public Finance , International - Economics , COVID pandemic , SMP design , SMP objective , burden indicator , implementation capacity , IMF's transparency policy , COVID-19 , Global , Africa , West Africa , Southern Africa , Sub-Saharan Africa

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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; while 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.