Union of the Comoros: 2008 Article IV Consultation and Request for Emergency Post-Conflict Assistance and for Disbursement Under the Rapid-Access Component of the Exogenous Shocks Facility-Staff Report; Staff Supplement; Staff Statement; Public Statem

2008 Article IV Consultation and Request for Emergency Post-Conflict Assistance and for Disbursement Under the Rapid-Access Component of the Exogenous Shocks Facility-Staff Report; Staff Supplement; Staff Statement; Public Statement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Union of the Comoros

Author: International Monetary Fund

Volume/Issue: Volume 2009 Issue 042

Publication date: February 2009

ISBN: 9781451809190

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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Public Finance , Business and Economics - Statistics , ISCR , CR , debt , staff appraisal , shocks facility disbursement , Paris Club creditor , petroleum products price , reform implementation risk , Arrears , Emergency assistance , Debt sustainability analysis , Global , Sub-Saharan Africa

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Summary

This paper discusses the Union of Comoros’ 2008 Article IV Consultation and request for Emergency Post-Conflict Assistance and disbursement under the Rapid-Access Component of the Exogenous Shocks Facility. Real GDP growth has been well below the regional average, and per-capita income has steadily declined. Rising food and energy costs have worsened the external position, and the external debt burden is far above the Heavily Indebted Poor Countries threshold. To reverse the deteriorating trend, the authorities have initiated measures in 2008 to contain the fiscal deficit and begin to address macroeconomic and structural impediments to growth.