UID:
edoccha_9958236122102883
Format:
1 online resource (79 p.)
ISBN:
1-4983-1448-1
,
1-4983-0949-6
Series Statement:
IMF Staff Country Reports
Content:
KEY ISSUES • The Comorian economy continues to grow although at a slightly slower pace. Economic growth in 2014 is projected at 3.3 percent, adversely affected by electricity disruptions and slower-than-expected implementation of the public investment program. Inflation has remained subdued. Staffs’ baseline assumption is that real GDP growth will average around 4 percent per annum over the medium term, provided reforms are implemented. • Implementation of the 2014 budget was challenging, particularly after mid-year. While revenues were broadly on target, resources were inadequate to meet the higher- than-budgeted wage bill resulting from an increase in teacher salaries in March and previously un-budgeted expenditures, including on elections. Domestically-financed investment spending was severely constrained and temporary arrears were incurred on salaries and external debt. • The key short-term challenge is to find a better balance between available resources and expenditures so that arrears can be avoided. Spending plans need to be based on realistic expectations of the resources likely to be available. The 2015 budget is premised on this principle but the scope for domestically-financed investment is inadequate as obligatory spending on wages and salaries and debt service absorbs most of domestic revenue. • For the medium-term the key challenges are to create fiscal space for infrastructure investment and social spending, accelerate inclusive growth and employment generation, and reduce poverty. The authorities need to focus their efforts on strengthening revenue administration and public financial management to expand fiscal space and improve transparency. Weaknesses in the business environment, including inadequate infrastructure, especially in the energy sector, and difficulties in contract enforcement represent important challenges.
Note:
"February 2015."
,
Cover; CONTENTS; CONTEXT; RECENT ECONOMIC DEVELOPMENTS; OUTLOOK AND RISKS; MACROECONOMIC POLICIES AND STRUCTURAL REFORMS; A. Introduction; B. Short-Term Fiscal Policy; C. Medium-Term Fiscal Reforms; D. Monetary and Exchange Rate Policy; E. Policies for Growth; BOX; 1. Remittances and Growth Nexus; F. Financial Sector Stability Assessment; OTHER ISSUES; STAFF APRRAISAL; FIGURES; 1. Key Indicators of the Comorian Economy; 2. Cross Country Comparison; TABLES; 1. Selected Economic and Financial Indicators, 2011-18; 2. Balance of Payments, 2011-18
,
3A. Consolidated Government Financial Operations, 2011-18 (in millions of Comorian francs)3B. Consolidated Government Financial Operations, 2011-18 (in percent of GDP); 3C. Consolidated Government Financial Operations, 2014; 4. Monetary Survey, 2011-18; 5. Millenium Development Goals Progress; 6. Financial Soundness Indicators for the Banking Sector; ANNEXES; I. Status of 2012 Article IV Main Recommendations; II. Risk Assessment Matrix (RAM); III. Assessing the Potential of Tax Revenues in Comoros; IV. External Balance Assessment; CONTENTS; RELATIONS WITH THE FUND
,
JOINT WORLD BANK-IMF WORK PROGRAM, 2014-2015RELATIONS WITH THE AFRICAN DEVELOPMENT BANK GROUP; STATISTICAL ISSUES APPENDIX
Additional Edition:
ISBN 1-4843-2086-7
Additional Edition:
ISBN 1-336-21977-7
Language:
English
