Union of the Comoros: Staff-Monitored Program

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 077

Publication date: March 2005

ISBN: 9781451809107

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Topics covered in this book

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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , ISCR , CR , implementation capacity , island government , broad money , Comorian authorities , authorities of the Union , government financial operations , Arrears , Fiscal stance , Credit , Africa , Global

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Summary

This paper reviews the Staff-Monitored Program (SMP) for the Union of the Comoros. The authorities’ program for 2005 is focused on macroeconomic stabilization. This is predicated on a consolidated budget entailing a domestic fiscal adjustment slightly above 3 percent of GDP. Monetary policy will remain circumscribed by the country’s participation in the Franc zone. Agreement in principle was reached on a SMP covering 2005. The program would support the authorities’ economic reforms and establish a track record of policy implementation that could lead to a Poverty Reduction and Growth Facility arrangement.