São Paulo – Comoros Islands’ economy grew 3.5% in 2013, inflation remained at “favorable” levels and government revenue reached the expectations of the International Monetary Fund (IMF), which, this Thursday (11) finished a visit to the Arabian country in Africa. According to the Fund, Comoros needs to strengthen public financial management and reduce expenses.
“On the fiscal side, renewed efforts are needed to strengthen public financial management and mobilize domestic budget resources, to create room for the government to increase priority current and capital spending, including infrastructure”, says the document signed by the mission chief to Comoros, Harry Trines.
Besides the challenge to improve the public finances, the IMF observed that Comoros need to implement reforms in the energy and telecommunications sectors to create an environment more ‘conducive’ to economic growth.
The Fund’s technicians and local authorities also discussed the completion, until the end of this year, of a strategy to promote accelerated growth and durable development of the local economy.
Until the end of 2013, Comoros received a loan from IMF with flexible conditions that is destined to countries in financial difficulties. The last share, worth US$ 2.4 mn, was released in the second semester last year. According to the IMF, a new mission will return to Comoros in the second half of the year.
*Translated by Rodrigo Mendonça
