科摩罗联盟：根据扩大信贷安排进行的第四次审查和关于修改履约标准和豁免不遵守履约标准的请求新闻稿；员工报告；科摩罗联盟执行主任的发言

FOURTHREVIEW UNDER THE EXTENDED CREDITFACILITY ARRANGEMENT AND REQUESTS FORMODIFICATIONS OF PERFORMANCE CRITERIA ANDWAIVERS OF NONOBSERVANCE OF PERFORMANCECRITERIA—PRESS RELEASE;STAFF REPORT;STAFFSTATEMENT;AND STATEMENT BY THE EXECUTIVEDIRECTOR FORTHE UNION OF THE COMOROS June2025 In the context of the2025 FourthReview under the Extended Credit Facility Arrangement,the following documents have beenreleased and are included in this package: •APress Releaseincluding a statement by the Chair of the Executive Board. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onJune 24, 2025,following discussions that ended onMay 13, 2025,with the officials ofthe Union of the Comoroson economic developments andpolicies underpinning the IMF arrangement under theExtended Credit Facility. Basedon information available at the time of these discussions, the staff report wascompleted onJune 10, 2025. •AStaff Statementupdating information on recent developments. •AStatement by the Executive Directorforthe Union of the Comoros. TheIMF’s transparency policy allows for the deletion ofmarket-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. IMF Executive Board Completes the Fourth Review Under theExtended Credit Facility Arrangement with the Union of theComoros FOR IMMEDIATE RELEASE •The IMF Executive Board completed today the fourth review under the Extended CreditFacility Arrangement with the Union of the Comoros. Approval of the fourth review enablesan immediate disbursement of SDR 3.56 million (about US$ 4.87 million). •Program performance remains broadly on track despite setbacks in 2024 linked to a lengthypolitical transition and external shocks. The authorities have reaffirmed their commitment tothe ECF-supported reform agenda and are determined to demonstrate stronger programownership in the period ahead. •Economic conditions remain broadly stable, supported by adequate external buffers andcontinued program engagement, despite persistent inflationary pressures. Implementationof the ECF-supported program is helping to safeguard macroeconomic stability, advancecritical structural reforms, and mobilize concessional financing to address Comoros’ssignificant development and financing needs. Washington, DC–June 24, 2025:The Executive Board of the International Monetary Fund(IMF) completed today the fourth review under the Union of the Comoros’ Extended CreditFacility (ECF) arrangement. The Executive Board’s decision allows for an immediatedisbursement of SDR 3.56 million (about US$ 4.87 million), bringing the total disbursementsso far under the arrangement to about $23.7 million. The 4-year ECF arrangement wasapproved on June 1, 2023(See Press Release No. 23/194)with an access of SDR 32.04million (about US$ 43 million). In completing the review, the Executive Board also approved the authorities’ requests for (i)waivers of nonobservance of the quantitative performance criteria (QPCs) on tax revenue andthe domestic primary balance at end of 2024 and the continuous QPC on the non-accumulation of external arrears and (ii) modifications to the end of December 2025 QPCs ontax revenue and domestic primary balance to reflect corrective actions for missing theseQPCs at end-2024. While there is considerable progress towards the achievement of program objectives,significant and continued effort is required to maintain the reform momentum. The authoritieshave reiterated their strong commitment to the ECF-supported program and despite recentsetbacks. Two of five QPCs were met as of end of December 2024 and 8 of the 11 structuralbenchmarks (SBs) expected between end of November 2024 and end of May 2025 were alsomet. Comoros’ economic reform program supported by the ECF arrangement seeks to reducefragility and increase economic resilience by building fiscal buffers, reducing debtvulnerabilities, strengthening the financial sector, and enhancing governance. Key policypriorities for the program remain unchanged and include: (i) mobilizing domestic revenue through reforms to strengthen tax and customs administration and streamline tax exemptions;(ii) stabilizing the financial sector including through the restructuring of the state-owned postalbank SNPSF and enhancing the Central Bank’s banking supervision and resolution capacities;and (iii) strengthening governance through PFM and anti-corruption reforms. Economic conditions remain broadly stable, though risks persist. Growth is estimated at 3.3percent in 2024 and projected to rise to 3.8 percent in 2025, supported by public investmentand recovering private sector credit. Inflation ave