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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.

Comoros --- Al Qumur --- Comoras --- Comorerna --- Comores --- Comoros Federal Islamic Republic --- État comorien --- Federal and Islamic Republic of the Comoros --- Federal Islamic Republic of the Comoros --- Federalʹnai︠a︡ islamskai︠a︡ respublika Komorskie ostrova --- Ittiḥad al Qamar --- Jamhūri̐yah al-Qamar al-Itihādi̐yah al-Islāmi̐yah --- Jumhuriyat al Qamar al Muttahidah --- Jumhūrīyat al Qumur al Ittiḥādīyah al Islāmīyah --- Jumhūrīyat Juzur al Qamar al Ittiḥādīyah al Islāmīyah --- Jumhūrīyat Juzur al Qamar al Muttaḥidah --- Juzur al-Qamar --- Komori --- Komorit --- Komoro --- Las Comoras --- Republic of the Comoros --- République fédérale et islamique des Comores --- République fédérale islamique des Comores --- Udzima wa Komori --- Union des Comores --- Union of the Comoros --- コモロ --- جزر القمر --- Коморские Острова --- Komorskie Ostrova --- Comoro Islands --- Economic conditions. --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Public Finance --- Statistics --- Industries: Energy --- International Lending and Debt Problems --- Taxation, Subsidies, and Revenue: General --- National Government Expenditures and Related Policies: General --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Public finance & taxation --- International economics --- Banking --- Econometrics & economic statistics --- Petroleum, oil & gas industries --- Revenue administration --- External debt --- Capital spending --- Public financial management (PFM) --- Expenditure --- Current spending --- Debts, External --- Revenue --- Banks and banking --- Capital investments --- Finance, Public --- Expenditures, Public --- Comoros, Union of the