World Bank2014-01-302014-01-302011-06https://hdl.handle.net/10986/16714This study shows that performance in terms of debt management has been weakened by recurrent political and institutional crises experienced by the country in recent years and has had a negative impact on the State's ability to both mobilize external financing and to honor its financial commitments. The accumulation of external arrears has increased by extension of the depletion sources of funding. However, the government recently initiated numerous actions contributing to a more serene climate at home with the establishment of democratic governance, developing a program of poverty reduction and regularization of arrears. This more favorable environment will soon pave the way for more substantial outside funding, especially following the accession of the Comoros to the enhanced Heavily Indebted Poor Countries (HIPC), and therefore requires the full attention of the authorities to implement better management of public debt. This evaluation is part of this perspective. Overall, performance in terms of debt management in the Comoros is satisfactory in all three of the following areas: (i) coordination with fiscal policy, including the integration of forecasts and actual payment of debt service in the preparation and monitoring of budget, (ii) coordination with monetary policy focused on the management of statutory advances granted by the Central Bank of Comoros (BCC), and (iii) procedures for payment of service external debt.La performance en matière de gestion de la dette a été affaiblie par la récurrence des crises politiques et institutionnelles qu’a connues le pays au cours des dernières années et qui a eu un impact négatif sur la capacité de l’État à la fois à mobiliser des financements extérieurs et à honorer ses engagements financiers. L’accumulation d’arriérés de paiements extérieurs a accentué par ricochet le tarissement des sources de financements. Cependant, le gouvernement a récemment amorcé de nombreuses actions contribuant à un climat domestique plus serein avec la mise en place d’une gouvernance démocratique, l’élaboration d’un programme de réduction de la pauvreté et la régularisation des arriérés de paiements. Cet environnement plus propice devrait prochainement ouvrir la voie à de plus importants financements extérieurs, en particulier suite à l’adhésion des Comores à l’Initiative renforcée en faveur des pays pauvres très endettés (Initiative PPTE), et donc requiert toute l’attention des autorités à mettre en place une meilleure gestion de la dette publique. Cette évaluation s’inscrit dans cette perspective. Globalement, la performance en matière de gestion de la dette aux Comores est satisfaisante dans les trois domaines suivants : (i) la coordination avec la politique budgétaire, notamment l’intégration des prévisions et réalisations du paiement du service de la dette publique dans la préparation et le suivi du budget ; (ii) la coordination avec la politique monétaire centrée sur la gestion des avances statutaires octroyée par la Banque Centrale des Comores (BCC); et (iii) la procédure visant le paiement du service de la dette extérieure. Le rapport présente les éléments du cadre économique et institutionnel des Comores qui sont indispensables à une meilleure compréhension de la situation de la gestion de la dette; développe les aspects méthodologiques de l’outil d’évaluation; expose l’évaluation détaillée de chaque dimension, et enfin il formule des conclusions.en-USCC BY 3.0 IGOACCESS TO CREDITACCOUNTANTACCOUNTINGALLOCATION OF FUNDSARREARSARREARS ACCUMULATIONAUDIT COMMISSIONBANK ACCOUNTSBENEFICIARYBIDBORROWING CAPACITYBORROWING PLANBORROWING PLANSBORROWING STRATEGYBUDGET DEFICITBUDGET LAWCAPACITY BUILDINGCAPACITY-BUILDINGCASH BALANCECASH BALANCESCASH FLOWCASH FLOWSCENTRAL BANKCENTRAL GOVERNMENTCENTRAL GOVERNMENT DEBTCHECKSCONSUMER PRICE INDEXCONTINGENT LIABILITIESCONTRACTUAL OBLIGATIONSCREDIT FACILITYCREDIT RISKCREDIT RISKSCREDITORSCSCURRENCYCURRENCY COMPOSITIONCURRENT ACCOUNTCURRENT ACCOUNT DEFICITCURRENT ACCOUNTSDEBT DATADEBT DATABASEDEBT LEVELSDEBT MANAGEMENT POLICYDEBT PAYMENTSDEBT POLICYDEBT RELIEFDEBT RESTRUCTURINGDEBT SERVICEDEBT SERVICE PAYMENTDEBT SERVICE PAYMENTSDEBT SERVICINGDEBT STOCKDEBT SUSTAINABILITYDEBT TRANSACTIONSDEBTSDEFICITSDEPOSITDEPOSITSDERIVATIVESDEVELOPMENT BANKDISBURSEMENTDISBURSEMENTSDOMESTIC ARREARSDOMESTIC BORROWINGDOMESTIC CURRENCYDOMESTIC DEBTDOMESTIC FINANCIAL MARKETDOMESTIC MARKETEARNINGSECONOMIC DEVELOPMENTEMPLOYEEEQUAL AMOUNTSEXCESS LIQUIDITYEXCHANGE RATEEXPENDITUREEXPENDITURESEXTERNAL BORROWINGEXTERNAL BORROWINGSEXTERNAL DEBTEXTERNAL FINANCINGEXTERNAL SHOCKSFINANCE MINISTRYFINANCESFINANCIAL ACCOUNTABILITYFINANCIAL ASSISTANCEFINANCIAL MANAGEMENTFINANCIAL OBLIGATIONFINANCIAL OBLIGATIONSFINANCIAL POLICIESFINANCIAL REFORMFINANCIAL REFORMSFINANCIAL RISKFINANCIAL STATEMENTSFINANCIAL SYSTEMFINANCING NEEDSFISCAL POLICIESFISCAL POLICYFIXED EXCHANGE RATEFLOATING RATEFLOW OF FUNDSFOREIGN CURRENCIESFOREIGN CURRENCYFOREIGN CURRENCY DEBTFOREIGN DEBTFOREIGN MARKETSFORM OF CREDITFUTURE LOANGOVERNMENT BANKGOVERNMENT BORROWINGSGOVERNMENT BUDGETGOVERNMENT GUARANTEEGOVERNMENT REVENUEGOVERNMENT SECURITIESGRACE PERIODGROSS DOMESTIC PRODUCTGUARANTEE FEEGUARANTORHIGH INTEREST RATESHOUSEHOLD INCOMEHUMAN DEVELOPMENTHUMAN RESOURCEINFLATIONINFLATIONARY PRESSURESINFORMATION SHARINGINSTALLMENTSINSTITUTIONAL CAPACITIESINSTITUTIONAL CAPACITYINSTITUTIONAL REFORMSINSTITUTIONAL SUPPORTINSTRUMENTINTEREST PAYMENTSINTEREST RATEINTEREST RATESINTERNAL AUDITINTERNATIONAL DEBTINTERNATIONAL DEVELOPMENTINTERNATIONAL STANDARDSISSUANCEISSUANCE OF GOVERNMENT SECURITIESISSUANCE OF GUARANTEESLEGAL FRAMEWORKLEGAL PROVISIONSLEGISLATIVE FRAMEWORKLENDERLIQUIDITYLOANLOAN AGREEMENTLOAN AGREEMENTSLOAN AMOUNTLOAN AMOUNTSLOAN CONTRACTLOAN GUARANTEELOAN GUARANTEESLOCAL BANKSLOCAL CURRENCYMACROECONOMIC POLICIESMACROECONOMIC POLICYMACROECONOMIC VARIABLESMARKET BORROWINGMATURITYMATURITY DATEMATURITY DATESMATURITY PERIODMAXIMUM MATURITYMICRO FINANCEMINISTRY OF ECONOMYMINISTRY OF FINANCEMONETARY FUNDMONETARY POLICIESMONETARY POLICYNATIONAL BORROWINGNATIONAL BUDGETNATIONAL DEBTOIL PRICESOUTSTANDING LOANOUTSTANDING LOAN AMOUNTSOUTSTANDING LOANSPAYMENT OF WAGESPAYMENT ORDERPENSIONPENSION SYSTEMPENSIONSPERFORMANCE ASSESSMENTPERFORMANCE INDICATORPLEDGESPORTFOLIOPOSTAL BANKPOVERTY REDUCTIONPOVERTY REDUCTION STRATEGYPRIVATE INVESTMENTPRIVATE INVESTORSPUBLIC BORROWINGPUBLIC DEBTPUBLIC DEBT MANAGEMENTPUBLIC EXPENDITUREPUBLIC FINANCEPUBLIC FINANCESPUBLIC INVESTMENTPUBLIC SECTOR DEBTRECEIPTREGISTRY SYSTEMREMITTANCESRENEGOTIATIONREPAYMENTREPAYMENT PERIODREPAYMENT SCHEDULESREPAYMENTSRESERVESRISK ASSESSMENTSRISK MANAGEMENTSOURCE OF FUNDSSUSTAINABILITY ANALYSIST-BILLST-BONDSTAXTECHNICAL ASSISTANCETELECOMMUNICATIONSTOTAL DEBTTRANSACTIONTRANSPARENCYTREASURIESTREASURYTREATIESUNIONUSE OF DERIVATIVESWorld Bank10.1596/16714