Comoros
The Comoros also lays claim to the "Îles Éparses" or "Îles éparses de l'océan indien" (Scattered Islands in the Indian Ocean) – Glorioso Islands, comprising Grande Glorieuse, Île du Lys, Wreck Rock, South Rock, Verte Rocks (three islets) and three unnamed islets – one of France's overseas districts. The Glorioso Islands were administered by the colonial Comoros before 1975, and are therefore sometimes considered part of the Comoros Archipelago. Banc du Geyser, a former island in the Comoros Archipelago, now submerged, is geographically located in the "Îles Éparses", but was annexed by Madagascar in 1976 as an unclaimed territory. The Comoros and France each still view the Banc du Geyser as part of the Glorioso Islands and, thus, part of its particular exclusive economic zone.
Economy of the Comoros
Following the Abdallah regime's rapprochement with France in 1978, the Comoran economy became increasingly dependent on infusions of French aid, along with assistance from other governments and international organizations. By 1990, the year the Comoros concluded negotiations with the IMF for an economic restructuring program, the republic's total external public debt was US$162.4 million, an amount equal to about three-quarters of GNP. The government delayed implementing the structural adjustment plan and was directed by the World Bank and the IMF to do so by September 1992. The plan recommendations entailed discharging about 2,800 of 9,000 civil servants, among other unpopular measures. The IMF granted the Comoros a new credit for US$1.9 million in March 1994 under the Structural Adjustment Facility. For the period 1994-96, the Comoros sought an economic growth rate of 4 percent as well as an inflation rate of 4 percent for 1995-96. The growth rate for 1994, however, was estimated only at 0.7 percent and the inflation rate at 15 percent. Meanwhile, in a move designed to encourage private enterprise and reduce unemployment, in May 1993 the UN Development Programme had given the Comoros a credit of US$2 million for programs in these areas. In January 1994, the European Development Fund (EDF) granted 1.3 million European Currency Units (ECUs; for value, see Glossary) to the Comoros to develop small businesses. The Comoros also received 5.7 million French francs from the French Aid and Cooperation Fund for agriculture and rural development.