The importance of remittances has been underscored by surveys carried out in 2009 and 2010 by Gallup, an international polling organisation, which found that almost one-third of the Comorian population receives remittances. The surveys, which covered 135 countries worldwide, suggest that some 3% of adults live in households receiving remittances. The incidence of households that receive remittances is much higher in Sub-Saharan Africa. Indeed, Gallup finds that Sub-Saharan Africa accounts for most of the 35 countries in which 10% or more of households receive such assistance. However, the Comorian level of dependence is unusual even by regional standards-Gallup cites three places in which more than 30% of adults receive remittances: Comoros, the Somaliland region and Zimbabwe. This relatively high percentage would appears to reflect protracted political difficulties and-a not unrelated development-the existence of large diasporas as people leave their home country in search of better earning opportunities or a safer existence.

Remittances can be difficult to measure-they do not necessarily come through formal channels, and recipients can be unwilling to report them-but in Comoros's case they are thought to exceed 25% of GDP. Although they have facilitated imports, they have not had a commensurate impact on investment or long-term growth prospects. This perhaps reflects the fact that there are few investment opportunities, especially for small-scale investors. Indeed, in its report on its April staff mission to the country, the IMF recommended moves to improve the investment climate. However, even if such measures were taken, the more fundamental constraints to investment in Comoros-particularly its geographic isolation and small population-would probably continue to restrict opportunities for investment (see The domestic economy). The main prospect for change seems to lie in the hitherto underdeveloped tourism sector-if tourism were to take off, underpinned by a few large investments in the country's tourism infrastructure, this could create a range of opportunities for small-scale investors. The Fund also suggested that steps need to be taken to facilitate competition in the financial sector, so lowering the cost of remittance transfers and increasing the share of remittances channelled through the formal banking system. This would allow a greater proportion of remittances to be taxed.