科摩罗联盟：若干问题

UNION OF THE COMOROS SELECTED ISSUES February2026 ThisSelected IssuespaperontheUnion of the Comoroswas prepared by a staff team ofthe International Monetary Fund as background documentation for the periodic 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.orgPrice: $18.00per printed copy International Monetary Fund UNION OF THE COMOROS SELECTED ISSUES January 27, 2026 Approved ByThe AfricanDepartment Prepared ByAl-Mouksit Akim (AFR),Mehdi El-Herradi(ICD), Jiajia Gu (SPR), Martin Blumhart, Moustapha Diouf,and Jasmina Papa (all ILO) CONTENTS PENSION REFORM IN COMOROS __________________________________________________3 A. Executive Summary _________________________________________________________________3B. Context _____________________________________________________________________________3C. The Pension System’s Structure and Challenges ____________________________________4D. Methodology _______________________________________________________________________6E. Financial Assessment and Outlook __________________________________________________7F. Reform Options and Impact Analysis______________________________________________10 FIGURES1. SDG Indicator 1.3.1 (Selected)_______________________________________________________3 2. Demographic Ratios ________________________________________________________________53. Average Legal Contribution Rate vs. Required PAYG Rate___________________________74. CRC: Net Result Under Alternative Scenarios, 2020–2024 ___________________________85. Civil Servants' Scheme Financing Needs, 2020-2035 ________________________________96. CRC’s Schemes Projected Financing Needs _______________________________________107. Civil Servants’ Scheme - Financing Needs Under Different Contribution Rates ____118. Civil Servants’ Scheme - Financing Needs Under Different Accrual Rates _________119. Civil Servants’ Scheme - Financing Needs Under Different SalaryReference Periods ___________________________________________________________________12 TABLE 1. Key Parameters of CRC Pension Schemes ___________________________________________5 References___________________________________________________________________________17 UNION OF THE COMOROS APPENDIX I. Pension Reforms in Comoros _______________________________________________________________ 18 TAX AND EXPENDITURE POLICIES IN COMOROS: DISTRIBUTIVE EFFECTS USING MICRO- SIMULATIONS___________________________________________________________________________22 A. Introduction________________________________________________________________________________22B. Methodology ______________________________________________________________________________23C. Results _____________________________________________________________________________________31D. Conclusion _________________________________________________________________________________37 FIGURES1. CEQ Income Concepts______________________________________________________________________24 2. Comparison Between the Observed Taxable Income and the Theoretical Taxable Income _263. Comparison Between the Observed Cost, Insurance and Freight (CIF) Values of ImportedGoods and their Theoretical Values___________________________________________________________284. Impact of Broadening the Tax Base and the Tax Expenditure on Income Inequality ________34 TABLES1. Tax Schedule _______________________________________________________________________________25 2. Implicit Tax Rates for Specific Taxes on Oil Products and Rice______________________________273. Category of Tax Revenues Included in the Microsimulation Model_________________________294. SCH Fuel Price Structure and Profit in 2024 ________________________________________________305. Impact of Broadening the Tax Base and the Tax Expenditure on the Government__________32 References____________________________________________________________________________________39 APPENDIX I. Tax and Expenditures Policies in Comoros __________________________________________________ 40 PENSION REFORM IN COMOROS A.Executive Summary Social protection coverage is limited in Comoros, with only a small share of the population benefittingfrom formal safety nets. In this context, the public pension system—managed by the Caisse desRetraites des Comores (CRC)—plays an important role in providing income security to affiliatedretirees and contributing to broader social stability. However, mounting financial imbalances riskundermining the system’s ability to deliver on its benefit commitments. Building on actuarial analysesin collaboration with the International Labour Organization (ILO), this paper assesses the outlook of B.Context 1.Social protection coverage inComoros is among the lowest in theregion. According to the latest availableestimates, only about 3