科摩罗的养老金改革：科摩罗联盟（英）

Pension Reform inComoros MehdiEl-Herradi, MartinBlumhart, MoustaphaDiouf,and JasminaPapa SIP/2026/015 IMF Selected Issues Papers are prepared by IMF staff as backgrounddocumentation for periodic consultations with member countries.It isbased on the information available at the time it was completed onJanuary27,2026. This paper is also published separately as IMF Country Report No 26/48. 2026MAR IMF Selected Issues PaperAfrican Department Pension Reform in Comoros, Union of the ComorosPrepared by MehdiEl-Herradi, MartinBlumhart, MoustaphaDiouf, and JasminaPapa Authorized for distribution byRuud VermeulenMarch2026 IMF Selected Issues Papersare prepared by IMF staff as background documentation for periodicconsultations with member countries.It is based on the information available at the time it wascompleted on January 27, 2026. This paper is also published separately as IMF Country Report No 26/48. ABSTRACT:This paper assesses the financial outlook of the pension system in Comoros based on recentactuarial analyses and examines reform options. It documents structural imbalances arising from systemdesign features, limited contributor coverage, and demographic dynamics, which are projected to generateincreasing financing pressures over time. The analysis identifies the key drivers of projected deficits andevaluates policy measures to restore financial sustainability, including parametric adjustments and institutionalstrengthening. As one of the first comprehensive actuarial-based assessments of pension reform in a fragilestate context, the paper provides an analytical framework to support reform sequencing while safeguardingsocial protection objectives and improving system efficiency. RECOMMENDED CITATION:El Herradi, Mehdi, Blumhart, Martin, Diouf, Moustapha, and Papa, Jasmina,2026, “Pension Reform in Comoros” IMF Selected Issues Paper(SIP/26/15).Washington: InternationalMonetary Fund. Pension Reform in ComorosUnion of the Comoros Prepared by M. El-Herradi, M. Blumhart, M. Diouf, and J. Papa. UNION OF THE COMOROS SELECTED ISSUES ApprovedByThe AfricanDepartment Prepared ByMehdi El-Herradi (ICD),Martin Blumhart,Moustapha Diouf, and Jasmina Papa (all ILO) CONTENTS 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______________________________________________10G. Policy Recommendations and Concluding Remarks ______________________________14 FIGURES 1. SDG Indicator 1.3.1 (Selected)_______________________________________________________32. 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 ___________________________________________________________________1210. Civil Servants’ Scheme - Financing Needs Under a Different Retirement Age ____1211. Civil Servants’ Scheme - Financing Needs Under a Different Reforms Packages _13 TABLE 1. Key Parameters of CRC Pension Schemes ___________________________________________5 References___________________________________________________________________________17 APPENDIX PENSION REFORM IN COMOROS1 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 ofthe CRC’s defined benefit schemes and identifies the key sources of its financial vulnerability,particularly within the civil servants’ scheme. The paper also presents a comprehensive reform strategyaimed at improving the pension system’s sustainability while preserving its essential social protectionfunction. Even under the most