he decision enables the immediate disbursement of 3.56 million Special Drawing Rights, equivalent to about $4.87 million. This brings total disbursements under the four‑year programme, approved in June 2023, to $28.62 million.
The Board also approved the authorities’ request for waivers related to non‑observance of two performance criteria: the domestic primary balance at the end of June 2025 and the continuous criterion on the non‑accumulation of external arrears. The IMF said these deviations followed unforeseen fiscal pressures but were accompanied by corrective measures now under implementation.
According to the Fund, Comoros has made meaningful progress toward its reform objectives despite setbacks. The authorities have remained committed to the ECF‑supported programme, which runs until 2027 and aims to reduce vulnerability, strengthen economic resilience and build fiscal space. Three of the five quantitative performance criteria were met at the end of June 2025, and thirteen of the fifteen structural benchmarks scheduled for the second half of the year were achieved.
The reform programme focuses on mobilising domestic revenue by strengthening tax and customs administration, reducing tax exemptions and improving compliance. Other priorities include stabilising the financial sector through the restructuring of the state‑owned postal bank Société Nationale des Postes et Services Financiers, improving central bank supervision and resolution tools, and advancing governance reforms in public finance management and anti‑corruption efforts.
Comoros’ economy remains broadly stable. Growth for 2025 is estimated at 3.8% and is projected to reach 4.1% in 2026, supported by higher public investment and a gradual recovery in domestic credit. Inflation has eased significantly, falling to 1.9% year on year in October 2025 compared with a peak of 7.3% in March. This reflects lower import prices and improved supply conditions. As a result, the IMF revised its inflation projection for the year down from 3.8% to 3.5%.
Fiscal consolidation was weaker than anticipated in the first half of 2025 due to unplanned transfer spending. A stronger adjustment is expected in the final quarter of 2025 and in 2026, supported by tax measures and expenditure controls. The external position remains stable, with the current account deficit estimated at around 3% of gross domestic product and international reserves projected to cover more than eight months of imports.
Following the Board discussion, Acting Chair Nigel Clarke said the economic recovery in 2025 had gained momentum despite lingering fragility and global uncertainty. He noted that the authorities’ strong commitment to reforms under the ECF is helping to boost resilience and support more inclusive growth.
Clarke said fiscal policy continues to centre on revenue‑led consolidation to reduce debt vulnerabilities while maintaining space for priority social and development spending. He emphasised the importance of clearing arrears, strengthening budget credibility, improving debt management and advancing public financial management reforms.
He added that monetary policy remains anchored by the country’s peg to the euro, supporting external and price stability. The IMF encouraged steps toward transitioning to fixed‑rate, full‑allotment liquidity operations to improve monetary transmission and strengthen expectations.
Continued improvements in banking supervision, regulation and resolution planning will also be essential to enhance financial stability, together with fully operationalising the postal bank Banque Centrale des Comores.
Clarke said Comoros must continue to strengthen governance, transparency and accountability. He highlighted key actions, including implementation of the asset declaration framework, closing gaps in anti‑money‑laundering and counter‑terrorist‑financing systems, and improving transparency in public procurement.
Stronger governance of state‑owned enterprises and reforms in customs administration will also be important to reduce fiscal risks. Enhanced social protection, including pension reform, would help address poverty and food insecurity.
The IMF team thanked the Comorian authorities for their cooperation and reaffirmed continued support as the country works to advance reforms and build economic resilience.
–IMF/ChannelAfrica–
