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West African Economic and Monetary Union: Staff Report on Common Policies for Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the West African Economic and Monetary Union

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  • International Monetary Fund

Abstract

This paper presents IMF staff report on common policies for member countries of West African Economic and Monetary Union (WAEMU). Economic growth continues to be strong in the WAEMU. Inflation has fallen back to its target range, and recent improvements in regional external imbalances are supporting a strong recovery in reserves. The Council of Ministers has agreed to submit for approval by Heads of State a proposal by the WAEMU Commission for a revised Convergence Pact maintaining the previous fiscal deficit and public debt ceilings of 3 and 70 percent of gross domestic product, respectively. Public debt ratios have increased significantly and heterogeneously in recent years due to large fiscal deficits and stock-flow adjustments. Ongoing progress in union-wide fiscal consolidation is welcome, although it is proceeding at a slower pace than anticipated mainly because of large data revisions in Senegal. Rapid adoption of this pact would signal a stronger commitment to debt sustainability and help guide sound fiscal policies. The WAEMU's institutions should also continue to promote regional integration.

Suggested Citation

  • International Monetary Fund, 2025. "West African Economic and Monetary Union: Staff Report on Common Policies for Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the West African Economic and Mo," IMF Staff Country Reports 2025/110, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2025/110
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=567030
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