Statement by the IMF Managing Director on the Reform of West Africa’s CFA franc
IMF News, December 21, 2019
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Bibliographic details
- Published: December 21, 2019
Key points of the Managing Director’s statement
- Press Release No. 19/487
- Date: December 21, 2019
- Quotation from Ms. Kristalina Georgieva: “I welcome the reforms to the WAEMU’s CFA franc currency arrangement that were announced today by Presidents Ouattara and Macron in Abidjan. They constitute a key step in the modernization of long-standing arrangements between the West African Economic and Monetary Union and France.”
- Quotation on IMF readiness: “The IMF stands ready to engage with the regional authorities, as needed, and to support the implementation of this important initiative.”
Context and recent performance cited
- The statement notes that the announced measures “build on WAEMU’s proven track record in the conduct of monetary policy and external reserve management.”
- Recent outcomes highlighted in the statement:
- low inflation
- high economic growth
- improved fiscal situation
- increased level of foreign exchange reserves
Elements of the reform emphasized
- The statement affirms that the reforms “maintain key elements of stability that have served the region well, including the fixed exchange rate with the euro and the guarantee of unlimited convertibility provided by France.”
IMF engagement and contact information
- The IMF “stands ready to engage with the regional authorities, as needed, and to support the implementation of this important initiative.”
- Media relations contact information:
- PRESS OFFICER: Lucie Mboto Fouda, LMbotoFouda@imf.org
- Phone: +1 202 623-7100
- General email: MEDIA@IMF.org
- Twitter: @IMFSpokesperson
Source: Statement by the IMF Managing Director on the Reform of West Africa’s CFA franc (Press Release No. 19/487), December 21, 2019.