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

March 2, 2021

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Summary

After almost a decade of strong growth, the WAEMU region is facing severe challenges from a triple crisis impacting the health, economic and security situations. Both fiscal and monetary policies were relaxed significantly in 2020 to contain the pandemic and support the economy. A gradual fiscal consolidation is expected to start in 2021 and bring back the aggregate fiscal deficit towards the 3 percent of GDP regional ceiling within three years. Growth is expected to recover swiftly in 2021–22 to pre-crisis levels, but the economic outlook is still uncertain.

Subject: COVID-19, Credit, Expenditure, Financial institutions, Government debt management, Health, Money, Public financial management (PFM), Securities

Keywords: COVID-19, CR, Credit, executive board discussion, GDP ratio, GDP series, Government debt management, gradual fiscal consolidation, IMF definition, ISCR, policy dialogue, Securities, Sub-Saharan Africa, WAEMU region, West Africa

Pages:
69
Volume:
2021
DOI:
https://doi.org/10.5089/9781513570983.002
Issue:
049
Series:
Country Report No. 2021/049
Stock No:
1WAUEA2021001
ISBN:
9781513570983
ISSN:
1934-7685

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