West African Economic and Monetary Union: Staff Report On Common Policies for Member Countries-Press Release; Staff Report; and Statement by the Executive for the WAEMU
IMF Staff Country Reports, March 2, 2022
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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 for the WAEMU
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Bibliographic details
- Published: March 2, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400203244.002
Summary and key findings
- "The WAEMU has, so far, demonstrated strong resilience to the Covid crisis."
- "The economic rebound that started in the second half of 2020 firmed up in 2021, while fiscal and monetary policies remained supportive."
- "External reserves have risen to comfortable levels and the financial system appears to be broadly sound."
- The region nevertheless "faces significant challenges to ensure the sustainability of macroeconomic policies, while supporting the economic recovery and navigating the uncertain outlook."
Macroeconomic conditions and policy stance
- Accommodative monetary policy stance by the central bank BCEAO is highlighted.
- Fiscal and monetary policies remained supportive during the rebound that firmed up in 2021.
- External reserves have increased to "comfortable levels."
- The financial system is assessed as "broadly sound."
Policy challenges and priorities
- Ensure sustainability of macroeconomic policies.
- Support the ongoing economic recovery.
- Navigate an uncertain outlook while addressing fiscal and debt-related risks.
- Relevant policy areas identified include: Credit, Expenditure, Government debt management, Inflation, Monetary policy, Money, Prices, Public financial management (PFM), Securities, and Financial institutions.
Publication and metadata (exact values preserved)
- Publication date: March 2, 2022
- Pages: 68
- Volume: 2022
- Issue: 067
- Series: Country Report No. 2022/067
- DOI: https://doi.org/10.5089/9798400203244.002
- Stock No: 1WAUEA2022001
- ISBN: 9798400203244
- ISSN: 1934-7685
- Subject keywords: Credit, Expenditure, Financial institutions, Government debt management, Inflation, International organization, Monetary policy, Money, Prices, Public financial management (PFM), Securities
- Additional keywords: accommodative monetary policy stance, central bank BCEAO, Credit, deficit target, Government debt management, Inflation, Securities, Sub-Saharan Africa, WAEMU institution, WAEMU region, West Africa
- Format note: Also available infrançais
- Content length: Staff Report (68 pages)
International Monetary Fund. African Dept. "West African Economic and Monetary Union: Staff Report On Common Policies for Member Countries-Press Release; Staff Report; and Statement by the Executive for the WAEMU", IMF Staff Country Reports 2022, 067 (2022).
Content in this bundle
- Alternative Scenario with a More Gradual Recovery