{
  "title": "West African Economic and Monetary Union (WAEMU): Selected Issues",
  "publication": "IMF Staff Country Reports, March 29, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/03/29/west-african-economic-and-monetary-union-waemu-selected-issues-46724",
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  "summary": "This Selected Issues paper reviews West African Economic and Monetary Union’s (WAEMU) regional macroeconomic surveillance framework to control all sources of debt accumulation and ensure debt sustainability.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Purpose: Review WAEMU's regional macroeconomic surveillance framework to control all sources of debt accumulation and ensure debt sustainability.\n- Goal of the framework: Ensure the sustainability of national fiscal policies and their consistency with the common monetary policy.\n- Document type: Selected Issues paper summarizing diagnostics and policy recommendations."
    },
    {
      "heading": "Key findings",
      "content": "- Fiscal deficits have been the main driver of public debt across WAEMU member countries.\n- The size of residual factors contributing to public debt has varied greatly among WAEMU member countries.\n- Weak monitoring of below-the-budget-line operations contributes to hidden fiscal risks and undermines adherence to the WAEMU fiscal deficit rule.\n- Treasury practices that allow pre-financing arrangements and weak expenditure controls exacerbate debt accumulation risks.\n- Lack of public dissemination of the WAEMU progress report and limited peer-to-peer learning reduce momentum for necessary reforms."
    },
    {
      "heading": "Policy recommendations",
      "content": "- Adjust the WAEMU Macroeconomic Surveillance Framework to more effectively set the region’s public debt on a sustainable path.\n- Curb below-the-budget-line operations in addition to adhering to the WAEMU fiscal deficit rule.\n- Improve monitoring of fiscal risks and build adequate budget provisions to address identified risks before they materialize.\n- Strengthen Treasury practices to eliminate recourse to pre-financing arrangements and tighten control over expenditure.\n- Publicly disseminate the WAEMU progress report to increase transparency and accountability.\n- Strengthen peer-to-peer learning among member countries to accelerate reform implementation."
    },
    {
      "heading": "Implementation priorities and expected outcomes",
      "content": "- Enhanced surveillance framework adjustments aimed at comprehensive control of debt accumulation sources.\n- Improved fiscal risk monitoring and budget provisioning to reduce unexpected fiscal pressures.\n- Reformed Treasury operations to reduce off-budget financing and improve expenditure control.\n- Greater transparency and regional knowledge sharing to foster reform momentum across member countries.\n\nInternational Monetary Fund. African Dept. \"West African Economic and Monetary Union (WAEMU): Selected Issues\", IMF Staff Country Reports 2019, 091 (2019), accessed 9/10/2026\n\n---\n\n Content in this bundle\n\n- 1wauea2019002\n  - 1wauea2019002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1wauea2019002 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: March 29, 2019",
    "Series: IMF Staff Country Reports",
    "Purpose: Review WAEMU's regional macroeconomic surveillance framework to control all sources of debt accumulation and ensure debt sustainability.",
    "Goal of the framework: Ensure the sustainability of national fiscal policies and their consistency with the common monetary policy.",
    "Document type: Selected Issues paper summarizing diagnostics and policy recommendations.",
    "Fiscal deficits have been the main driver of public debt across WAEMU member countries.",
    "The size of residual factors contributing to public debt has varied greatly among WAEMU member countries.",
    "Weak monitoring of below-the-budget-line operations contributes to hidden fiscal risks and undermines adherence to the WAEMU fiscal deficit rule.",
    "Treasury practices that allow pre-financing arrangements and weak expenditure controls exacerbate debt accumulation risks.",
    "Lack of public dissemination of the WAEMU progress report and limited peer-to-peer learning reduce momentum for necessary reforms.",
    "Adjust the WAEMU Macroeconomic Surveillance Framework to more effectively set the region’s public debt on a sustainable path.",
    "Curb below-the-budget-line operations in addition to adhering to the WAEMU fiscal deficit rule.",
    "Improve monitoring of fiscal risks and build adequate budget provisions to address identified risks before they materialize.",
    "Strengthen Treasury practices to eliminate recourse to pre-financing arrangements and tighten control over expenditure.",
    "Publicly disseminate the WAEMU progress report to increase transparency and accountability.",
    "Strengthen peer-to-peer learning among member countries to accelerate reform implementation.",
    "Enhanced surveillance framework adjustments aimed at comprehensive control of debt accumulation sources.",
    "Improved fiscal risk monitoring and budget provisioning to reduce unexpected fiscal pressures.",
    "Reformed Treasury operations to reduce off-budget financing and improve expenditure control.",
    "Greater transparency and regional knowledge sharing to foster reform momentum across member countries.",
    "**1wauea2019002**"
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