{
  "title": "West African Economic and Monetary Union: Selected Issues",
  "publication": "IMF Staff Country Reports, April 17, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/04/17/west-african-economic-and-monetary-union-selected-issues-547891",
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  "summary": "This Selected Issues paper focuses on securing fiscal discipline and credibility in West African Economic and Monetary Union (WAEMU).",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- The paper focuses on securing fiscal discipline and credibility in West African Economic and Monetary Union (WAEMU).\n- Fiscal consolidation and the reintroduction of the WAEMU fiscal framework Pact are described as crucial for:\n  - maintaining debt sustainability,\n  - preserving external viability,\n  - supporting financial stability,\n  - promoting access to lower cost financing,\n  - rebuilding fiscal buffers.\n- Members’ adjustment plans should emphasize domestic revenue mobilization while controlling expenditure, notably the wage bill."
    },
    {
      "heading": "Policy recommendations",
      "content": "- Reintroduce regional fiscal rules at the original ceilings:\n  - \"3 percent gross domestic product (GDP) for deficit\"\n  - \"70 percent GDP for debt\"\n- Implement a consistent definition of fiscal indicators across the region, avoiding carve-outs for particular spending items.\n- Establish effective mechanisms for assessment, accountability, and enforcement, including:\n  - defining a credible debt correction mechanism,\n  - defining exogenous escape clauses,\n  - building an effective communication strategy."
    },
    {
      "heading": "Analysis and rationale",
      "content": "- Reintroducing the WAEMU fiscal framework Pact is presented as essential and urgent to maximize prospects for:\n  - debt sustainability,\n  - financial stability,\n  - external viability.\n- Fiscal credibility is tied to clear regional rules, consistent metrics, and robust enforcement and communication arrangements.\n- Emphasis on domestic revenue mobilization and expenditure control (notably the wage bill) as central to members’ adjustment plans."
    },
    {
      "heading": "Publication and key statistics",
      "content": "- Pages: 89\n- Volume: 2024\n- Issue: 091\n- Series: Country Report No. 2024/091\n- DOI: https://doi.org/10.5089/9798400272165.002\n- Stock No: 1WAUEA2024002\n- ISBN: 9798400272165\n- ISSN: 1934-7685\n- Subject: Agricultural commodities, Climate change, Commodities, Environment, Financial institutions, Gender, Gender inequality, International organization, Monetary policy, Securities, Women\n- Keywords: Agricultural commodities, climate adaption, Climate change, deficit ceiling, Gender inequality, Global, Securities, Sub-Saharan Africa, WAEMU lag, WAEMU level, WAEMU population, West Africa, Women\n- Publication date on page: April 17, 2024\n\nInternational Monetary Fund. African Dept. \"West African Economic and Monetary Union: Selected Issues\", IMF Staff Country Reports 2024, 091 (2024), accessed 8/22/2026, https://doi.org/10.5089/9798400272165.002.\n\n---\n\n Content in this bundle\n\n- 1wauea2024002\n  - 1wauea2024002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1wauea2024002 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: April 17, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400272165.002",
    "The paper focuses on securing fiscal discipline and credibility in West African Economic and Monetary Union (WAEMU).",
    "Fiscal consolidation and the reintroduction of the WAEMU fiscal framework Pact are described as crucial for:",
    "Members’ adjustment plans should emphasize domestic revenue mobilization while controlling expenditure, notably the wage bill.",
    "Reintroduce regional fiscal rules at the original ceilings:",
    "Implement a consistent definition of fiscal indicators across the region, avoiding carve-outs for particular spending items.",
    "Establish effective mechanisms for assessment, accountability, and enforcement, including:",
    "Reintroducing the WAEMU fiscal framework Pact is presented as essential and urgent to maximize prospects for:",
    "Fiscal credibility is tied to clear regional rules, consistent metrics, and robust enforcement and communication arrangements.",
    "Emphasis on domestic revenue mobilization and expenditure control (notably the wage bill) as central to members’ adjustment plans.",
    "Pages: 89",
    "Volume: 2024",
    "Issue: 091",
    "Series: Country Report No. 2024/091",
    "DOI: https://doi.org/10.5089/9798400272165.002",
    "Stock No: 1WAUEA2024002",
    "ISBN: 9798400272165",
    "ISSN: 1934-7685",
    "Subject: Agricultural commodities, Climate change, Commodities, Environment, Financial institutions, Gender, Gender inequality, International organization, Monetary policy, Securities, Women",
    "Keywords: Agricultural commodities, climate adaption, Climate change, deficit ceiling, Gender inequality, Global, Securities, Sub-Saharan Africa, WAEMU lag, WAEMU level, WAEMU population, West Africa, Women",
    "Publication date on page: April 17, 2024",
    "**1wauea2024002**"
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