## West African Economic and Monetary Union: Selected Issues

_IMF Staff Country Reports, April 17, 2024_

## Source details

**Canonical URL:** [West African Economic and Monetary Union: Selected Issues](https://www.imf.org/en/publications/cr/issues/2024/04/17/west-african-economic-and-monetary-union-selected-issues-547891)

## Other formats

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## Bibliographic details
- Published: April 17, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400272165.002

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### Summary findings
- 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:
  - maintaining debt sustainability,
  - preserving external viability,
  - supporting financial stability,
  - promoting access to lower cost financing,
  - rebuilding fiscal buffers.
- Members’ adjustment plans should emphasize domestic revenue mobilization while controlling expenditure, notably the wage bill.

### Policy recommendations
- Reintroduce regional fiscal rules at the original ceilings:
  - "3 percent gross domestic product (GDP) for deficit"
  - "70 percent GDP for debt"
- 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:
  - defining a credible debt correction mechanism,
  - defining exogenous escape clauses,
  - building an effective communication strategy.

### Analysis and rationale
- Reintroducing the WAEMU fiscal framework Pact is presented as essential and urgent to maximize prospects for:
  - debt sustainability,
  - financial stability,
  - external viability.
- 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.

### Publication and key statistics
- 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

*International 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.*

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- **1wauea2024002**
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_Source: https://www.imf.org/en/publications/cr/issues/2024/04/17/west-african-economic-and-monetary-union-selected-issues-547891_