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

International Monetary Fund

No 2021/049, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; WAEMU region; GDP series; IMF definition; GDP ratio; policy dialogue; executive board discussion; gradual fiscal consolidation; COVID-19; Government debt management; Credit; Securities; West Africa; Sub-Saharan Africa (search for similar items in EconPapers)
Pages: 69
Date: 2021-03-02
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