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Mr. Alexei P Kireyev


The West African Economic and Monetary Union (WAEMU) has a long and varied history, and this book examines how the WAEMU can achieve its development and stability objectives, improve the livelihood of its people, and enhance the inclusiveness of its economic growth, all while preserving its financial stability, enhancing its competitiveness, and maintaining its current fixed exchange rates.

Patrick A. Imam and Ms. Christina Kolerus
The financial system in the WAEMU remains largely bank-based. The banking sector comprises 106 banks and 13 financial institutions, which together hold more than 90 percent of the financial system’s assets (about 54 percent of GDP at end-2011). Five banks account for 50 percent of banking assets. The ownership structure of the sector is changing fast, with the rapid rise of foreign-owned (pan-African) banks. This contributes to higher competition but also rising heterogeneity in the banking system, with large and profitable cross-country groups competing with often weaker country-based (and sometime government-owned) banks. Nonbank financial institutions are developing quickly, notably insurance companies, but remain overall small. This paper presents a detailed analysis of the banking system.
Charlotte J. Lundgren
Cette étude analyse l’impact de la politique salariale de la fonction publique au Bénin sur la viabilité des finances publiques et de la dette à moyen et long terme. Elle aboutit principalement à la conclusion suivante : si la masse salariale continue d’augmenter au même rythme que par le passé récent, elle compromettra la viabilité des finances publiques et de la dette à moyen et long terme en générant des déficits excessifs ou en évinçant l’investissement public générateur de croissance. L’étude montre qu’une politique financière guidée par des objectifs de maintien de la viabilité de la dette, tenant compte de la croissance démographique et axée sur les Objectifs du Millénaire pour le Développement, ne laissera que peu d’espace pour une hausse des salaires dans la fonction publique. Maîtriser l’augmentation de la masse salariale pour préserver la viabilité budgétaire n’est qu’une première étape dans l’objectif plus large des autorités de réforme de la fonction publique.
Matthew Gaertner, Ms. Laure Redifer, Pedro Conceição, Mr. Rafael A Portillo, Luis-Felipe Zanna, Jan Gottschalk, Mr. Andrew Berg, Ayodele F. Odusola, Mr. Brett E. House, and Mr. José Saúl Lizondo
The pace of progress toward achievement of the Millenium Development Goals (MDG) in many sub-Saharan African countries remains too slow to reach targets by 2015, despite significant progress in the late 1990s. The MDG Africa Steering Group, convened in September 2007 by the UN Secretary-General, designated 10 countries for pilot studies to investigate how existing national development plans would be impacted by scaled up development aid to Africa. This joint publication of the IMF and the United Nations Development Programme reports conclusions drawn from these pilot studies and summarizes country-specific results for Benin, the Central African Republic, Ghana, Liberia, Niger, Rwanda, Tanzania, Togo, Sierra Leone, and Zambia.