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International Working Group on External Debt Statistics

Finance and Development, December 2016

International Monetary Fund. External Relations Dept.

Growth in the West African Economic and Monetary Union (WAEMU) was moderate in 2004 and 2005 as the region grappled with the real appreciation of the CFA franc and falling prices for its core commodity exports. Per capita income growth was positive but below the sub-Saharan African average, according to the IMF’s recent economic review. WAEMU countries also contended with domestic problems, including food shortages in some, weak fiscal performance, sociopolitical crises, and financial sector difficulties. In this environment, the WAEMU had difficulty implementing regional policies and made slow progress in complying with the convergence criteria for the monetary union.