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Business and Economics > Finance: General

You are looking at 1 - 10 of 22 items for :

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Cover Selected Issues Papers
Recent Challenges to the Conduct of Monetary Policy in the WAEMU: WAEMU
Alain Feler
and
Lawrence Norton
This paper discusses recent challenges in BCEAO monetary policy, from a recent spike in inflation, the persistent erosion of external reserves, and strains in the regional financial market. In response to these shocks, the BCEAO operated via both policy rates and liquidity management, including by shifting from fixed to variable rate auctions. The paper finds that the conduct of monetary policy became progressively more constrained by financial stability and external viability challenges, arguing for enhanced monetary-fiscal policy coordination to help the BCEAO meet its reserves objectives.
Keywords:
BCEAO; WAEMU; monetary policy; CFA franc; BCEAO purchase; conduct of monetary policy; viability challenge; BCEAO refinancing; FX reserve; Liquidity; Central bank policy rate; Securities; Financial sector stability; International reserves; Global; West Africa
Cover Selected Issues Papers
Gender Inequality in the WAEMU: Current Situation and Opportunities
Can Sever
This paper documents the current state of gender inequalities in the WAEMU by focusing on outcomes (health, education, labor market and financial inclusion) and opportunities (economic rights). The findings show that despite significant progress toward gender equality over the last three decades, there are still prevalent gender-based disparities, which prevent women from fulfilling their economic potential. Both empirical and model-based estimates suggest that the WAEMU can reap substantial economic gains by mitigating the existing gender gaps in schooling and labor market outcomes. Hence, achieving gender equality remains a macro-critical goal for the region. Going forward, the need for specific policies supportive of gender equality may vary in each member country, but a multifaceted and holistic approach is needed to unleash the related economic potential in the WAEMU as a whole.
Keywords:
gender inequality; B. gender inequalities in the WAEMU; IMF WAEMU; C. economic gains; WAEMU lag; Gender inequality; Women; Financial inclusion; Gender diversity; Global
Cover IMF Staff Country Reports
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. African Dept.
This paper presents 2024 discussions on Common Policies of Member Countries of the West African Economic and Monetary Union (WAEMU). The WAEMU has proved resilient amid significant adverse shocks, maintaining strong growth estimated at 5.1 percent in 2023. Inflation has fallen rapidly from its 2022 peaks and is now back within the 1–3 percent target range. Fiscal policy needs to ensure a credible medium-term commitment to debt sustainability, while keeping deficits consistent with available financing. The financial sector has been resilient so far, but the banking sector’s exposures to governments require a medium-term plan to address the sovereign-bank nexus, while avoiding disruptions in the regional debt market. WAEMU’s prosperity will also depend on maintaining political cohesion, deepening economic integration, and strengthening the institutional framework, and infrastructure. Regional growth prospects would be enhanced by continued efforts to increase common productive capacity in energy, infrastructure, and food resilience, as called for in the WAEMU Commission’s Regional Development Strategy.
Keywords:
WAEMU convergence pact; policy advice; WAEMU institution; WAEMU member country; WAEMU member; Financial sector stability; Anti-money laundering and combating the financing of terrorism (AML/CFT); Fiscal consolidation; Credit; Sub-Saharan Africa; West Africa
Cover Policy Papers
Thirteenth Periodic Monitoring Report on The Status of Management Implementation Plans in Response to Board-Endorsed IEO Recommendations
International Monetary Fund. Office of Internal Audit
Overall, progress has been made since the Twelfth PMR on actions in response to eight IEO evaluations, with the pace of implementation being faster on actions October 31, 2023 THIRTEENTH PERIODIC MONITORING REPORT 2 INTERNATIONAL MONETARY FUND contained in the MIP in Response to the Executive Board-Endorsed Categorization of Open Actions in Management Implementation Plans. It is also worth mentioning that many open actions depend on the implementation of some important reviews/key steps that are expected to be completed in or soon after December 2023, such as the Capacity Development (CD) Strategy Review, the issuance of a new CD Guidance Note, an update of the Small Developing States Staff Guidance Note (SDS-SGN), the Operational Guidance Note (OGN) on Program Design and Conditionality, and a Board paper on Bank-Fund collaboration.
Keywords:
IEO evaluation; transparency policy; IEO recommendation; strategy review; Thirteenth PMR; Institutional View on capital flows; Capital flows; COVID-19; Capital account; Global; East Asia; Sub-Saharan Africa; Caribbean; Pacific Islands
Cover Policy Papers
2021 Special Drawing Rights Allocation—Ex-Post Assessment Report
International Monetary Fund. Strategy, Policy, & Review Department
and
International Monetary Fund. Finance Dept.
This report follows up on the impact of the historic $650 billion 2021 SDR allocation on the global economy, documenting IMF members' use of the allocation and assessing its economic effects. The report finds that the allocation was beneficial for the global economy, helping meet the long-term global need for reserves and supporting market confidence. Members used the allocation mostly to increase international reserve buffers, with some emerging market and developing countries also using it to meet fiscal and external financing needs. While SDR interest costs have increased, members’ capacity to service SDR obligations remains generally adequate. Members’ use of the allocation was mostly in line with Fund advice, and the transparency and accountability of SDR holdings and use has been broadly appropriate, although some gaps remain. Voluntary SDR channeling from economically stronger to more vulnerable members has helped amplify the benefits of the allocation.
Keywords:
SDR channeling; service SDR obligation; SDR tracker; SDR converter; SDR department obligation; SDR interest rate; Freely usable currencies; International reserves; Credit default swap; Currencies; Global
Cover IMF Staff Country Reports
West African Economic and Monetary Union: Financial Sector Assessment Program-Technical Note on Anti-Money Laundering and Combating the Financing Terrorism (AML-CFT) Supervision of the Banking Sector
International Monetary Fund. African Dept.
This technical note discusses anti-money laundering and combating the financing terrorism (AML-CFT) supervision of the banking sector in West African Economic and Monetary Union (WAEMU). The decision to focus on the AML/CFT supervision of the WAEMU banking sector was based on the remit of the regional authorities; the importance to the regional economy of a well-integrated and well-functioning banking sector; and the results of money laundering and terrorist financing national risk assessments conducted to date in West Africa, which identify banks as relatively high-risk financial institutions. The AML/CFT off-site supervision program feeds into the risk-rating process but is not itself risk-based and communication with supervised entities is insufficient. Feedback to banks as part of off-site supervision should be enhanced, the on-site inspection methodology should be sharpened, and the risk-based approach should be fully implemented. The observations and recommendations in this report are based on discussions with regional and national authorities and the private sector as well as a review of relevant templates.
Keywords:
IMF-World Bank Financial Sector Assessment Program; IMF finance competitiveness; staff team of the International Monetary Fund; TF risk; World Bank staff; FSAP's finding; Anti-money laundering and combating the financing of terrorism (AML/CFT); Commercial banks; Financial Sector Assessment Program; Internal controls; Bank supervision; West Africa; Global
Cover IMF Staff Country Reports
West African Economic and Monetary Union: Financial Sector Assessment Program-Technical Note on Systemic Risks and Macroprudential Policy Framework
International Monetary Fund. Monetary and Capital Markets Department
Since the 2008 Financial Sector Assessment Program (FSAP), the financial sector of the West African Economic and Monetary Union (WAEMU) has undergone major changes that have altered its risk profile. Three structural changes have played a key role since the 2008 FSAP: (i) the financial sector has grown significantly; (ii) regional banking groups have become dominant; and (iii) the high concentration of bank portfolios in sovereign exposures, which accounted for an average of 31 percent of banking assets at end-2020, are almost triple the level observed in 2004. These changes have altered the structure of systemic risks and vulnerabilities and raised the need for implementing reforms to strengthen the effectiveness of the macroprudential policy and banking supervision frameworks.
Keywords:
Basel-type liquidity ratios; contagion risk; bank portfolio; WAEMU bank holding; risk profile; IMF-World Bank Financial Sector Assessment Program; bank assets; verifiable liquidity indicator; Macroprudential policy; Financial sector stability; Systemic risk; Commercial banks; Financial sector risk; West Africa; Global; Sub-Saharan Africa; Europe; North Africa
Cover IMF Staff Country Reports
West African Economic and Monetary Union: Financial Sector Assessment Program-Technical Note-Stress Tests, Credit Concentration, and Interest Rate Risks
International Monetary Fund. African Dept.
This technical note presents the stress tests on credit, interest rate, and concentration risk conducted by the WAEMU FSAP.1 Stress tests on contagion and liquidity risks are addressed separately.2 Stress tests are an important tool for detecting financial sector vulnerabilities, setting up targeted banking sector monitoring, imposing preventive measures, and informing public decision-makers of macrofinancial risks and costs.
Keywords:
concentration risk; bank portfolio; bank cluster; IMF-World Bank Financial Sector Assessment Program; risk modeling; BCEAO's bank; Stress testing; Financial Sector Assessment Program; Market risk; Nonperforming loans; Bank soundness; West Africa
Cover IMF Staff Country Reports
West African Economic and Monetary Union: Financial Sector Assessment Program–Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
The Financial Sector Assessment Program (FSAP) was conducted amid an economic rebound two years into the COVID-19 pandemic that had a limited impact on the financial sector. Several member states have experienced political instability, with coups in Burkina Faso and Mali leading to economic sanctions for the latter, and an attempted coup in Guinea-Bissau. Yet, short of further political deterioration, economic recovery is expected to persist. The last FSAP was conducted in 2008.
Keywords:
World Bank FSAP; Basel III liquidity requirement; FSAP finding; liquidity support; liquidity stress test scenario; Financial Sector Assessment Program; Stress testing; Financial sector stability; Market risk; West Africa
Cover IMF Staff Country Reports
West African Economic and Monetary Union (WAEMU): Staff Report on Common Policies for Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the WAEMU
International Monetary Fund. African Dept.
This staff report on discussions with regional institutions of the West African Economic and Monetary Union (WAEMU) was prepared by a staff team of the International Monetary Fund in the context of the periodic regional surveillance of the WAEMU. The regional perspective of such discussions is intended to strengthen the bilateral discussions that the IMF holds with the members in the region under Article IV of the IMF’s Articles of Agreement
Keywords:
ISCR; CR; broad money; convergence criterion; deficit; WAEMU Commission; terms of trade