This note was prepared by Daniela Marchettini and updated by Mamadou Barry.
The IMF program supported by the ECF was able to change the downward trend of the donor support.
In 2014 the authorities expect to finalize a large financial operation connected to the refinancing on concessional terms of the loan to build the refinery SORAZ (US$ 880 million or CFAF 435 billion). This loan will refinance an existing non-concessional loan, which was initially provided by the Chinese investment partner (CNPC) with 40 percent guarantee by the state. The operation, neutral on the overall balance of the financial account, is recorded in BOP as an outflow of FDIs and the contraction of a new loan. Netting out this operation FDIs are expected to increase in 2014 (Figure 1).
An additional safeguard is represented by the fact that the French Treasury guarantees the convertibility of the CFAF into Euros.
See 2014 WAEMU SR.