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| Author | : |
| Publisher | : |
| Total Pages | : 296 |
| Release | : 2002 |
| Genre | : Banks and banking |
| ISBN | : |
| Author | : International Monetary Fund. African Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 70 |
| Release | : 2015-04-13 |
| Genre | : Business & Economics |
| ISBN | : 1475567596 |
This Selected Issues paper on West African Economic and Monetary Union presents external stability assessment report. The current account deficit declined in 2014. Although gross international reserve coverage has increased slightly, part of the current account deficit has been financed by a decline in commercial banks’ net foreign assets. Contingent on the implementation of government’s consolidation plans, and helped by a favorable oil price outlook, the current account deficit would further gradually decline and be matched by enough financial inflows in the medium term. According to various metrics, the real exchange rate appears to be broadly aligned with fundamentals. International reserve coverage should increase to provide stronger buffers against immediate short-term risks. Structural competitiveness and investment efficiency improvements will be essential to ensure that the planned large investment programs translate into growth and export gains as well as increased private inflows into the region.
| Author | : |
| Publisher | : |
| Total Pages | : 568 |
| Release | : 2002 |
| Genre | : Banks and banking |
| ISBN | : |
| Author | : International Monetary Fund. African Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 72 |
| Release | : 2024-04-17 |
| Genre | : Business & Economics |
| ISBN | : |
The WAEMU has seen strong growth and rising living standards over the past decade. Economic growth averaged 5.4 percent in 2013-2019 and 5.8 percent in 2021-2023. Policy efforts from regional and national authorities have cushioned the impact of several external and internal shocks, prompting a solid economic recovery since the COVID-19 pandemic, despite increasing security issues. Meanwhile, the Human Development Index has increased from 0.44 in 2013 to 0.48 in 2021.
| Author | : International Monetary Fund. African Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 48 |
| Release | : 2022-08-25 |
| Genre | : Business & Economics |
| ISBN | : |
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.
| Author | : International Monetary Fund. African Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 62 |
| Release | : 2023-03-07 |
| Genre | : Business & Economics |
| ISBN | : |
The WAEMU’s post-Covid-19 recovery has so far withstood the new global and regional shocks, partly owing to supportive fiscal and monetary policies as well as relatively strong macroeconomic fundamentals over the previous decade. Growth prospects remain favorable, reserves—albeit declining—remain adequate, and the financial system appears to be resilient. However, the region faces important challenges associated with rising inflation, limited access to international capital markets, eroding external buffers, and regional security issues, in the presence of elevated global risks.
| Author | : International Monetary Fund. African Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 52 |
| Release | : 2018-04-25 |
| Genre | : Business & Economics |
| ISBN | : 1484352920 |
This report reviews the discussions between the IMF and the regional institutions of the West African Economic and Monetary Union (WAEMU). It highlights that the economic activity in the WAEMU remains strong but vulnerabilities persist. Despite lower terms of trade, social tensions, and security challenges within the region, real GDP growth is estimated to have exceeded 6 percent in 2017, underpinned by strong domestic demand. The outlook remains positive but hinges critically on the planned fiscal consolidation and implementation of structural reforms by member countries. Growth is projected to stay above 6 percent with continued low inflation over the medium term. Risks are tilted to the downside.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 43 |
| Release | : 2022-08-25 |
| Genre | : Business & Economics |
| ISBN | : |
The institutional and legal frameworks for financial stability in the West African Economic and Monetary Union (WAEMU) have seen significant progress since the previous Financial Sector Assessment Program (FSAP) in 2008. 1 The institutional reform of the WAEMU and the Central Bank of West African States (BCEAO) in 2010 clarified the respective mandates and responsibilities of the latter and the WAEMU Banking Commission (CBU), and it strengthened the CBU’s legal autonomy and enforcement powers. A new banking law adopted in 2010 established an overall framework for the operation and supervision of banking activities, which has been rendered more proactive and risk based with the gradual implementation of the Basel II/III mechanism initiated in 2016. A bank resolution regime was introduced in 2015 and the mandate of the deposit guarantee fund, created in 2014, was expanded to bank resolution funding in 2018. A macroprudential policy framework, including for monitoring systemic financial sector risks, was developed around the BCEAO and the Financial Stability Committee (CSF-UMOA) in 2010. This series of reforms has greatly enhanced the robustness of the financial safety net via its four components: the early intervention mechanism, the bank resolution regime, the deposit insurance system, and the emergency liquidity assistance (ELA) mechanism.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 68 |
| Release | : 2022-03-02 |
| Genre | : Business & Economics |
| ISBN | : |
The WAEMU has, so far, demonstrated strong resilience to the Covid crisis. The economic rebound that started in the second half of 2020 firmed up in 2021, while fiscal and monetary policies remained supportive. External reserves have risen to comfortable levels and the financial system appears to be broadly sound. However, the region faces significant challenges to ensure the sustainability of macroeconomic policies, while supporting the economic recovery and navigating the uncertain outlook.
| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 50 |
| Release | : 2022-09-23 |
| Genre | : Business & Economics |
| ISBN | : |
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.
