西非经济和货币联盟：成员国共同政策工作人员报告新闻稿；员工报告；西非经济和货币联盟执行主任的发言

IMF Executive Board Concludes 2025 Discussions onCommon Policies of Member Countries of the West AfricanEconomic and Monetary UnionFOR IMMEDIATE RELEASE•Economic growth continues to be strong in the WAEMU. Inflation has fallen back to itstarget range, and recent improvements in regional external imbalances are supporting astrong recovery in reserves.•The Council of Ministers has agreed to submit for approval by Heads of State a proposalby the WAEMU Commission for a revised Convergence Pact maintaining the previousfiscal deficit and public debt ceilings of 3 and 70 percent of GDP, respectively.•Rapid adoption of this pact would signal a stronger commitment to debt sustainability andhelp guide sound fiscal policies. The WAEMU's institutions should also continue topromote regional integration.Washington, DC – May 5, 2025:The Executive Board of the International Monetary Fund(IMF) concluded the annual discussions on common policies of member countries of the WestAfrican Economic and Monetary Union (WAEMU)1. The authorities have consented to thepublication of the Staff Report prepared for this consultation.2Economic growth continues to be strong in the WAEMU, with heterogeneity across countries,while inflation has fallen. Economic growth rose above 6 percent in 2024, near the average ofthe past decade, although gaps in per capita income among member countries havecontinued to widen due to significant variations in economic growth. After rising above targetfor much 2024, inflation has also fallen back within its target range since November 2024, due1Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members,usually every year. Staff hold separate annual discussions with the regional institutions responsible forcommon policies in four currency unions—the Euro Area, the Eastern Caribbean Currency Union, theCentral African Economic and Monetary Union, and the West African Economic and Monetary Union.For each of the currency unions, staff teams visit the regional institutions responsible for commonpolicies in the currency union, collects economic and financial information, and discusses with officialsthe currency union’s economic developments and policies. On return to headquarters, the staff preparesa report, which forms the basis of discussion by the Executive Board. Both staff’s discussions with theregional institutions and the Board discussion of the annual staff report will be considered an integral partof the Article IV consultation with each member.2Under the IMF's Articles of Agreement, publication of documents that pertain to member countries isvoluntary and requires the member consent. The staff report will be shortly published on thewww.imf.org/[country] page. to easing regional food price inflation and an appropriately tight monetary policy. The bankingsystem remains resilient, although it maintains large exposures to regional sovereigns.Recent progress in reducing the WAEMU’s external imbalances, albeit with notabledivergence among members, is supporting a strong recovery in reserves. After widening in2021-2023, the WAEMU’s current account deficit narrowed significantly in 2024. The CentralBank of West African States’ (BCEAO) response to external reserves pressures has also beenbroadly appropriate, by tightening monetary policy via raising rates and containing thequantities of liquidity injected into the regional banking system. Reserves rebounded in late2024 and early 2025, and are back above minimum adequate levels due mainly to windfallrevenues from the annual cocoa harvest, high commodity prices, several IMF disbursements,and exports of new hydrocarbon resources in Niger and Senegal. The WAEMU’s externalposition is assessed to have been moderately weaker than fundamentals and desirable policysettings in 2024.Public debt ratios have increased significantly and heterogeneously in recent years due tolarge fiscal deficits and stock-flow adjustments. Ongoing progress in union-wide fiscalconsolidation is welcome, although it is proceeding at a slower pace than anticipated mainlybecause of large data revisions in Senegal. Public debt continued to increase in 2024 beyondthe level projected during the previous discussions on common policies, with considerablevariation across the WAEMU (and particularly high debt in Senegal). Higher debt issuancesare leading to heavier reliance on financing on the regional market, which has limitedabsorptive capacity and relatively high costs, and could pose a risk to external reserves.Executive Board Assessment3Executive Directors agreed with the thrust of the staff appraisal. They welcomed that theWAEMU is benefitting from strong growth, inflation within the target range, and progress inreducing fiscal and external imbalances, while also noting the significant divergence within theregion. Highlighting that the region remains vulnerable to a wide range of shocks, Directorsstressed the importance of prudent policies to ensure macroec