西非经济和货币联盟：2026年成员国共同政策讨论工作人员报告、新闻稿及执行董事声明

STAFF REPORT FOR THE 2026 DISCUSSIONS ONCOMMON POLICIES OF MEMBER COUNTRIES—PRESSRELEASE; STAFF REPORT; AND STATEMENT BY THEEXECUTIVE DIRECTOR FOR THE WEST AFRICANECONOMIC AND MONETARY UNION This staff report on discussions with regional institutions of the West African Economicand Monetary Union (WAEMU) was prepared by a staff team of the InternationalMonetary Fund in the context of the periodic regional surveillance of the WAEMU. Theregional perspective of such discussions is intended to strengthen the bilateralconsultations that the IMF holds with the members in the region under Article IV of theIMF’s Articles ofAgreement. The following documents have been released and areincluded in the package: •APress Releasesummarizing the views of the Executive Board as expressed during itsMay 18, 2026, consideration of the staff report. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration on May 18, 2026, following discussions that ended onFebruary 20, 2026. Based on information available at the time of these discussions,the staff report was completed on May 1, 2026. •AStatement by the Executive Directorfor the West African Economic and MonetaryUnion (WAEMU) member countries TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosureof the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary FundWashington, D.C. IMF Executive Board Concludes2026Discussions on CommonPolicies of the West African Economic and Monetary Union FOR IMMEDIATE RELEASE •The WAEMU was among the fastest growing regions in the world in 2025, with low inflationand external reserves at comfortable levels following a sharp recovery. Fiscal deficitsnarrowed and public debt declined for the first time in over a decade. •Theregion faces significant downside risks, notably from the war in the Middle East, highdebt burdens and elevated sovereign financing needs, a strong sovereign-bank nexus withpockets of financial sector vulnerability, and exposure to security and climateshocks. •Credible and sustained fiscal convergence toward the 3 percent deficit target, anchored bythe prompt adoption of the WAEMU Convergence Pact, remains the priority. Monetary policyshould remain data dependent, while timely action is needed to address financial sectorvulnerabilities, including elevated sovereign exposures, highnon-performing loans, and lowprovisioning. Washington, DC–May21, 2026:On May 18, 2026, the Executive Board of the InternationalMonetary Fund (IMF)concluded the annual discussionsoncommonpolicies of membercountries of the West African Economic and Monetary Union (WAEMU)1.The authorities haveconsented to the publication of the Staff Report prepared for this consultation2. Economic growth in the WAEMUreached6.6 percentin 2025—among the fastest growingregions of the world—whileinflation fell belowitstarget range from mid-2025, driven primarily bytransitory food price deflation.Progress in reducing external imbalances continuedas the currentaccount deficit narrowed from 5.7 percent of GDP in 2024 to 1.7 percentin 2025,reflectingelevated gold and cocoa prices and rising hydrocarbon export volumes.Reserves rosesharplyabove adequate levels, reaching7.8months of prospective importsin February 2026.The 1Under 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. Foreach of the currency unions, staff teams visit the regional institutions responsible for common policies inthecurrency union, collects economic and financial information, and discusses with officials the currencyunion’s economic developments and policies. On return to headquarters, the staff prepares a report, whichforms the basis of discussion by the Executive Board. Both staff’s discussions with the regional institutionsand the Board discussion of the annual staff report will be considered an integral part of the Article IVconsultation 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/waemupage. external position is assessed to be broadly in line with the level implied by fundamentals anddesirable policies.As inflation fell and external buffers recovered, theCentral Bank of WestAfrican States (BCEAO)lowered policy rates by a cumulative 50 basis pointssince June 2025. Public debt is estimated to have declined in 2025, supported by fiscal consolidation and stronggrowth, although debt sustainability r