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...

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...

The COVID-19 pandemic interrupted a decade of high growth and development progress in Senegal. While a recession was avoided in 2020, the pandemic caused severe hardship and most households experienced income and job losses. A dynamic recovery is underway since mid-2020, supported by...

Niger's new government developed an ambitious reform agenda in the face of daunting challenges. The previous ECF-supported program was able to preserve macroeconomic stability and implement some key PFM reforms, notwithstanding the pandemic. However, progress on revenue mobilization was more...

Sierra Leone has made significant strides to rebuild its public infrastructure after the devastating civil war, but the desperate infrastructure needs remain. At the end of the conflict in 2002, the country was left with virtually no infrastructure. Redevelopment of public infrastructure was...

After almost a decade of strong growth, the WAEMU region is facing severe challenges from a triple crisis impacting the health, economic and security situations. Both fiscal and monetary policies were relaxed significantly in 2020 to contain the pandemic and support the economy. A gradual fiscal...

Ghana has been hit hard by the pandemic. The government's proactive response helped contain the spread of COVID-19, protecting lives and limiting the impact on economic activity. However, partly because of the pandemic, the fiscal position worsened considerably last year, with a sharp increase...