UEMOA : rapport des services du FMI pour les discussions de 2026 sur les politiques communes des États membres

IMF Country Report No. 26/154 WEST AFRICAN ECONOMIC AND MONETARY UNION STAFF REPORT FOR THE 2026 DISCUSSIONS ON COMMON POLICIES OF MEMBER COUNTRIES—PRESS RELEASE; STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR THE WEST AFRICAN ECONOMIC AND MONETARY UNION This staff report on discussions with regional institutions of the West African Economic and Monetary Union (WAEMU) was prepared by a staff team of the International Monetary Fund in the context of the periodic regional surveillance of the WAEMU. The regional perspective of such discussions is intended to strengthen the bilateral consultations that the IMF holds with the members in the region under Article IV of the IMF’s Articles of Agreement. The following documents have been released and are included in the package: • A Press Release summarizing the views of the Executive Board as expressed during its May 18, 2026, consideration of the staff report. • The Staff Report prepared by a staff team of the IMF for the Executive Board’s consideration on May 18, 2026, following discussions that ended on February 20, 2026. Based on information available at the time of these discussions, the staff report was completed on May 1, 2026.

• A Statement by the Executive Director for the West African Economic and Monetary Union (WAEMU) member countries The IMF’s transparency policy allows for the deletion of market-sensitive information and premature disclosure of the authorities’ policy intentions in published staff reports and other documents. Copies of this report are available to the public from International Monetary Fund • Publication Services PO Box 92780 • Washington, D. C. 20090 Telephone: (202) 623-7430 • Fax: (202) 623-7201 E-mail: publications@imf. org Web: http://www. imf. org Price: $18. 00 per printed copy June 2026

PR26/166 IMF Executive Board Concludes 2026 Discussions on Common Policies 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 inflation and external reserves at comfortable levels following a sharp recovery. Fiscal deficits narrowed and public debt declined for the first time in over a decade. • The region faces significant downside risks, notably from the war in the Middle East, high debt burdens and elevated sovereign financing needs, a strong sovereign-bank nexus with pockets of financial sector vulnerability, and exposure to security and climate shocks. • Credible and sustained fiscal convergence toward the 3 percent deficit target, anchored by the prompt adoption of the WAEMU Convergence Pact, remains the priority. Monetary policy should remain data dependent, while timely action is needed to address financial sector vulnerabilities, including elevated sovereign exposures, high non-performing loans, and low provisioning. Washington, DC – May 21, 2026: On May 18, 2026, the Executive Board of the International Monetary Fund (IMF) concluded the annual discussions on common policies of member countries of the West African Economic and Monetary Union (WAEMU) 1 . The authorities have consented to the publication of the Staff Report prepared for this consultation 2 .

Economic growth in the WAEMU reached 6. 6 percent in 2025—among the fastest growing regions of the world—while inflation fell below its target range from mid-2025, driven primarily by transitory food price deflation. Progress in reducing external imbalances continued as the current account deficit narrowed from 5. 7 percent of GDP in 2024 to 1. 7 percent in 2025, reflecting elevated gold and cocoa prices and rising hydrocarbon export volumes. Reserves rose sharply above adequate levels, reaching 7. 8 months of prospective imports in February 2026. The 1 Under 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 for common policies in four currency unions—the Euro Area, the Eastern Caribbean Currency Union, the Central 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 common policies in the currency union, collects economic and financial information, and discusses with officials the currency union’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis of discussion by the Executive Board.