Coronavirus: WAEMU States need XOF5,300 billion to fight the pandemic

Economic governance
Wednesday, 29 April 2020 12:46
Coronavirus: WAEMU States need XOF5,300 billion to fight the pandemic

(Togo First) - All eight member-States of the West African Economic and Monetary Union (WAEMU) need exactly XOF5,284.9 billion to combat the Covid-19 pandemic. 

The estimate was disclosed on April 27 by the Union’s heads of State council which held a videoconference that day. 

The council also noted that the funds will greatly deepen the WAEMU’s overall budget deficit (grants included). The deficit is now expected to stand at 5.5% in 2020, against 2.7% initially. 

Hence, the leaders of the region have, among others, decided to suspend the WAEMU convergence criteria. This is to enable them to have more room to deal with the current crisis. 

Ayi Renaud Dossavi

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