Aftermath of the CFA Franc Devaluation
Developments in the countries of the CFA franc zone in the aftermath of the January 1994 devaluation of the CFA franc are reviewed in this paper. Following a summary of the new adjusment strategy, the papers describes the progress made and the difficulties encountered during 1994 and early 1995 in implementing the programs supported by use of IMF resources.
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1993 program sional 990—93 Original Provi adjustment African Economic Annex Annual percentage changes assets authorities;and Fund staff Average I990 BCEAO BEAC Benin bilateral budget Burkina Faso C6te CAECU CAEMC countries Cameroon Central African Republic central bank CFA franc countries CFA franc zone CFAF Chad Comoros Congo Cote d'lvoire d’Ivoire Data provided debt devaluation Deviation Projections Projections domestic Economic and Monetary Equatorial Guinea ESAF estimates and projections exchange rate excluding expenditure export ﬁnancial ﬁnancing ﬁrst ﬁscal foreign Fund staff estimates Gabon growth harmonization implementation improve inﬂation Mali member countries ment million equivalent monetary policy Monetary Union money market multilateral Niger Paris Club percent of GDP PIAL program sional Deviation Projections Projections WAEMU public enterprises public investment reduce reﬁnancing Repurchase agreement rescheduling restructuring Senegal sional Deviation Projections Sources strengthening Table tariff Tax Administration tion Togo trade treaty Unchanged wage bill World Bank
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