Modalities for Surveillance over West African Economic and Monetary Union Policies in Context of Article IV Consultations with Member Countries

Staff will hold annual discussions with the regional institutions responsible for common policies in the West African Economic and Monetary Union (WAEMU). These discussions will be held separately from the discussions with individual WAEMU members.

There will be an annual staff report and Board discussion of the common policies of WAEMU. Both staff’s discussions with WAEMU institutions and the Board discussion of the annual staff report will be considered an integral part of the Article IV consultation with each member of WAEMU.

In addition to common policies in WAEMU that are relevant for surveillance, including monetary and exchange rate policies, the annual staff report will cover from a regional perspective other economic policies relevant for Fund surveillance for which responsibility remains at the national level. There will be a summing up of the conclusion of the Board’s annual discussion on WAEMU’s common policies. It will be incorporated by reference into the summings-up for the Article IV consultations with individual WAEMU members that take place before the next annual Board discussion of WAEMU’s common policies. The Board discussions for the Article IV consultations with individual WAEMU members will be clustered, to the extent possible, around the Board discussion on the common policies of WAEMU.

If considered necessary by the Managing Director, staff will hold a second round of discussions during the year with regional institutions and report to the Board informally on these discussions to provide adequate context for bilateral consultations with the individual WAEMU members that do not coincide broadly with the annual Board discussion on the WAEMU’s policies.

The frequency of Article IV consultations with individual WAEMU members shall be determined in accordance with the Board decisions on consultation cycles. (SM/05/429, 12/22/05)

Staff reports and related documents pertaining to Fund surveillance under Article IV over the (i) common monetary and exchange rate policies of WAEMU, and (ii) the policies of each individual Fund member that forms part of WAEMU, shall be communicated to the Central Bank of West African States (BCEAO) at the same time the relevant staff report is made available to the Executive Board, provided, however, that a staff report or related document concerning the policies of an individual Fund member will only be shared with BCEAO with that member’s consent.

Decision No. 13656-(06/1),

January 6, 2006,

as amended by Decision No. 14061-(08/15),

February 12, 2008