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Managing refinancing risk in a volatile and uncertain environment within the West African Economic and Monetary Union (WAEMU) region

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This paper analyses refinancing risks within the public debt portfolios of the West African Economic and Monetary Union (WAEMU) region. The analysis was conducted against the background of the impact of the COVID-19 pandemic on regional and global economies. Economic growth in the region was initially estimated at 6.6% in 2020, but has fallen sharply in 2021 to 0.9% of GDP. With lower growth, the fiscal position of the Union has deteriorated significantly and budget deficits are now estimated at 5.8% of GDP, mainly due to revenue shortfalls, stimulus packages and health-related demands.

Year: 2021 Theme: Public debt management, Cash management Language: English

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