The Council of Ministers of the West African Economic and Monetary Union (WAEMU) held an extraordinary session, on September 3, 2020, by videoconference from the premises of the Central Bank of West African States (BCEAO), under the chairmanship of Mr. Sani YAYA, Minister of Economy and Finance of the Togolese Republic, its current President.

Also taking part in the meeting were Mr. Abdallah BOUREIMA, President of the WAEMU Commission, Mr. Tiémoko Meyliet KONE, Governor of the BCEAO, Mr. Serge EKUE, President of the West African Development Bank (BOAD) and Mr. Mamadou NDIAYE, President of the Regional Council for Public Savings and Financial Markets (CREPMF).

The Council exchanged views on the response and recovery measures implemented by the Member States, Community Bodies and Institutions with a view to mitigating the negative effects of the Covid-19 pandemic on the populations and economies of the Union. The Council welcomed the timely actions taken and the results already achieved. It encouraged the EU institutions to assist States in their efforts to effectively mobilise external resources. On this issue, the Council welcomed the ongoing discussions at BOAD level. The Council further urged institutions to support States in mobilizing domestic resources.

The Council also examined the economic situation in the Union in relation to the progression of the covid-19 pandemic in the world and in the sub-region as well as the security problems. This situation, which is putting pressure on public finances through the combined effect of the decline in budgetary resources and the increase in expenditure to cope with it, requires a reassessment of the sustainability of public finances. In this regard, the WAEMU Commission will submit a new draft convergence pact in December 2020 for Council decision.

The Ministers were informed of the measures taken in implementation of the decisions of the Heads of State and Government of ECOWAS and UEMOA, relating to the socio-political situation in Mali. The Council called for a rapid return to normal conditions in that country.

The Council of Ministers appointed two intuitu personae members of the MONETARY Policy Committee of the BCEAO, in accordance with the Statutes of the Central Bank of West African States.