Coronavirus: BCEAO works on ways to help WAEMU States face looming financial crisis

Economic governance
Friday, 20 March 2020 14:06
Coronavirus: BCEAO works on ways to help WAEMU States face looming financial crisis

(Togo First) - The Central Bank of West African States (BCEAO) said it is working on ways to curb the financial and economic impact of the coronavirus (Covid-19) in WAEMU States. 

A similar path was taken some years ago to cushion the impacts of the 2008 crisis. In this framework, multidisciplinary teams have been put in place to make projections and provisions for the West African economies to best face the outbreak. Primarily, the discussions will focus mainly on countries that export a lot to Europe, and China. 

According to some media based in Senegal, some recommendations will be issued at the end of this week. The latter should help WAEMU States face the dawning crisis, in a context where the global economy is slowing down.  

At the moment, 79 cases of coronavirus have been reported in the WAEMU: 34 in Senegal, 26 in Burkina Faso, 8 in Côte d’Ivoire, 2 in Benin and 9 in Togo. While this number may seem insignificant, the risk of a rapid spread in the region is very high. 

Ayi Renaud Dossavi

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