WAEMU : Public debt rose in 2018 despite efforts to contain it

Public finance

Monday, 19 August 2019 16:21

WAEMU : Public debt rose in 2018 despite efforts to contain it

(Togo First) - Compared to 2017, public debt across the West African Economic and Monetary Union (WAEMU) soared in 2018. This was disclosed at the last council of ministers of the Union.

“Despite efforts of the Union’s member States regarding public finance management, to reduce budget deficit, this figure remains high,” with a debt that increased to 48.7% in 2018, up 3.2% more than in 2017, reads an information note of the Central Bank of West African States (BCEAO) for the second quarter of this year.

“Public debt’s share in public revenues keeps growing and now makes up more than a third of all revenues collected across five member States,” adds the council.

To reverse the situation which impairs investment capacity of the Union’s States, the council suggested that all eight member States of the Union reinforce measures aimed at increasing collection of tax revenues, as well as to resort to “innovative financing, such as private-public partnerships, while ensuring public debt’s sustainability.”

Ayi Renaud Dossavi

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