Finance Ministers from the six member states of the Monetary Union of West Africa (MUWA) opened their discussions in Abidjan, the Ivory Coast, on Friday (26 March).
Finance Ministers from the six member states of the Monetary Union of West Africa (MUWA) opened their discussions in Abidjan, the Ivory Coast, on Friday (26 March). On the following day in Abidjan, another member of the MUWA, Senegal, signed an agreement with the African development Bank (A.D.B.) for financial aid.
The delegations at the M.U.W.A. meeting were led by Mr. Babacar Ba of Senegal, Major Isidore Amoussou of Benin, Mr. Mamadou Sanfo of Upper Volta, Mr. Tondji Alfodja of Niger, Mr. Eden Kodjo of Togo and the meeting was presided over by the Ivory Coast Finance Minister, Konan Bedie.
In their communique, issued on Saturday (27 March), the ministers said that the main subject for discussion was the effect upon their currencies of the floating of the French franc. They also discussed the financial report covering the past four months and plans for redesigning the one franc CFA coin.
The agreement between Senegal and the A.D.B. was for a loan of over 100,000 million francs CFA (about 3 million pounds sterling). The loan will being two parts. The first part will go towards studies of the Lower Casamance region of Senegal and the possibility of touristic development there. The second will finance a water provision scheme in Dakar and its surrounding area.
The agreement was signed by Mr. Babacar Ba for Senegal and Mr. Abdelwahab Labidi, President of the A.D.B.
SYNOPSIS: West African Finance Ministers met in Abidjan, the Ivory Coast, on Friday to discuss their monetary union situation. Mr. Konan Bedie presided over the meeting, which discussed the effects of floating the French franc. Delegations from Niger and Senegal attended the meeting along with those of Upper Volta, Togo and Benin -- member states of the Monetary Union of West Africa. They also discussed the financial report covering the past four months and plans to redesign the one franc CFA coin.
On Saturday, in Abidjan, an agreement was signed by the African Development Bank and Senegal. Under the agreement, Senegal will receive two development loans totalling over 100,000 million C.F.A. francs. Mr. Babacar Ba -- on the left -- Senegal's Finance Minister, signed on behalf of his country and Mr. Abdelwahab Labidi for the bank.