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IMF advises ECOWAS countries on monetary integration |
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09:19, June 05, 2008 |
The International Monetary Fund (IMF) on Tuesday advised ECOWAS countries to take more steps to achieve economic and monetary integration within the sub-region, according to the official News Agency of Nigeria on Wednesday.
The position of the world monetary body was made known in a statement issued after a meeting of Directors of the fund on integration of the Economic Community of West African States (ECOWAS).
The directors underscored the importance of political commitment for effective convergence and better alignment of policies in the member states.
The IMF also encouraged the West African Economic and Monetary Union (WAEMU) countries to intensify their policy dialogue and take advantage of intra-regional learning opportunities.
"Directors welcomed the recent decision to remove barriers to intra-WAEMU trade and called on the authorities to move quickly in this effort," the IMF said in a statement.
It said that the directors also expressed hope that the WAEMU common external tariff would soon be extended to all of ECOWAS countries.
The world body said its directors considered the announcement of 2009 as the date for the take-off of a common currency in the sub-region premature.
It said that a few directors even expressed skepticism about the technical feasibility of an ECOWAS monetary union.
Source:Xinhua
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