UEMOA frees up billions for internal debts
November 21, 2009
The central bank for the West African Economic and Monetary Union (UEMOA) will disburse 700 billion CFA francs (about R12.2-billion) so that governments in the eight-nation bloc can pay off internal debts, a statement said.
The total internal debt of the group, which is currently led by Ivory Coast and also includes Benin, Burkina Faso, Guinea-Bissau, Mali, Niger, Senegal, and Togo, is around 1.4-trillion CFA, the bloc said in a statement on Saturday.
"The council of ministers notes with satisfaction that of a total of 900-billion CFA earmarked for paying off debts, about 700-billion CFA has been mobolised with the help of the central bank," read a UEMOA statement after a meeting on Saturday. - Reuters
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