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Meeting of Franc Zone Finance Ministers in Paris

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Thursday, 18 October 2018

Meeting of Franc Zone Finance Ministers in Paris

In principle, the meeting of Finance Ministers of the Franc Zone at the French Finance Ministry on Monday 8 October was a routine meeting, part of the established mechanisms to regularly review major economic and monetary challenges of common interest. However, coming on the eve of the autumn meetings of the IMF and the World Bank to be held in Bali from 12 to 14 October 2018, it took on a rather special importance. On the agenda of the meeting, presided by French Minister of the Economy and Finance Bruno Le Maire, were discussions on several “fundamental issues for the development of the African countries of the Franc Zone, namely the fight against money laundering and terrorist financing and the mobilisation of tax resources.” In addition to the Finance Ministers of the member countries, the meeting was attended by the main heads of the organisation's monetary institutions, including the Governor of the BEAC (Bank of Central African States), Abbas Toli Mahamat, the Governor of the BCEAO (Central Bank of West African States), Tiemoko Meyliet Koné, and the Governor of the Central Bank of the Union of Comoros, in addition to Odile Renaud-Basso, Director General of the French Treasury and François Villeroy de Galhau, Governor of the Banque de France. According to statements made by Bruno Le Maire after the gathering, the meeting provided an opportunity to assess the convergence of the Franc Zone, and several decisions were taken at the end of the meeting. The Paris meeting follows the previous meeting held in April in Brazzaville in Congo. It focused mainly on the mobilisation of tax revenues and member countries' commitments to the IMF. One year ago, also in Paris, ministers of the Franc Zone had committed to continue efforts to broaden the tax base in their countries, in order to cope with the current economic situation.

Source: afrique.latribune.fr