WEST AFRICAN CENTRAL BANK SEEKS JOINING IMF TALKS
The Governor of the Central Bank of
West African CFA franc zone countries (UMOA) today urged that
the bank should be involved in all negotiations with the
International Monetary Fund but said the zone's seven member
countries were not thinking of ditching the fund.
    Abdoulaye Fadiga told reporters after a regular one-day
meeting of UMOA finance ministers here that the bank's
participation in future credit talks with the IMF would promote
a greater coherence in Fund aid granted to the region.
    But he stresed that UMOA, which last month called for a new
relationship with the IMF, was not contemplating a break with
the fund.
    "Member states (of UMOA) never envisaged breaking with the
Fund," he said.
    He said an extraordinary UMOA meeting held in Ivory Coast's
inland capital, Yamoussoukro, last month, stresssed the need
for growth-oriented IMF adjustment policies.
    "Borrowing to pay off debts cannot be a solution," Fadiga
added.
    UMOA members are Benin, Burkina Faso, Ivory Coast, Mali,
Niger, Senegal and Togo. The zone's common-curreny, the CFA
franc, is pegged to the French franc at the rate of 50 CFA
francs to one French franc.
    Fadiga said many of the region's problems stem from low
commodity prices and a weak dollar.
    He applauded last week's agreement between producers and
consumers on the functioning of a new international cocoa pact,
saying negotiation of other commodity accords would benefit
UMOA countries.
 Reuter
