(Ecofin Agency) - In the face of global economic uncertainties and rising financing needs, the WAEMU states continue to turn to the regional public securities market to support their projects. These regular issuances help ensure the liquidity needed for budget management while offering investors returns generally above 7%.

The eight countries in the West African Economic and Monetary Union (WAEMU) are once again turning to the public securities market to meet their budget needs. UMOA-Titres, the regional agency managing public debt issuances, has released a provisional schedule for the fourth quarter of 2024. In total, these nations are looking to raise CFA1.38 trillion (about $2.35 billion), through a mix of short-term Treasury bills and medium- to long-term Treasury bonds (OAT).

Out of the CFA1.38 trillion, about CFA647.93 billion will come from Treasury bills, while the remaining CFA734.81 billion will be raised through Treasury bonds. These financial tools are essential for WAEMU countries as they juggle debt management, infrastructure development, and maintaining vital public services.

In October 2024 alone, the region expects to raise CFA550 billion. Côte d'Ivoire, WAEMU's largest economy, plans to bring in CFA255 billion during this period. Burkina Faso and Senegal are also looking for significant funds to support infrastructure and development projects. In Senegal, this push comes amid a hidden debt scandal recently exposed by Prime Minister Ousmane Sonko.

By November 2024, issuances are expected to total CFA522.96 billion, with Côte d'Ivoire leading again with CFA265 billion and Burkina Faso aiming for CFA75 billion. In December 2024, the region hopes to raise CFA309.78 billion, with Côte d'Ivoire once more at the top with CFA137 billion.

Côte d'Ivoire is expected to dominate the fourth quarter, planning to raise CFA657.13 billion, nearly half of the total. The country’s need for financing stems from its ongoing infrastructure projects, which continue to attract both local and international investors, thanks to its stable economy, favorable interest rates, and active debt management.

Burkina Faso, despite its security challenges, is aiming to raise CFA225 billion to keep its economy on track. Senegal, under its new government, plans to raise CFA155 billion, while Mali is expected to issue CFA150 billion in bonds.