Developments in the countries of the CFA franc zone in the aftermath of the January 1994 devaluation of the CFA franc are reviewed in this paper. The paper describes the progress made and the difficulties encountered during 1994 and early 1995 in implementing the programs supported by use of IMF resources. Annexes provide statistical information and discuss regional integration efforts, developments in monetary policy, and technical assistance provided by the IMF and the World Bank.

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