Normalisation of situation in Mali, Guinea Bissau boosts UEMOA economy

The normalization of the political and security situation in Mali and Guinea Bissau has served to boost efforts by the West African Economic and Monetary Union (UEMOA) to revive the regional economy, which is estimated to go up 6.4 percent, an official source in Dakar has said. At the 17th UEMOA summit held in the Senegalese capital Dakar on Thursday, Malian Finance Minister Fily Bouare Cissoko said the normalization of the situations in Mali and Guinea Bissau troubled by coups and coup attempts contributed to the regional growth. "The growth has been made possible by the increased agricultural production, the rise in mining activities as well as increased investment in the basic infrastructures," she explained. She noted that the consolidation of the achievements and improvement of people's economic and social well-being called for further peace efforts in the region. Cissoko said emphasis should be placed on the promotion of peace and security to address perennial challenges to economic growth in the sub-region. The Malian minister also urged the member states to put in place mechanisms for funding economic activities, fight corruption, deepen regional monetary and financial markets and improve people's living conditions. The Dakar summit brought together the eight presidents of UEMOA member states including Benin, Burkina Faso, Cote d'Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo.