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Senegal is the second largest economy of the West African and Monetary Union (WAEMU). A long track record of political stability has helped the country to maintain good relations with international donors. Another characteristic is the relatively diversified economy by regional standards, with tertiary sectors accounting for almost 50% of GDP. However, agriculture and fishing remain the largest employers by far, and the economy suffers from infrastructure inadequacies, especially in energy, and a weak industrial base. Foreign investment also remains relatively low. As Senegal is a member of WAEMU, it enjoys a solid buffer against balance of payment shocks as the French treasury guarantees the full convertibility of the CFA Franc against the euro at a fixed rate. This also helps to anchor macro stability, with inflation rarely exceeding 3%. Reforms of the CFA Franc are ongoing but the fundamentals of the currency arrangement remain.