Although sometimes the result of events in the international currency market, devaluations of third word currencies are more often intentionally implemented as part of IMF austerity programmes. In many African countries, devaluations of local currency are a frequent event. However in 1994 the French government unilaterally devalued the African franc, based on the French franc, by 50%. This resulted in a wave of price increases, labour disputes and violence in the 14 countries using it. Governments imposed wage freezes and layoffs, with unions riposting with wildcat strikes. France was encouraged to undertake the devaluation by international institutions and Western countries who objected to the subsidies of from US$2 to 3 billion per year effectively made to its foreign colonies.