NIGER/IMF Executive Board Completes Ninth Review under the Extended Credit Facility Arrangement with Niger

IMF Executive Board Completes Ninth Review under the Extended Credit Facility Arrangement with Niger

FOR IMMEDIATE RELEASE

The IMF Executive Board completed the ninth review of the arrangement under the Extended Credit Facility (ECF) for Niger, allowing for an immediate disbursement of about US$33 million (SDR 24.0828 million).
Niger’s economy demonstrated resilience, with growth in 2025 estimated at 6.9 percent and projected to remain robust at 7 percent in 2026, supported by the agricultural and extractive sectors. Though risks remain tilted to the downside.
Program implementation has been generally strong. Fiscal consolidation efforts continued and the authorities made notable progress on the structural reform agenda. Higher oil revenue will help build fiscal buffers and respond to urgent social and food security needs.

Washington, DC – July 29, 2026: The Executive Board of the International Monetary Fund (IMF) today completed the ninth review of the 60-month Extended Credit Facility (ECF) arrangement for Niger. The Board’s decision allows for the immediate disbursement of SDR 24.0828 million (about US$33 million), bringing total disbursements under the arrangement to SDR 252.1456 million (about US$342 million). Niger’s ECF arrangement was approved on December 8, 2021 (see Press Release 21/366) and was gradually extended through December 2026 to allow for sufficient time to implement key structural reforms.

Program performance was generally strong. All periodic quantitative performance criteria (PCs) were met at end-December 2025, and all continuous PCs were met since completion of the eighth review. Most indicative targets were met. The authorities also made notable progress on the structural reform agenda and remain committed to continued reform implementation to achieve the program’s objectives.

Following the Executive Board discussion, Mr. Kenji Okamura, Deputy Managing Director and Chair of the Board, made the following statement:

“Niger’s economy demonstrated resilience in 2025 despite a challenging environment. The near- and medium-term outlooks remain favorable, supported by the extractive and agricultural sectors. Nevertheless, risks remain tilted to the downside, including heightened security threats, commodity price volatility, tight regional and global financing conditions, a further decline in donor funding, and the border closure with Benin.

“Reform implementation under the ECF-supported program continues. Sustained fiscal consolidation efforts are supporting macroeconomic stability. The expected higher oil revenue in 2026 will be used to lower the fiscal deficit and meet urgent social and food security needs. Sustained efforts in domestic revenue mobilization will help create fiscal space for development spending.

“Maintaining a prudent debt management and arrears prevention policy remains paramount. The authorities are committed to clear all external arrears by end-2026 and to mitigate the risk of future arrear accumulation by further strengthening treasury and debt management.

“It is important to decisively address financial sector vulnerabilities, including by undertaking a comprehensive diagnostic of the banking sector and developing a roadmap. Strengthening banks’ balance sheets, easing liquidity constraints, and expediting the restructuring of the microfinance sector would support private-sector credit.

“Decisive reforms to strengthen governance and anti-corruption frameworks will support public trust, ensure more effective and transparent use of public resources, preserve external financial support, and stimulate private-sector-led, inclusive growth. Completing the asset declaration framework reform as well as publishing the Governance Diagnostic Assessment report, once finalized, and adopting a time-bound action plan to implement its recommendations will be important steps.

Table 1. Niger: Selected Economic and Financial Indicators, 2025-2031
	2025		2026		2027		2028	2029	2030	2031
	ECF 8th Review	Est.	ECF 8th Review	Proj.	ECF 8th Review	Proj.	Projections
National income and prices
GDP at constant prices	6.9	6.9	6.7	7.0	6.5	6.5	6.0	6.0	6.0	6.0
Export volume	94.4	85.0	9.7	8.6	29.8	21.6	2.5	3.5	0.6	0.7
Import volume	5.7	13.3	6.4	15.9	22.7	18.0	1.8	3.7	0.7	6.0
CPI (annual average)	-4.6	-4.7	0.4	-1.9	2.0	2.0	2.0	2.0	2.0	2.0
CPI (end-of-period)	-9.4	-9.4	9.7	8.9	2.0	2.0	2.0	2.0	2.0	2.0

Money and credit
Broad money	8.9	10.6	12.4	21.9	8.7	10.9	8.1	8.1	8.1	8.1
Domestic credit	3.9	1.4	9.4	8.0	6.7	4.5	5.6	5.8	6.4	6.4
Credit to the government (net)	5.8	13.2	6.2	10.2	1.3	-2.7	-1.3	-0.8	0.5	0.0
Credit to the private sector	2.7	-2.0	11.5	6.9	9.5	8.8	9.5	9.1	9.1	9.1

Government finances
Total revenue	9.7	10.6	10.3	11.2	10.6	11.4	10.9	10.8	10.9	11.1
Total expenditure and net lending	14.8	15.6	15.4	16.1	15.1	15.9	15.3	15.1	15.0	15.2
Current expenditure	8.7	9.4	8.9	9.3	8.8	9.1	8.8	8.4	8.2	8.2
Capital expenditure	5.7	5.8	6.7	6.9	6.5	6.8	6.5	6.7	6.9	7.0
Basic balance (excl. grants)	-1.8	-1.9	-1.6	-1.3	-1.0	-1.0	-0.9	-0.7	-0.5	-0.6
Primary non-oil basic balance (excl. grants)	-3.6	-4.1	-2.9	-3.4	-2.1	-2.8	-2.1	-2.1	-1.8	-1.9
Overall balance (incl. grants)	-3.3	-2.9	-3.7	-3.4	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0

Gross investment	22.1	23.6	23.1	25.3	22.9	25.4	25.3	25.1	25.2	25.1
Non-government investment	17.8	19.3	18.1	20.2	18.0	20.3	20.3	20.1	20.0	19.9
Government investment	4.3	4.4	5.0	5.2	4.9	5.1	4.9	5.0	5.2	5.3

External current account balance (incl. grants)	-5.0	-3.7	-6.6	-3.0	-4.4	-3.3	-3.2	-3.1	-3.1	-3.0
External current account balance (excl. grants)	-5.3	-4.3	-6.9	-3.5	-4.8	-3.9	-3.8	-3.7	-3.7	-3.6

Total public and publicly-guaranteed debt	45.6	45.5	45.9	45.9	45.4	45.1	44.6	44.0	43.6	43.2
Public and publicly-guaranteed external debt	24.7	24.5	25.1	25.3	25.1	25.3	25.4	25.6	26.0	26.5
NPV of external debt	18.7	19.1	17.8	18.2	17.3	17.6	17.3	17.0	17.2	17.7
Public domestic debt	21.0	21.1	20.8	20.7	20.3	19.9	19.2	18.5	17.6	16.7

GDP at current market prices	12,683	12,354	13,807	13,195	15,005	14,340	15,506	16,765	18,130	19,602