The International Monetary Fund (IMF) on Wednesday approved the disbursement of $19.5 million to Niger, part of $163.6 million loan secured in 2017 and augmented in 2018 under extended credit facility.
An extended credit facility (ECF) allows the borrowing country to take out money over an extended period of time rather than reapplying for a loan each time it needs money.
IMF Executive Board made the approval after completing the fifth review under ECF arrangement for Niger.
Niger’s three-year loan was approved on January 23, 2017 for $136.4 million to support the West African nation’s plan for economic development. On December 10, 2018, the IMF Executive Board agreed to augment the overall amount of the ECF arrangement $163.6 million, or 90 percent of Niger’s quota.
The release of $19.5 million to Niger would be bringing total disbursements under the arrangement to $144.1 million.