November 28, 2022

IMF approves payment of $19.5 million to Niger, part of $163.6 million loan secured in 2017 and 2018 under extended credit facility

The Executive Board also approved the Niger’s request for the modification of performance criteria pertaining to domestic budget financing and the contracting of public or publicly guaranteed external public debt.

IMF said the funds aim “to enhance macroeconomic stability and foster high and equitable growth, boost incomes and create jobs, while strengthening the foundations for sustainable development”.

“Overall program performance was broadly satisfactory. All performance criteria and indicative targets were met for the first half of 2019, but fiscal results started to slip in the third quarter,” Mr. David Lipton, First Deputy Managing Director and Acting Chair at the IMF said after discussions on Niger.

Lipton said authorities in Niger were taking corrective measures. “Nonetheless, program targets for end-December 2019 needed adjustment to account for revenue shortfalls and higher-than-expected foreign grants. Implementation of the structural reform agenda is progressing reasonably well”.

He added: “Economic activity is expected to develop favorably, with annual average growth topping 7 percent over the next five years. Large-scale donor-funded projects and foreign direct investment are important drivers. The construction of a pipeline for crude oil exports, which are scheduled to commence in 2022, is an important boon for the economy. The tense security situation in the Sahel region as well as challenges from climate change remain downside risks.

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