- IMF staff and Nigerien authorities have reached a staff-level agreement on the eighth review of Niger's economic program supported by the Extended Credit Facility and the fourth review under the Resilience and Sustainability Facility.
- Economic growth is expected to remain strong at 6.7 percent in 2026, despite a challenging security environment and recurring climate shocks. While the medium-term outlook remains favorable, it is subject to downside risks stemming from tight global financing conditions and ongoing geopolitical tensions.
- The Nigerien authorities reaffirmed their commitment to advancing the program's structural reform agenda, including the gradual rollout of the Treasury Single Account and the implementation of revenue and expenditure measures aimed at expanding fiscal space for priority development spending.
Washington, DC: An International Monetary Fund (IMF) staff team, led by Ms. Izabela Karpowicz, held virtual meetings with the Nigerien authorities between December 9, 2025 and February 10, 2026, in the context of the eighth review of the ECF-supported arrangement and the fourth review under the RSF.
At the conclusion of the mission, Ms. Karpowicz issued the following statement:
"The Nigerien authorities and the IMF staff team reached a staff-level agreement on the eighth review of the program supported by the Extended Credit Facility (ECF) and the fourth review under the Resilience and Sustainability Facility (RSF). The agreement is subject to approval by the IMF Executive Board. Completion of the ECF review would enable the disbursement of SDR 43.8228 million (approximately US$61 million) to help meet Niger's external financing needs, while completion of the RSF review would allow the disbursement of SDR 21.714 million (approximately US$30 million). The Executive Board meeting is expected to take place in March 2026.
"Economic growth is projected to remain robust at 6.9 percent in 2025 and 6.7 percent in 2026, despite significant exogenous shocks. Supported by a favorable harvest, consumer prices declined by 4.6 percent in 2025 and are expected to increase moderately in 2026. Nonetheless, risks remain tilted to the downside, including continued security and climate-related shocks, tighter financing conditions, and a potential reduction in development assistance.
"The fiscal deficit for 2025 is expected to remain broadly in line with program targets. In 2026, the deficit is projected to widen temporarily to 3.7 percent of GDP, reflecting higher spending needs arising from climate shocks, partially offset by planned tax policy reforms. The authorities have identified contingency revenue and expenditure measures should financing conditions tighten further. They remain committed to pursuing a prudent debt strategy, prioritizing concessional financing and extending domestic debt maturities to ease debt service pressures and create space for priority spending.
"The ECF-supported program aims to strengthen macroeconomic stability and lay the foundations for resilient, inclusive, and private sector–led growth. Program performance has been broadly satisfactory against end-June and end-September 2025 targets, and the authorities have continued efforts to clear domestic arrears.
"The authorities remain firmly committed to implementing key structural reforms. The reinstatement of arbitration and regulatory committees for public procurement, the progressive adoption of the Treasury Single Account, and broader public financial management and anti-corruption reforms are critical to boosting revenue mobilization, improving spending efficiency, and strengthening governance, accountability, and transparency. The authorities will also continue their efforts to strengthen the banking system's capacity to support private sector-led growth.
"RSF financing continues to support reforms and investments aimed at addressing climate-related risks and vulnerabilities. These reforms are essential to building resilience and safeguarding infrastructure and livelihoods. As part of this review, the authorities completed climate vulnerability assessments for major public investment projects and further strengthened budget climate tagging.
"The mission met with His Excellency, Prime Minister Mr. Ali Mahamane Lamine Zeine and held working sessions with the Minister of Economy and Finance Mr. Maman Laouali Abdou Rafa; the Special Advisor to the Governor of BCEAO, Mr. Franck Bationo; the Secretary General of the Banking Commission, Mr. Antoine Traore; and the National Director of the BCEAO, Mr. Maman Laouali Abdou Rafa (in his previous capacity); as well as other senior government officials, private sector representatives, and development partners.
"The IMF staff team thanks the Nigerien authorities for their close cooperation and for the constructive and productive policy discussions."
