- IMF staff and the Nigerien authorities reached staff-level agreement on the final review of the economic program supported by the Extended Credit Facility (ECF), a new 38-month ECF-supported program, and conducted discussions on the 2026 Article IV consultation.
- Economic growth is expected to remain strong at 7 percent this year and 6.7 percent in 2027. Given Niger's significant economic potential, medium-term prospects are favorable despite downside risks, including security challenges and climate shocks.
- The new ECF-supported program seeks to consolidate macroeconomic stability and reform achievements, and support implementation of the government's ambitious 2025-29 development strategy.
Niamey: An International Monetary Fund (IMF) staff team, led by Ms. Julia Bersch, visited Niamey during September 28-October 8, 2026 to hold discussions on the tenth and final review of Niger's economic reform program supported by The Extended Credit Facility (ECF) , a new 38-month program supported by the ECF, and the 2026 Article IV consultation.
At the end of the mission, Ms. Julia Bersch issued the following statement:
"The Nigerien authorities and IMF staff reached staff-level agreement on the tenth and final review of Niger's economic program supported by the ECF. Staff-level agreement was also reached on the economic policies and structural reforms underpinning a new 38-month ECF-supported program with access to SDR 150.02 million (equivalent to 114 percent of quota or about US$ 203 million). The agreement is subject to approval by the IMF Executive Board, with a Board meeting expected to take place in early December 2026. Completion of the review and approval of the program request will enable disbursement of SDR 26.3244 million (about US$36 million) to help meet Niger's external financing needs and support reform implementation.
"Economic growth is expected to remain strong at 7 percent in 2026 and 6.7 percent in 2027, driven mainly by agriculture and the extractive sector. While prices have started to increase, average inflation is projected at -2.5 percent in 2026 and 2.2 percent in 2027. Higher crude oil prices from the war in the Middle East have strengthened Niger's fiscal and external balances, while higher transportation costs are weighing on inflation and the most vulnerable households. Over the medium term, growth is projected to average around 6.1 percent, supported by agriculture, extractive activity, and public investment. The outlook is subject to significant downside risks, including security challenges and climate shocks.
"The fiscal deficit is projected at 3.4 percent of GDP in 2026 and accommodates reconstruction spending following last year's natural disasters as well as support to vulnerable households affected by high food and fuel prices. The authorities are using part of the higher oil revenues to rebuild fiscal buffers while continuing to pursue prudent borrowing policies and prioritize concessional financing and grants.
"The current ECF-supported program has helped Niger preserve macroeconomic stability and deliver meaningful fiscal and external adjustment while faced with exceptional shocks. Program performance against end-June 2026 targets was strong, and the authorities have continued to clear remaining external and domestic arrears.
"The new ECF-supported program will consolidate macroeconomic stability and reform achievements, and support implementation of the government's ambitious 2025-29 development strategy (Program for the Refoundation of the Republic). The ECF-supported program seeks to (i) enhance fiscal capacity and safeguard debt sustainability; (ii) strengthen financial stability; and (iii) support stronger and more inclusive private-sector-led growth including by accelerating economic transformation.
"The authorities remain committed to continue advancing domestic revenue mobilization and public financial management reforms, and strengthening governance, accountability, transparency, and social cohesion. Efforts to strengthen financial stability and improve the banking sector's capacity to support private sector-led growth continue, including through a World Bank-supported program to support micro, small, and medium-sized enterprises. The authorities are also pursuing reforms to support the transformation of Niger's economy."
The mission met with His Excellency, Prime Minister Mr. Ali Mahaman Lamine Zeine and held discussions with the Minister of Economy and Finance Mr. Maman Laouali ABDOU RAFA and the National Director of the BCEAO Mr. Mahaman Tahir HAMANI, as well as other senior government officials, private sector representatives, and development partners.
The IMF staff team thanks the Nigerien authorities for the close cooperation and constructive policy discussions.
