IMF Wraps Up Reviews of Credit and Sustainability Facilities for Niger

Washington, DC: Today the Executive Board of the International Monetary Fund (IMF) completed the eighth review of Niger's economic and financial program supported by the Extended Credit Facility (ECF), and the fourth review under the Resilience and Sustainability Facility (RSF) arrangement. Niger's ECF Arrangement was approved on December 8, 2021 (see PR 21/366 ) and is complemented by the RSF Arrangement approved in July 2023 (see PR 23/256 ). The ECF arrangement was extended by twelve months until December 2026 to support the implementation of additional reforms and address protracted balance of payments needs. An augmentation of access under the ECF arrangement equivalent to 60 percent of quota was approved by the Executive Board. This augmentation will provide the authorities with additional resources to address increased balance of payments and budget financing needs stemming from exogenous shocks.

The completion of the reviews allows for the immediate disbursement of SDR 43.8228 million (about US$61 million) under the ECF arrangement—bringing total disbursements under the arrangement to SDR 228.0628 million (about US$306 million)—and SDR 21.714 million (about US$30 million) under the RSF arrangement, bringing total disbursements under the RSF arrangement to SDR 98.702 million (about US$131 million).

Following the Executive Board's discussion on Niger, M. Kenji Okamura, Deputy Managing Director and Chair of the Executive Board, stated:

"Niger's economy has been resilient despite security shocks and extreme climate events. Real GDP growth is estimated at 6.9 percent in 2025, while consumer prices declined, reflecting favorable agricultural conditions. Elevated uncertainty and downside risks persist, including the security situation, commodity price volatility, lower external assistance, and recurrent climate shocks.

"Reform implementation progress under the ECF-supported program continues. The authorities' sustained ownership is paramount to consolidate macroeconomic stability, strengthen the banking system, and advance inclusive growth to help Niger build lasting resilience.

"Shocks in the resource sector, compounded by extreme climate events, have created additional balance-of-payments financing needs of about 1 percent of GDP in 2026. Fiscal adjustment will cover part of the gap, while the proposed augmentation of the ECF arrangement will help cover the remainder. The augmentation will help meet humanitarian needs and priority infrastructure spending. Importantly, it will facilitate reforms to strengthen macroeconomic stability and build resilience.

"Among these reforms, priorities include strengthening banking system liquidity and solvency, based on comprehensive diagnostics, and in close coordination with regional institutions; implementing the oil revenue management strategy, supported by stronger governance and transparency; and scaling up revenue mobilization while improving spending efficiency.

"Given tight financing conditions, the authorities should borrow prudently and rely on concessional financing to limit risks of debt distress. They should clear remaining arrears and strengthen cash and debt management to durably prevent arrears recurrence.

"It is essential that the authorities use the ongoing Governance Diagnostic Assessment, which should be published by end-June 2026, to strengthen governance and anti-corruption frameworks and thereby support private sector-led growth.

RSF-supported reforms have been successfully completed, which could help build resilience to climate shocks and mobilize financing for climate-related investment."