## 1nerea2020002

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### Executive summary — Context
- First local infection reported on March 19, 2020; state of emergency declared on March 27, 2020.
- Authorities adopted a comprehensive response plan covering health care measures and social and economic mitigation.
- Growth projected to drop to 1 percent in 2020 due to slower exports, delays in large-scale foreign-financed projects, tighter financial conditions, and domestic containment measures (revised from 6 percent previously).
- Public finances: deficit widening to 5 percent of GDP and a financing gap of 3 percent of GDP.
- Balance of payments deterioration driven by lower regional bank investment in government paper, reduced FDI, and a deterioration of the trade balance.
- Request to the Fund: financial assistance of SDR 83.66 million (63.6 percent of quota, 0.9 percent of GDP) under the Rapid Credit Facility (RCF), with the full amount to be disbursed as direct budget support.
- Current ECF arrangement: SDR 118.44 million (90 percent of quota), running through end-July 2020; 5th program review concluded on January 8, 2020. Rephasing of the final disbursement requested due to delays.

### Initial crisis response
- Inter-ministerial committee established in February 2020, headed by the Prime Minister.
- Implemented measures: awareness campaigns; establishment of testing capacities; equipping entry points (especially airports); tightened quarantine; border closures on March 19, 2020; state of emergency with movement restrictions and nightly curfew in Niamey declared March 29, 2020.
- Donor-presented COVID-19 response plan (March 25, 2020):
  - Full implementation cost: CFAF 597 billion (7.6 percent of GDP).
  - Plan includes health measures and steps to contain social and economic fallout; large grants from the international community required for affordability.
- Government announced focused measures in the President’s emergency-declaration speech.

### Policy issues and discussions — A. The revised economic outlook
- Channels of impact:
  - Decline in net exports of agricultural products as oil-dependent Nigeria falls into recession.
  - Hiatus in implementation of large-scale foreign projects due to constrained foreign supplies and workers.
  - Sharply higher interest-rate spreads for emerging markets likely to raise credit costs and reduce availability.
- Growth and inflation outlook:
  - Revised growth projection for 2020: lowered from 6 percent to 1 percent.
  - Sectors most affected: construction, commerce and trade, agriculture, hospitality.
  - Pandemic disruptions assumed to run their course in the second half of 2020; growth in 2021 somewhat higher than earlier projected; previous GDP trajectory nearly re-attained in 2022.
  - Authorities expect consumer prices could rise by 4.4 percent in 2020; inflation expected to normalize to below the WAEMU norm of 3 percent from next year.
- Risks:
  - Balance of risks tilted to the downside: possibility of prolonged reduced economic activity with hysteresis effects and potential further deterioration of the Sahel security situation.

### Policy issues and discussions — B. Policies to contain the economic and social fallout
- Health measures:
  - Immediate focus on prevention and containment; later strengthening of health care capabilities.
  - Additional costs for test kits, protective equipment, isolation centers; training largely via technical assistance.
  - Plan to hire 1,500 additional health workers, bringing total staff to some 10,500.
- Social mitigation:
  - Plans to distribute food at reduced prices or free from the strategic food reserve.
  - Plans to waive utility payments for poor households for two months.
  - Staff suggestions: expand cash-transfer programs, provide incentives for mobile money account openings, and target measures as practicably possible.
- Economic measures:
  - Tax and customs relief for import of medical goods; importers allowed to delay payment of border taxes by up to three months with a bank guarantee.
  - Delays in vehicle vignette tax payments for two months and tax-filing deadlines in hospitality, entertainment, and sport sectors.
  - Public transport sector VAT-exempt during suspension of services; WAEMU directive for reduced VAT rate for hotels to be transposed.
  - Staff advice: keep tax measures well targeted; consider accelerating payments of suppliers to the government and public enterprises; push back tax filing dates with discounts for on-time payers; suspend presumptive taxes on micro enterprises.
  - Authorities cautioned these measures require expeditious donor financial support to avoid liquidity problems.
- Monetary and financial sector actions:
  - BCEAO measures: raise liquidity to banks; keep refinancing rates close to corridor floor of 2.5 percent; expand collateral for central bank refinancing; encourage use of regional refinancing scheme for SME loans.
  - Staff suggested expedited activation of national credit-access schemes.
  - NPLs: current NPLs about 15 percent of total loans; decision to allow classification of COVID-19 related payment difficulties as a subcategory of performing loans to provide breathing space.
  - Staff recommended accelerating government payments to suppliers to help reduce NPL pressures.
- Fiscal safeguards and transparency:
  - Centralized assessment and costing of crisis measures in the Ministry of Finance.
  - Preparation of a supplementary budget to cover new measures and rearrange existing allocations to limit overall spending rise.
  - Authorities and staff to remain in close contact on addressing economic and social fallout.

### Policy issues and discussions — C. Fiscal policy
- Revenue and expenditure impacts:
  - 2020 revenues expected to be 2.2 percent of GDP lower than previously projected.
  - Authorities called for an increase of health and health-related spending by up to 2 percent of GDP.
  - Authorities plan to limit the rise of domestically-financed public expenditure to 0.3 percent of GDP relative to last ECF review by reprioritizing allocations and leveraging donor in-kind support.
- Fiscal stance and financing:
  - Fiscal deficit for 2020 projected to reach 5.0 percent of GDP, versus 2.7 percent of GDP planned in the 5th program review.
  - Staff agreed accommodating revenue and expenditure pressures is appropriate in 2020; consolidation would be counterproductive now.
  - Authorities aim to bring the deficit close to the WAEMU norm of 3 percent of GDP as the economy rebounds next year.
  - Additional revenues of between 1 and 2 percent of GDP expected from the start of crude-oil exports in 2022 to facilitate further consolidation and compensate for the 2020 deficit overrun.
  - Staff encourages authorities to seek understanding with WAEMU authorities on a temporary deviation from the fiscal deficit convergence criterion.
- Financing conditions and gap:
  - Debt reprofiling in January 2020: Niger borrowed the equivalent of 1.5 percent of GDP from a foreign commercial bank with a maturity of 10 years and 2 grace years and repaid the equivalent amount in short-term debt held by regional banks.
  - Program designed around Niger not raising new funds in regional and domestic markets on a net basis for the rest of this year.
  - Under these assumptions and the higher deficit, a fiscal financing gap of 3 percent of GDP emerges.
  - Grants that cover part of this gap reduce the fiscal deficit one-for-one below the 5 percent of GDP figure.

### Access and capacity to repay
- Authorities request RCF access of SDR 83.66 million (63.6 percent of quota, 0.9 percent of GDP), with full disbursement as direct budget support and conditional on Executive Board approval of requested rephasing.
- Performance under the ECF-supported program broadly satisfactory through January 8, 2020, but more mixed since then with underperforming revenues and difficulties recalibrating program parameters; precluded timely 6th program review and led to requests for program extension and rephasing of the final disbursement.

*IMF staff mission discussions held remotely March 31–April 8, 2020; approved by David Owen (AFR) and Ashvin Ahuja (SPR).*

### External position and trade effects
- Exports:
  - Exports of refined petroleum products will fetch lower prices.
  - Other exports, notably in agricultural products, will suffer.
- Imports:
  - Imports below what would otherwise have been the case, reflecting delays in import-intensive foreign-financed projects and the general slowdown.
- Trade and balance implications:
  - On balance, the trade balance worsens, considering that the government’s saving-investment balance deteriorates.
  - Weakening of the capital and financial account expected: tighter regional financial markets likely to curtail portfolio investment; FDI will be lower due to delayed project implementation.
  - Overall external balance deteriorates by CFAF 235 billion (3 percent of GDP) — a financing gap if further recourse to regional international reserves is to be avoided.

### Financing, program adjustments, and IMF support
- Disbursements under the ECF arrangement expected to be delayed, with anticipated slippages due to COVID-19.
- Authorities requested an RCF to address urgent balance of payments needs and to allow time to recalibrate the program.
- Rephasing of the final disbursement under the ECF proposed to ensure maximum possible RCF access.
- Pre-pandemic donor support slated:
  - Some 4.1 percent of post-COVID GDP in budget support.
  - 8.1 percent of post-COVID GDP in project support.
- These commitments no longer suffice to cover external financing needs of 14.9 percent of GDP.
- The requested RCF disbursement would fill about 30 percent of the estimated external financing gap.
- Niger will receive debt relief from the CCRT; several multilaterals have announced additional support for the region.

### Niger: External Financing Requirements and Sources, 2020 (selected figures)
- Financing needs:
  - Financing needs: CFAF 1,165 billions; Percent of GDP: 14.9; US$ millions: 1,954
  - Current account deficit: CFAF 1,180 billions; Percent of GDP: 15.1; US$ millions: 1,979
  - O/w grants for budgetary assistance: CFAF 164 billions; Percent of GDP: 2.1; US$ millions: 275
  - Net payments from the IMF 1/: CFAF 150 billions; Percent of GDP: 0.2; US$ millions: 25
  - Reserve accumulation (gross): CFAF 0; Percent of GDP: 0.0; US$ millions: 0
- Financing sources:
  - Financing sources total: CFAF 930 billions; Percent of GDP: 11.9; US$ millions: 1,559
  - Capital account: CFAF 518 billions; Percent of GDP: 6.8; US$ millions: 869
    - O/w project grants: CFAF 474 billions; Percent of GDP: 6.1; US$ millions: 795
  - Financial account: CFAF 412 billions; Percent of GDP: 5.3; US$ millions: 691
    - O/w loans for budgetary assistance: CFAF 156 billions; Percent of GDP: 2.0; US$ millions: 262
    - O/w project loans: CFAF 154 billions; Percent of GDP: 2.0; US$ millions: 258
- Financing gap and prospective additional resources:
  - Financing gap: CFAF -235 billions; Percent of GDP: -3.0; US$ millions: -394
  - Additional financing resources: CFAF 75 billions; Percent of GDP: 1.0; US$ millions: 125
  - Financing from the IMF under the RCF: CFAF 69.0 billions; Percent of GDP: 0.9; US$ millions: 115
  - Prospective financing from the CCRT: CFAF 6.0 billions; Percent of GDP: 0.1; US$ millions: 10
  - Remaining financing gap after these: CFAF -160 billions; Percent of GDP: -2.0; US$ millions: -269

(Source: IMF staff projections. 1/ Before prospective debt service relief from the CCRT.)

### Debt sustainability, capacity to repay, and safeguards
- Debt levels and risk classification:
  - Public and publicly guaranteed (PPG) debt at end-2019:
    - Nominal: 42 percent of GDP.
    - Present value (PV): 34 percent of GDP.
  - Baseline scenario:
    - Debt sustainable — after an uptick by 3.4 percent of GDP in 2020, debt-to-GDP ratio enters a downward trajectory.
    - PV of external PPG debt hovers around the 180-percent threshold until crude-oil exports start in 2022; the one-year breach in 2020 treated as temporary.
  - DSA rating: Niger’s risk of debt distress is “moderate” — unchanged from June 2019.
- Capacity to repay the Fund:
  - Disbursement under the proposed RCF, together with the remaining purchase under the ECF, would bring Niger’s outstanding obligations to the Fund in 2020 to 3 percent of GDP, equivalent to 218.3 percent of quota.
  - Associated debt service would not exceed 0.2 percent of GDP or 1.5 percent of export earnings annually in subsequent years.
- Safeguards:
  - BCEAO has one outstanding recommendation from the 2018 safeguards assessment related to strengthening the risk management function, which is in process.
  - Assessment found the central bank has maintained a strong control culture.

### Program under the concurrent ECF arrangement and policy priorities
- Medium-term orientation:
  - Maintain macroeconomic stability as the core goal.
  - Prudent fiscal policy envisaged to make the final consolidation push in 2021 and 2022, underpinned by reforms to mobilize domestic revenues and improvements in spending quality.
- Policy measures to address pandemic effects:
  - Implement schemes to improve access to credit to counter likely financing squeeze and support private-sector development.
  - Ensure financial assistance received for emergency spending is used for its intended purposes, with centralized costing, assessment, and oversight of crisis measures at the Ministry of Finance.
- Timing adjustment:
  - Authorities request rephasing of the final disbursement under the ECF-supported program, with June 27, 2020 as new availability date.

### Staff appraisal and recommendations
- Staff assessment:
  - Niger’s response is broadly appropriate: focus on prevention and containment while ramping up capacities; accommodating fiscal pressures and seeking external support are appropriate.
  - Staff welcomes centralizing costing, assessment, and oversight at the Ministry of Finance.
- Staff recommendations and support:
  - Fiscal consolidation once the COVID-19 pandemic has passed, underpinned by revenue mobilization and spending quality improvements, to preserve public debt sustainability and macroeconomic stability.
  - Staff supports authorities’ request for Fund resources in the amount of SDR 83.66 million (63.6 percent of quota) under the RCF, provided the Board approves the requested rephasing.
  - Staff also supports the authorities’ request for rephasing under the ECF-supported program.

*Source: IMF staff projections.*

### Staff support for further international financial support
- Rationale:
  - Additional resources required to fill the financing gap that would remain despite the requested RCF disbursement; bolster defenses against downside risks; and finance additional measures to cushion the economic and social consequences of the pandemic.
- Staff supports authorities’ call for further international financial support to:
  - fill residual financing gaps in the balance of payments after the requested RCF disbursement;
  - bolster defenses against downside risks to the macroeconomic outlook; and
  - finance additional measures to cushion the economic and social consequences of the pandemic.
- Selected balance of payments and fiscal indicators cited (as presented):
  - Current account balance (billions CFAF, headline series): "-742-903-1,075   -1,003-1,311   -1,180-1,431-969-851-793-849"
  - Current account balance (percent of GDP): "-11.4-12.7-14.1-13.2-15.9-15.1-16.6-9.7-7.9-6.7-6.5"
  - Exports, f.o.b. (billions CFAF): "700668740747828717866    1,339   1,513   1,712    1,963"
  - Imports, f.o.b. (billions CFAF): "1,136   1,2681,508   1,4541,733   1,5671,836    1,751   1,732   1,8031,958"
  - Total revenue and total expenditure (percent of GDP, headline series): 
    - "Total revenue 10.5    12.111.4    11.212.1    10.212.2    13.2    13.5    13.8    14.1"
    - "Total expenditure and net lending19.5    21.121.3    21.521.6    22.621.7    20.6    20.4    20.6    20.8"

### Annex I — Bank-Fund Debt Sustainability Analysis (DSA) summary
- Summary and risk rating:
  - Real GDP growth for 2020 cut to 1 percent from 6 percent previously projected.
  - Fiscal deficit headed for 5 percent of GDP, compared to 2.7 percent previously projected.
  - Baseline assumes financing gap filled by financial assistance from IFIs and donors on favorable terms.
  - DSA rates Niger’s risk of debt distress as “moderate.”
  - Debt-carrying capacity rated as “medium,” composite indicator (CI) reading of 2.94 based on the October 2019 WEO vintage and the 2018 CPIA.
- Macroeconomic projections (selected):
  - Real GDP growth: 2020 = 1.0 percent; 2021 = 8.1 percent; 2022 = 13.2 percent; 2023 = 6.2 percent; 2024 = 7.0 percent; 2025 = 8.1 percent; 2030 = 6.3 percent; 2040 = 6.7 percent.
  - GDP deflator in US dollar terms (change in percent): 2020 = 1.9; 2021 = 3.0; 2022 = 2.5; 2023 = 2.3; 2024 = 2.2; 2025 = 2.2; 2030 = 2.0; 2040 = 2.2.
- Debt stocks and key indicators (selected):
  - External debt (nominal) (percent of GDP): 2019 = 48.8; 2020 = 51.1; 2021 = 48.5; 2022 = 44.0; 2023 = 42.7; 2024 = 41.2; 2025 = 39.4; 2030 = 35.2; 2040 = 30.3.
  - PPG external debt (percent of GDP): 2019 = 26.5; 2020 = 30.3; 2021 = 29.7; 2022 = 27.3; 2023 = 26.9; 2024 = 26.4; 2025 = 25.6; 2030 = 23.0; 2040 = 18.2.
  - Public sector debt (percent of GDP): 2019 = 42.0; 2020 = 45.4; 2021 = 43.7; 2022 = 40.1; 2023 = 39.3; 2024 = 38.3; 2025 = 37.1; 2030 = 35.9; 2040 = 27.4.
  - Primary deficit (percent of GDP): 2019 = 2.6; 2020 = 2.8; 2021 = 1.7; 2022 = 1.4; 2023 = 1.4; 2024 = 1.4; 2025 = 1.4; 2030 = 1.2.
  - Government revenues (excluding grants, percent of GDP): 2017 = 10.5; 2018 = 12.1; 2019 = 11.2; 2020 = 10.5; 2021 = 12.2; 2022 = 13.2; 2023 = 13.5; 2024 = 13.8; 2025 = 14.1; 2030 = 14.9.
  - Gross external financing need (Million of U.S. dollars): examples include 2017 = 1055.7; 2018 = 1293.1; 2019 = 1222.7; 2020 = 1523.2; 2021 = 1559.6; 2022 = 1496.0; 2023 = 1473.8; 2024 = 1366.5; 2025 = 1448.4; 2030 = 2073.9; 2040 = 6986.9.
- Stress tests and scenarios:
  - Mechanical DSA risk ratings: Moderate (external) and Moderate (public).
  - Most extreme stress tests include Combination shocks, Exports shock, Commodity price shock, and one-off shocks such as a 30 percent nominal depreciation.
  - Sensitivity analysis shows potential threshold breaches under adverse scenarios.
- Policy implications:
  - Vigilance in taking on external debt due to erosion of buffers from the pandemic.
  - Stepped-up efforts to diversify exports to reduce vulnerability to commodity-price and export shocks.
  - Attention to fiscal risks from PPPs and SOEs to mitigate debt vulnerabilities.
  - Continued reliance on concessional financing and donor/IFI support assumed in the baseline to fill immediate financing gaps.

### Appendix I — Letter of Intent (Niamey, April 8, 2020) — requests and commitments
- Requests to the IMF:
  - Rephase access under the ECF arrangement, new availability date for the last disbursement: June 27, 2020.
  - Request RCF assistance of SDR83.66 million (63.6 percent of quota), full amount to be disbursed as direct budget support upon Executive Board approval of rephasing.
  - Efforts to secure additional financial resources from the international community are underway.
- Economic impact and outlook:
  - Pre-pandemic growth averaged above 6 percent and was expected to top 7 percent going forward.
  - COVID-19 shock projections for 2020: Real GDP growth: 1 percent; Inflation: 4.4 percent.
  - Main channels: global recession weighing on trade; delays in large-scale projects (notably crude oil pipeline construction); tighter financing conditions; domestic confinement measures.
- Fiscal effects and financing needs:
  - Expected revenue shortfall: 2.2 percent of GDP.
  - Rise of overall domestically-financed spending: 0.3 percent of GDP (achieved by reprioritizing allocations, donors reshuffling project aid, and international in-kind support).
  - Projected budget deficit: 5 percent of GDP.
  - Financing gap once tighter financing conditions are factored in: 3 percent of GDP.
  - Conditional: if the gap is filled by budget support grants, the budget deficit would retreat below 5 percent of GDP.
  - Government commitment to bring the fiscal deficit below 3 percent of GDP, notably with additional revenues from oil exports expected from 2022.
- Government response plan and measures (estimated cost and funding):
  - Three-pronged response: Health; Social protection; Economic (temporary tax relief).
  - Specific actions: early state of emergency; ministerial committee chaired by the minister of finance to oversee implementation; hire 1,500 additional health workers; food distribution at reduced prices; two months waivers for utility payments for poor households; expansion of cash-transfer programs; waiving tax and customs duties on medical goods and equipment; public transportation VAT exemptions during suspension; implement WAEMU VAT reductions for hotels.
  - Regional monetary/financial measures by BCEAO: increase liquidity to banks; maintain refinancing rates close to 2.5 percent; expand collateral for BCEAO refinancing; encourage participation in regional refinancing schemes for SME credit; monitor non-performing loans.
  - Estimated cost of the riposte plan: CFAF 597 billion or 7.6 percent of GDP.
  - Funding note: full implementation requires significant grants and concessional financial support from the international community.
- ECF program status and commitments:
  - Fifth review completed in January; program period extended to July 2020.
  - Request to rephase the final disbursement under the arrangement due to unsettled outlook.
  - Government commitments: maintain macroeconomic stability; strengthen fiscal revenue base and spending efficiency; foster good governance and promote local formal private sector; refrain from crisis measures that permanently damage revenue base; maintain fiscal transparency by enshrining crisis measures in a supplementary budget; centralize costing and accounting of crisis measures at the Ministry of Finance; ensure financial assistance received is used for intended purposes; accelerate reforms for better access to credit and stronger social protection.
- Administrative:
  - Date and place: Niamey, April 8, 2020.
  - Signed by: /s/ Mamadou Diop, Minister of Finance.
  - Government authorizes IMF to publish this Letter of Intent and the staff report for the RCF request.

*Appendix I. Letter of Intent, Niamey, April 8, 2020.*

### EXECUTIVE SUMMARY

### EXECUTIVE SUMMARY

### CONTEXT
- The COVID-19 pandemic is inflicting significant damage on Niger’s economy amid a deteriorating security situation in the Sahel.
- First local infection reported on March 19, 2020; state of emergency declared on March 27, 2020.
- Authorities adopted a comprehensive response plan covering health care measures and social and economic mitigation.
- Growth is projected to drop to 1 percent in 2020 due to slower exports, delays in large-scale foreign-financed projects, tighter financial conditions, and domestic containment measures.
- Public finances: deficit widening to 5 percent of GDP and a financing gap of 3 percent of GDP.
- Balance of payments deterioration driven by lower regional bank investment in government paper, reduced FDI, and a deterioration of the trade balance.
- Request to the Fund: financial assistance of SDR 83.66 million (63.6 percent of quota, 0.9 percent of GDP) under the Rapid Credit Facility (RCF), with the full amount to be disbursed as direct budget support.
- Additional international financial support anticipated.
- Current ECF arrangement: SDR 118.44 million (90 percent of quota), running through end-July 2020; 5th program review concluded on January 8, 2020. Rephasing of the final disbursement requested due to delays.

### INITIAL CRISIS RESPONSE
- Inter-ministerial committee established in February 2020, headed by the Prime Minister.
- Measures implemented: awareness campaigns, establishment of testing capacities, equipping entry points (especially airports), successive tightening of quarantine, border closures on March 19, 2020, and a state of emergency (restriction of movement and nightly curfew in Niamey) declared March 29, 2020.
- A donor-presented COVID-19 response plan on March 25, 2020:
  - Full implementation cost: CFAF 597 billion (7.6 percent of GDP).
  - Plan includes health measures and steps to contain social and economic fallout; large grants from the international community required for affordability.
- Government announced a focused set of concrete measures in the President’s emergency-declaration speech.

### POLICY ISSUES AND DISCUSSIONS

#### A. The Revised Economic Outlook
- Channels of impact:
  - Decline in net exports of agricultural products as oil-dependent Nigeria falls into recession.
  - Hiatus in implementation of large-scale foreign projects due to constrained foreign supplies and workers.
  - Sharply higher interest-rate spreads for emerging markets likely to raise credit costs and reduce availability.
- Revised growth projection for 2020: lowered from 6 percent to 1 percent.
- Sectors most affected: construction, commerce and trade, agriculture, hospitality.
- Assumptions:
  - Pandemic disruptions assumed to run their course in the second half of 2020.
  - Growth in 2021 somewhat higher than earlier projected; previous GDP trajectory nearly re-attained in 2022.
- Inflation outlook:
  - Authorities expect a temporary sharp rise in food price inflation; consumer prices could rise by 4.4 percent in 2020.
  - Inflation expected to normalize to below the WAEMU norm of 3 percent from next year.
- Risks:
  - Balance of risks tilted to the downside: possibility of prolonged reduced economic activity with hysteresis effects and potential further deterioration of the Sahel security situation.

#### B. Policies to Contain the Economic and Social Fallout from the Crisis
- Health measures:
  - Immediate focus on prevention and containment; later strengthening of health care capabilities.
  - Additional costs for test kits, protective equipment, isolation centers; training largely via technical assistance.
  - Plan to hire 1,500 additional health workers, bringing total staff to some 10,500.
  - Broader health-system upgrades contingent on funding availability.
- Social mitigation:
  - Plans to distribute food at reduced prices or free from the strategic food reserve.
  - Plans to waive utility payments for poor households for two months.
  - Staff suggestions: expand cash-transfer programs, provide incentives for mobile money account openings, and target measures as practicably possible.
- Economic measures:
  - Tax and customs relief for import of medical goods; importers allowed to delay payment of border taxes by up to three months with a bank guarantee.
  - Delays in vehicle vignette tax payments for two months and tax-filing deadlines in hospitality, entertainment, and sport sectors.
  - Public transport sector VAT-exempt during suspension of services; WAEMU directive for reduced VAT rate for hotels to be transposed.
  - Staff advice: keep tax measures well targeted; consider accelerating payments of suppliers to the government and public enterprises; push back tax filing dates with discounts for on-time payers; suspend presumptive taxes on micro enterprises.
  - Authorities cautioned that these measures require expeditious donor financial support to avoid liquidity problems.
- Monetary and financial sector actions:
  - BCEAO measures: raise liquidity to banks, keep refinancing rates close to corridor floor of 2.5 percent, expand collateral for central bank refinancing, encourage use of regional refinancing scheme for SME loans.
  - Staff suggested expedited activation of national credit-access schemes.
  - NPLs: current NPLs about 15 percent of total loans; decision to allow classification of COVID-19 related payment difficulties as a subcategory of performing loans to provide breathing space.
  - Staff recommended accelerating government payments to suppliers to help reduce NPL pressures.
- Fiscal safeguards and transparency:
  - Centralized assessment and costing of crisis measures in the Ministry of Finance.
  - Preparation of a supplementary budget to cover new measures and rearrange existing allocations to limit overall spending rise.
  - Authorities and staff to remain in close contact on addressing economic and social fallout.

#### C. Fiscal Policy
- Revenue impact:
  - Pandemic affects public finances predominantly via revenues.
  - 2020 revenues expected to be 2.2 percent of GDP lower than previously projected.
  - Authorities and staff do not expect significant long-term revenue losses due to temporary nature of pandemic and measures.
- Expenditure impact:
  - Authorities called for an increase of health and health-related spending by up to 2 percent of GDP.
  - Economic and social mitigation measures will add to outlays where not delivered as tax relief.
  - Authorities plan to limit the rise of domestically-financed public expenditure to 0.3 percent of GDP relative to last ECF review by reprioritizing allocations and leveraging donor in-kind support.
- Fiscal stance:
  - Fiscal deficit for 2020 projected to reach 5.0 percent of GDP, versus 2.7 percent of GDP planned in the 5th program review.
  - Staff agreed that accommodating revenue and expenditure pressures is appropriate in 2020; consolidation would be counterproductive now.
  - Authorities aim to bring the deficit close to the WAEMU norm of 3 percent of GDP as the economy rebounds next year.
  - Additional revenues of between 1 and 2 percent of GDP expected from the start of crude-oil exports in 2022 to facilitate further consolidation and compensate for the 2020 deficit overrun.
  - Staff encourages authorities to seek understanding with WAEMU authorities on a temporary deviation from the fiscal deficit convergence criterion.
- Financing conditions:
  - Fiscal financing gap likely to emerge; challenges anticipated in regional markets where banks from other WAEMU countries purchase Niger’s T-bills and bonds.
  - Debt reprofiling in January 2020: Niger borrowed the equivalent of 1.5 percent of GDP from a foreign commercial bank with a maturity of 10 years and 2 grace years and repaid the equivalent amount in short-term debt held by regional banks.
  - Authorities and staff assumed prudence by designing the fiscal program around Niger not raising new funds in regional and domestic markets on a net basis for the rest of this year.
  - Under these assumptions and the higher deficit, a fiscal financing gap of 3 percent of GDP emerges.
  - Grants that cover part of this gap reduce the fiscal deficit one-for-one below the 5 percent of GDP figure.

### ACCESS AND CAPACITY TO REPAY
- Authorities request RCF access of SDR 83.66 million (63.6 percent of quota, 0.9 percent of GDP), with full disbursement as direct budget support and conditional on Executive Board approval of requested rephasing.
- Performance under the ECF-supported program has been broadly satisfactory through January 8, 2020, but more mixed since then with underperforming revenues and difficulties recalibrating program parameters amid the evolving global crisis; this precluded a timely 6th program review and led to requests for program extension and rephasing of the final disbursement.

*IMF staff mission discussions held remotely March 31–April 8, 2020; approved by David Owen (AFR) and Ashvin Ahuja (SPR).*

### 19.      The economic disruptions are likely to deteriorate Niger’s overall external position.

### 19.      The economic disruptions are likely to deteriorate Niger’s overall external position.

### External position and trade effects
- Exports:
  - Exports of refined petroleum products will fetch lower prices.
  - Other exports, notably in agricultural products, will suffer.
- Imports:
  - Imports will be below what would have otherwise been the case, reflecting delays in the implementation of import-intensive foreign-financed projects and the general economic slowdown.
- Trade and balance implications:
  - On balance, the trade balance worsens, considering that the government’s saving-investment balance deteriorates.
  - A weakening of the capital and financial account is expected:
    - Tighter regional financial markets are likely to curtail portfolio investment.
    - FDI will be lower on account of delayed project implementation.
  - The overall external balance deteriorates by CFAF 235 billion (3 percent of GDP) — a financing gap if further recourse to regional international reserves is to be avoided.

### Financing, program adjustments, and IMF support
- Disbursements and program timing:
  - Disbursements under the ECF arrangement are expected to be delayed, with anticipated slippages in light of the COVID-19 pandemic.
  - Because of urgency of the balance of payments need and need for additional time to recalibrate the program, the authorities are requesting an RCF.
  - To ensure maximum possible access under the RCF, a rephasing of the final disbursement under the ECF is proposed.
- Role of the RCF and donor support:
  - The requested financing under the exogenous shocks window of the RCF would help fill important gaps in Niger’s external and fiscal accounts.
  - Niger was already slated to benefit from donor support before the pandemic:
    - Some 4.1 percent of post-COVID GDP in budget support.
    - 8.1 percent of post-COVID GDP in project support.
  - These pre-pandemic commitments no longer suffice to cover external financing needs of 14.9 percent of GDP.
  - The requested RCF disbursement would fill about 30 percent of the estimated external financing gap.
  - Niger will also receive debt relief from the CCRT.
  - Several multilaterals have announced additional support for the region.

### Niger: External Financing Requirements and Sources, 2020 (selected figures)
- Financing needs:
  - Financing needs: CFAF 1,165 billions; Percent of GDP: 14.9; US$ millions: 1,954
  - Current account deficit: CFAF 1,180 billions; Percent of GDP: 15.1; US$ millions: 1,979
  - O/w grants for budgetary assistance: CFAF 164 billions; Percent of GDP: 2.1; US$ millions: 275
  - Net payments from the IMF 1/: CFAF 150 billions; Percent of GDP: 0.2; US$ millions: 25
  - Reserve accumulation (gross): CFAF 0; Percent of GDP: 0.0; US$ millions: 0
- Financing sources:
  - Financing sources total: CFAF 930 billions; Percent of GDP: 11.9; US$ millions: 1,559
  - Capital account: CFAF 518 billions; Percent of GDP: 6.8; US$ millions: 869
    - O/w project grants: CFAF 474 billions; Percent of GDP: 6.1; US$ millions: 795
  - Financial account: CFAF 412 billions; Percent of GDP: 5.3; US$ millions: 691
    - O/w loans for budgetary assistance: CFAF 156 billions; Percent of GDP: 2.0; US$ millions: 262
    - O/w project loans: CFAF 154 billions; Percent of GDP: 2.0; US$ millions: 258
- Financing gap and prospective additional resources:
  - Financing gap: CFAF -235 billions; Percent of GDP: -3.0; US$ millions: -394
  - Additional financing resources: CFAF 75 billions; Percent of GDP: 1.0; US$ millions: 125
  - Financing from the IMF under the RCF: CFAF 69.0 billions; Percent of GDP: 0.9; US$ millions: 115
  - Prospective financing from the CCRT: CFAF 6.0 billions; Percent of GDP: 0.1; US$ millions: 10
  - Remaining financing gap after these: CFAF -160 billions; Percent of GDP: -2.0; US$ millions: -269

  (Source: IMF staff projections. 1/ Before prospective debt service relief from the CCRT.)

### Debt sustainability, capacity to repay, and safeguards
- Debt levels and risk classification:
  - Public and publicly guaranteed (PPG) debt at end-2019:
    - Nominal: 42 percent of GDP.
    - Present value (PV): 34 percent of GDP.
  - In the baseline scenario:
    - Debt is sustainable — after an uptick by 3.4 percent of GDP in 2020, the debt-to-GDP ratio enters a downward trajectory.
    - Due to a feeble export base until prospective start of crude-oil exports in 2022, the PV of external PPG debt hovers in the interim around the 180-percent threshold.
    - The one-year breach in 2020 is treated as a temporary setback reflecting COVID-19 impacts.
  - DSA rating: Niger’s risk of debt distress is “moderate” — unchanged from June 2019.
- Capacity to repay the Fund:
  - The disbursement under the proposed RCF, together with the remaining purchase under the ECF, would bring Niger’s outstanding obligations to the Fund in 2020 to 3 percent of GDP, equivalent to 218.3 percent of quota.
  - Associated debt service would remain modest in subsequent years, not exceeding 0.2 percent of GDP or 1.5 percent of export earnings annually.
  - Remaining risks are mitigated by commitments under the existing ECF-supported program.
- Safeguards:
  - The BCEAO has one outstanding recommendation from the 2018 safeguards assessment, relating to strengthening the risk management function, which is in process.
  - The assessment found that overall the central bank has maintained a strong control culture.

### Program under the concurrent ECF arrangement and policy priorities
- Medium-term policy orientation:
  - Authorities’ medium-term macroeconomic policies remain guided by the objectives of the ECF-supported program, with maintaining macroeconomic stability as the core goal.
  - Prudent fiscal policy envisaged to make the final consolidation push in 2021 and 2022, underpinned by:
    - Reforms to mobilize domestic revenues.
    - Improvements in spending quality.
  - Policy measures to address pandemic effects:
    - Implement schemes to improve access to credit to counter likely financing squeeze and support private-sector development.
    - Ensure financial assistance received for emergency spending is used for its intended purposes, with centralized costing, assessment, and oversight of crisis measures at the Ministry of Finance.
- Timing adjustment:
  - Authorities are requesting a rephasing of the final disbursement under the ECF-supported program, with June 27, 2020 as new availability date.

### Staff appraisal and recommendations
- Assessment of authorities’ response:
  - Niger is confronting COVID-19 challenges in a broadly appropriate way, focusing on prevention and containment while ramping up capacities.
  - Accommodating fiscal pressures, seeking external financial support, and putting in place a package of targeted measures to contain economic and social fallout are appropriate.
  - Staff welcomes centralizing costing, assessment, and oversight at the Ministry of Finance.
- Policy recommendations and support:
  - Fiscal consolidation once the COVID-19 pandemic has passed, underpinned by revenue mobilization and spending quality improvements, should preserve public debt sustainability and macroeconomic stability.
  - Staff supports the authorities’ request for the use of Fund resources in the amount of SDR 83.66 million, equivalent to 63.6 percent of quota under the RCF, provided the Board approves the requested rephasing.
  - Staff also supports the authorities’ request for rephasing under the ECF-supported program.

*Source: IMF staff projections.*

### 29.      Staff supports the authorities’ call for further financial support from the international

### 29. Staff supports the authorities’ call for further financial support from the international community

### Rationale for additional international financial support
- "Not only are additional resources required to fill the financing gap in Niger’s balance of payments that would remain despite the requested disbursement under the RCF, strong defenses against downside risks to the outlook presented here are essential and additional measures to cushion the economic and social consequences of the pandemic would be desirable."
- Staff supports the authorities’ call for further financial support from the international community to: 
  - fill residual financing gaps in the balance of payments after the requested RCF disbursement;
  - bolster defenses against downside risks to the macroeconomic outlook; and
  - finance additional measures to cushion the economic and social consequences of the pandemic.

### Prospective exceptional financing (as presented)
- Prospective exceptional financing from the RCF: "......  ......  ...0.9  ..............."
- Prospective exceptional financing from the CCRT: "......  ......  ...0.1 0.2 0.1........."
- Financing gap (Table 5 / Table 6 memoranda): "0.00.00.00.00.03.00.70.10.00.00.0" (financing gap entries as reported)

### Key balance of payments and external indicators cited
- Current account balance (Table 5 headline series; billions of CFA francs): "-742-903-1,075   -1,003-1,311   -1,180-1,431-969-851-793-849"
- Current account balance (in percent of GDP, Table 6): "-11.4-12.7-14.1-13.2-15.9-15.1-16.6-9.7-7.9-6.7-6.5"
- Exports, f.o.b. (Table 5 headline series; billions of CFA francs): "700668740747828717866    1,339   1,513   1,712    1,963"
- Exports, f.o.b. (in percent of GDP, Table 6): "10.89.49.79.910.19.210.013.414.014.515.1"
- Imports, f.o.b. (Table 5 headline series; billions of CFA francs): "1,136   1,2681,508   1,4541,733   1,5671,836    1,751   1,732   1,8031,958"
- Imports, f.o.b. (in percent of GDP, Table 6): "17.517.819.819.221.020.021.317.616.015.315.1"

### Fiscal context and vulnerabilities referenced in supporting tables
- Overall balance (commitment) (Table 2 headline series; in billions of CFA francs): "-586-643-753-783-780-973-826-743-749-801-881"
- Overall balance (commitment, WAEMU anchor) (Table 2): "-267-214-214-269-223-390  -286-256-269-294-323"
- Basic balance (excl. budget grants) (Table 2): "-236-204-202-267-167-390-182-109-120-143-191"
- Total revenue and total expenditure (Table 1 headline percent-of-GDP series): 
  - "Total revenue 10.5    12.111.4    11.212.1    10.212.2    13.2    13.5    13.8    14.1"
  - "Total expenditure and net lending19.5    21.121.3    21.521.6    22.621.7    20.6    20.4    20.6    20.8"

### Policy implications and recommendations implied by staff position
- Mobilize additional concessional and exceptional external financing to:
  - fill residual balance of payments financing gaps that remain after RCF disbursement;
  - support short-term foreign reserve needs and reduce vulnerability to external shocks; and
  - finance targeted economic and social measures to mitigate the pandemic’s adverse effects.
- Strengthen defenses against downside risks by combining external financing with prudent fiscal and monetary management (as reflected in the fiscal and monetary aggregates presented).
- Ensure timely availability of prospective exceptional financing (RCF and CCRT entries reported) to support the authorities’ liquidity and social support needs.

*International Monetary Fund — Staff report excerpt (page/section 29).*

### Annex I. Bank-Fund Debt Sustainability Analysis

### Annex I. Bank-Fund Debt Sustainability Analysis

### Summary and Risk Rating
- Real GDP growth for 2020 has been cut to 1 percent, from 6 percent previously projected.  
- The fiscal deficit is now headed for 5 percent of GDP, compared to 2.7 percent of GDP previously projected.  
- The implied financing gap is assumed to be filled by financial assistance from IFIs and donors at favorable terms.  
- Long-term economic outlook and policy thrust remain largely intact despite the COVID-19 shock.  
- This DSA continues to rate Niger’s risk of debt distress as “moderate.”  
- Niger’s debt-carrying capacity remains rated as “medium,” with a composite indicator (CI) reading of 2.94 based on the October 2019 WEO vintage and the 2018 CPIA.  
- One-time breach of the threshold for the PV of PPG external debt in 2020 due to the COVID-19 pandemic is discounted.

### Macroeconomic Projections and Financing Strategy
- Macroeconomic shock:
  - Real GDP growth: 2020 = 1.0 percent; 2021 = 8.1 percent; 2022 = 13.2 percent; 2023 = 6.2 percent; 2024 = 7.0 percent; 2025 = 8.1 percent; 2030 = 6.3 percent; 2040 = 6.7 percent.
  - GDP deflator in US dollar terms (change in percent): 2020 = 1.9; 2021 = 3.0; 2022 = 2.5; 2023 = 2.3; 2024 = 2.2; 2025 = 2.2; 2030 = 2.0; 2040 = 2.2.
- Financing assumptions:
  - Additional financial assistance from IFIs and donors on favorable terms is the assumed source to fill the financing gap.
  - Grant-equivalent financing (in percent of GDP) around projection years: examples include 9.9, 8.0, 6.1, 5.5, 5.3, 5.2, 4.7, 4.4 (as presented in the table).
  - Grant-equivalent financing (in percent of external financing) shown at 68.8, 77.5, 75.6, 74.7, 74.5, 76.2, 77.8, 79.9, 75.8 (selected projection entries).

### Debt Stocks and Key Indicators (selected)
- External debt (nominal) (percent of GDP): 2019 = 48.8; 2020 = 51.1; 2021 = 48.5; 2022 = 44.0; 2023 = 42.7; 2024 = 41.2; 2025 = 39.4; 2030 = 35.2; 2040 = 30.3.
- Of which: public and publicly guaranteed (PPG) external debt (percent of GDP): 2019 = 26.5; 2020 = 30.3; 2021 = 29.7; 2022 = 27.3; 2023 = 26.9; 2024 = 26.4; 2025 = 25.6; 2030 = 23.0; 2040 = 18.2.
- Public sector debt (percent of GDP): 2019 = 42.0; 2020 = 45.4; 2021 = 43.7; 2022 = 40.1; 2023 = 39.3; 2024 = 38.3; 2025 = 37.1; 2030 = 35.9; 2040 = 27.4.
- Primary deficit (percent of GDP): 2019 = 2.6; 2020 = 2.8; 2021 = 1.7; 2022 = 1.4; 2023 = 1.4; 2024 = 1.4; 2025 = 1.4; 2030 = 1.2.
- Government revenues (excluding grants, percent of GDP): 2017 = 10.5; 2018 = 12.1; 2019 = 11.2; 2020 = 10.5; 2021 = 12.2; 2022 = 13.2; 2023 = 13.5; 2024 = 13.8; 2025 = 14.1; 2030 = 14.9.
- Gross external financing need (Million of U.S. dollars): examples include 2017 = 1055.7; 2018 = 1293.1; 2019 = 1222.7; 2020 = 1523.2; 2021 = 1559.6; 2022 = 1496.0; 2023 = 1473.8; 2024 = 1366.5; 2025 = 1448.4; 2030 = 2073.9; 2040 = 6986.9.

### Stress Tests, Scenarios, and Vulnerabilities
- Risk ratings from mechanical DSA: Mechanical risk rating under the external DSA = Moderate; Mechanical risk rating under the public DSA = Moderate.
- Stress tests and alternative scenarios demonstrate vulnerability to commodity price and export shocks.
- Most extreme stress tests identified include: Combination shocks, Exports shock, Commodity price shock, and one-off shocks such as a one-time depreciation (30 percent nominal depreciation presented in sensitivity tables).
- Sensitivity analysis highlights potential breaches of thresholds under adverse scenarios (bold values in sensitivity tables indicate threshold breaches for indicators such as PV of debt-to-exports, debt service-to-exports, PV of debt-to-GDP).
- Historical and projected debt-creating flows show:
  - Identified net debt-creating flows: 2019 = 8.4 (percent of GDP); 2020 = 9.6; 2021 = 5.3; 2022 = 1.6; 2023 = 3.9; 2024 = 3.0; 2025 = 2.5; 2030 = 3.3.
  - Non-interest current account deficit (percent of GDP): 2019 = 12.9; 2020 = 14.6; 2021 = 16.1; 2022 = 9.2; 2023 = 7.4; 2024 = 6.3; 2025 = 6.1; 2030 = 6.0.
- Realism tools flagged: Large unexpected rise in public debt in last five years.

### Drivers and Debt Dynamics
- Endogenous debt dynamics contributions (selected):
  - Contribution from nominal interest rate: ~0.4–0.5 (various years).
  - Contribution from real GDP growth: negative contributions in many years (e.g., -2.2, -2.9, -2.6 historically; projections show negative contributions in several years reflecting growth effects).
  - Residual (difference between anticipated and actual contributions on debt ratios) shows negative values in recent years (e.g., -5.4, -5.3, -5.3, -7.3, -7.9 in the historical series) and projected residuals around -4.4 to -4.1 in near-term projections.

### Policy Implications and Recommendations (as presented)
- Vigilance in taking on external debt is underscored by the erosion of buffers due to the pandemic.  
- Stepped-up efforts to diversify exports to reduce vulnerability to commodity-price and export shocks.  
- Attention to fiscal risks from PPPs and SOEs is required to mitigate debt vulnerabilities.  
- Continued reliance on concessional financing and donor/IFI support is assumed in the baseline to fill immediate financing gaps.

*Source: Annex I. Bank-Fund Debt Sustainability Analysis (IMF staff estimates and projections).*

### Appendix I. Letter of Intent

### Appendix I. Letter of Intent

### Requests to the IMF
- Request to rephase the access under the Extended Credit Facility (ECF) arrangement, with the new availability date for the last disbursement being June 27, 2020.
- Request for financial assistance under the Rapid Credit Facility (RCF) in the amount of SDR83.66 million, 63.6 percent of its quota, provided that the Executive Board approves the request for rephasing; full amount to be disbursed as direct budget support upon approval by the IMF Executive Board.
- Efforts to secure additional financial resources from the international community are underway.

### Economic impact and outlook
- Pre-pandemic growth: averaged above 6 percent in recent years and was expected to top 7 percent going forward.
- COVID-19 shock projections for 2020:
  - Real GDP growth: 1 percent.
  - Inflation: 4.4 percent.
- Main channels of impact: global recession weighing on trade, delays in large-scale projects (notably crude oil pipeline construction), tighter financing conditions, and domestic confinement measures.
- Additional pre-existing challenges highlighted: tense security situation across the Sahel, adverse climate change, and Nigeria’s closure of its border to trade.

### Fiscal effects and financing needs
- Expected revenue shortfall: 2.2 percent of GDP.
- Rise of overall domestically-financed spending: 0.3 percent of GDP (despite large increases in health, social, and economic mitigation outlays, achieved by reprioritizing existing allocations, donors reshuffling project aid, and international in-kind support).
- Projected budget deficit: 5 percent of GDP.
- Financing gap once tighter financing conditions are factored in: 3 percent of GDP.
- Conditional note: To the extent the gap is filled by budget support grants, the budget deficit would retreat below 5 percent of GDP.
- Government commitment: bring the fiscal deficit below 3 percent of GDP, notably with additional revenues from oil exports expected from 2022.

### External sector and balance of payments
- External position deterioration relative to previous projections due to lower exports and imports.
- Main external impact through the financial account: likely lower foreign direct investment and portfolio investment because of project implementation delays and tighter financial conditions.
- Additional external financing required to avoid undue recourse to regional gross international reserves: 3 percent of GDP.

### Public debt and debt sustainability
- Despite 2020 disruptions, public debt sustainability and capacity to repay the Fund are expected to remain intact.
- Outlook: once dislocations run their course, exports should recover, project implementation resume, and economic growth bounce back.
- Public debt relative to GDP and external public debt relative to exports are expected to enter downward trajectories from next year (conditional on fiscal consolidation and oil revenues).

### Government response (riposte) plan and measures
- Three-pronged response:
  - Health: containment, prevention, and isolation measures; strengthening health care capacities.
  - Social protection: avoid food shortages, scale up food and cash assistance for the most vulnerable, temporarily cover utility bills.
  - Economic: comprehensive package to protect core businesses, mainly through temporary tax relief.
- Specific measures and actions:
  - Early state of emergency including a curfew at night and restriction of movement.
  - Ministerial committee chaired by the minister of finance to oversee implementation.
  - Intention to hire 1500 additional health workers.
  - Distribution of food at reduced prices; two months of waivers for utility payments for poor households.
  - Expansion of cash-transfer programs and incentives to open mobile money accounts.
  - Waiving tax and customs duties on medical goods and equipment.
  - Public transportation exempted from VAT during service suspension; implementation of WAEMU directive to reduce VAT rate for hotels.
- Regional monetary/financial measures by BCEAO:
  - Increase liquidity available to banks.
  - Maintain refinancing rates close to 2.5 percent.
  - Expand collateral for access to BCEAO refinancing.
  - Encourage bank participation in regional refinancing schemes for credit to small and medium-sized enterprises and monitor non-performing loans.
- Estimated cost of the riposte plan: CFAF 597 billion or 7.6 percent of GDP.
- Funding note: Full implementation requires significant grants and concessional financial support from the international community due to domestic revenue losses and increased public spending.

### ECF program status, rephasing, and commitments
- Fifth review of the ECF program completed in January; program period extended to July 2020.
- Unsettled outlook precludes concluding the sixth program review on the normal schedule; request to rephase the final disbursement under the arrangement (recently extended to end-July 2020).
- Government commitments:
  - Maintain macroeconomic stability.
  - Strengthen the fiscal revenue base and improve spending efficiency.
  - Foster good governance and promote the local formal private sector.
  - Refrain from crisis measures that would permanently damage the revenue base.
  - Maintain fiscal transparency by enshrining fiscal crisis measures in a supplementary budget.
  - Centralize costing and accounting of crisis measures at the Ministry of Finance.
  - Ensure financial assistance received is used for its intended purposes.
  - Accelerate reforms for better access to credit and stronger social protection.

### Administrative and authorizations
- Date and place: Niamey, April 8, 2020.
- Signed by: /s/ Mamadou Diop, Minister of Finance.
- Government authorizes the IMF to publish this Letter of Intent and the staff report for the RCF request.

_Appendix I. Letter of Intent, Niamey, April 8, 2020._

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_Source: https://www.imf.org/-/media/files/publications/cr/2020/english/1nerea2020002.pdf_