Niger: First Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria — Press Release; Staff Report; and Statement by the Executive Director for Niger
IMF Staff Country Reports, July 19, 2022
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- Niger: First Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria — Press Release; Staff Report; and Statement by the Executive Director for Niger
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Bibliographic details
- Published: July 19, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400216138.002
Overview
- Presents Niger’s First Review under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria.
- Highlights acute food crisis and deteriorating security situation in the Sahel region as drivers of increased fiscal pressures.
- Notes that the war in Ukraine is exacerbating these challenges.
- States that program performance has been broadly satisfactory with all quantitative performance criteria and indicative targets at end-December 2021 met.
- Reports that the implementation of the structural reform agenda is advancing well.
Near- and medium-term economic outlook
- The near- and medium-term economic outlook for Niger is broadly favorable.
- Growth is projected to bounce back in the current year and accelerate thereafter with the start of oil exports through the new pipeline.
Fiscal policy stance and modification request
- A temporary deviation from fiscal targets over 2022–23 is appropriate and warranted.
- Rationale: to accommodate urgent spending needs related to the food crisis and lower budget-support grants from donors.
- Stepped-up efforts to improve domestic revenue mobilization and enhance spending quality will be key to restoring and sustaining fiscal stability.
Financial sector vulnerabilities and inclusion
- Rising financial sector vulnerabilities are highlighted, including those related to deteriorating asset quality, particularly in the microfinance sector.
- These vulnerabilities will need to be carefully monitored.
- Further efforts to foster financial inclusion are recommended.
Program performance and reforms
- All quantitative performance criteria and indicative targets at end-December 2021 were met.
- Structural reform agenda implementation is advancing well.
Key statistics and publication facts
- Pages: 89
- Volume: 2022
- Issue: 227
- Series: Country Report No. 2022/227
- ISBN: 9798400216138
- ISSN: 1934-7685
International Monetary Fund — "Niger: First Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Niger", July 19, 2022.
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