Niger: Fourth and Fifth Reviews under the Extended Credit Facility Arrangement, Requests for Waivers of Nonobservance of Performance Criteria, Modification of Performance Criteria, and Extension and Rephasing of Arrangement, and First Review under the Resilience and Sustainability Facility Arrangement, and Request for Extension and Rephasing of the Arrangement — Press Release; Staff Report; and Statement by the Executive Director for Niger
IMF Staff Country Reports, July 24, 2024
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- Niger: Fourth and Fifth Reviews under the Extended Credit Facility Arrangement, Requests for Waivers of Nonobservance of Performance Criteria, Modification of Performance Criteria, and Extension and Rephasing of Arrangement, and First Review under the Resilience and Sustainability Facility Arrangement, and Request for Extension and Rephasing of the Arrangement — Press Release; Staff Report; and Statement by the Executive Director for Niger
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Bibliographic details
- Published: July 24, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400284168.002
Economic outlook and key projections
- Growth is expected to rebound briskly in 2024 to 10.6 percent due to:
- the start of oil exports and ensuing spillover effects across the economy,
- increased production in the agricultural sector,
- the lifting of sanctions.
- Political instability and sanctions following the military takeover of July 2023 have severely and persistently affected economic and social conditions.
Program implementation and fiscal/financial developments
- Program implementation was broadly on track at end-June 2023 but was subsequently disrupted by the political crisis.
- The crisis led to the accumulation of external and domestic debt service arrears.
- Subjects highlighted: Arrears, Debt service, Expenditure, External debt, Public debt.
- Keywords emphasized: Arrears, arrears amount, climate change vulnerability, Debt service, Global, oil revenue management strategy, Sustainability facility arrangement, WB engagement, West Africa.
Structural reforms, private sector, and financial sector priorities
- Fostering private sector development is vital for resilient and inclusive growth.
- A stable financial system and financial inclusion are identified as necessary supports for private sector development.
- Progress in implementing reforms under the RSF-supported program is welcomed.
- Stepped up implementation of the measures under the program is essential to:
- build resilience to climate change, and
- lay the foundations to unlock additional finance for climate-related investments.
Policy implications and priorities (implicit recommendations)
- Restore and sustain program implementation to address arrears and fiscal disruptions.
- Advance reforms under the RSF-supported program to strengthen climate resilience and mobilize climate finance.
- Support policies that promote private sector development, financial stability, and financial inclusion to achieve resilient and inclusive growth.
Source: Niger: Fourth and Fifth Reviews under the Extended Credit Facility Arrangement, Requests for Waivers of Nonobservance of Performance Criteria, Modification of Performance Criteria, and Extension and Rephasing of Arrangement, and First Review under the Resilience and Sustainability Facility Arrangement, and Request for Extension and Rephasing of the Arrangement—Press Release; Staff Report; and Statement by the Executive Director for Niger, July 24, 2024.
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- 1nerea2024001