{
  "title": "IMF Executive Board Approves US$275.8 Million ECF Arrangement for Niger",
  "publication": "IMF News, December 8, 2021",
  "sourceUrl": "https://www.imf.org/en/news/articles/2021/12/08/pr21366-imf-executive-board-approves-us2758-million-ecf-arrangement-for-niger",
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  "summary": "Approved a three-year arrangement under the Extended Credit Facility (ECF) equivalent to SDR197.4 million (about US$275.8 million or 150 percent of quota).",
  "publishDate": "2021-12-08",
  "sections": [
    {
      "heading": "Arrangement summary",
      "content": "- Approved a three-year arrangement under the Extended Credit Facility (ECF) equivalent to SDR197.4 million (about US$275.8 million or 150 percent of quota).\n- Immediate disbursement: SDR 39.48 million (about US$55.2 million or 30 percent of quota).\n- Arrangement expected to catalyze additional bilateral and multilateral financial support."
    },
    {
      "heading": "Context and outlook",
      "content": "- Key shocks: decline in economic activity from the COVID-19 pandemic, heightened fiscal pressures from security challenges, and climate-related shocks.\n- Outlook: “The Nigerien economy is expected to rebound in 2021 with economic activity gaining momentum in the medium term, with the start of oil exports through a new pipeline to the Benin coast.”\n- Downside risks highlighted: significant risks related to heightened security challenges in the Sahel region and Niger’s increased exposure to the effects of climate change."
    },
    {
      "heading": "Program objectives and reform priorities",
      "content": "- Macroeconomic stability and foundations for stronger, more inclusive growth.\n- Fiscal space and spending quality:\n  - Broaden domestic revenue mobilization by broadening the tax base, reducing exemptions, and revising the tax code.\n  - Bolster the quality of public spending, including scaling up effective social programs and improving public investment management.\n  - Ensure transparent and efficient management of oil revenues.\n  - Support efforts to meet the regional fiscal deficit convergence criterion and strengthen debt management.\n- Governance, anti-corruption, and private sector development:\n  - Promote development of a diversified private sector and implement reforms to strengthen governance and anti-corruption frameworks to mitigate fiscal risks and strengthen the business environment.\n  - Implement transparency commitments related to pandemic emergency spending, including reporting and publication of beneficial ownership information of companies awarded pandemic-related contracts.\n  - Authorities plan to extend collection and publication of beneficial ownership information to non-competitive procurement contracts and accelerate implementation of the new asset declaration regime.\n- Emphasis: “Firm commitment to reforms and their steadfast implementation will be key to success and to catalyzing additional donor support.”"
    },
    {
      "heading": "Key economic and financial indicators (selected, 2018–22)",
      "content": "- National income and prices (annual percentage change)\n  - GDP at constant prices: 2018: 7.2; 2019: 5.9; 2020: 3.6; 2021: 5.4; 2022: 6.5\n  - Export volume: 2018: -6.9; 2019: -2.2; 2020: -1.1; 2021: -7.8; 2022: 8.4\n  - Import volume: 2018: 8.7; 2019: 9.7; 2020: 1.8; 2021: 3.9; 2022: 13.7\n  - CPI (annual average): 2018: 2.8; 2019: -2.5; 2020: 2.9; 2021: 2.5\n  - CPI (end-of-period): 2018: 1.6; 2019: -2.3; 2020: 3.1; 2021: 3.0\n- Money and credit (annual percentage change)\n  - Broad money: 2018: -2.1; 2019: 15.0; 2020: 17.0; 2021: 11.6; 2022: 14.9\n  - Domestic credit: 2018: 11.4; 2019: -12.2; 2020: 25.2; 2021: 12.3; 2022: 17.9\n  - Credit to the government (net): 2018: 127.8; 2019: -89.5; 2020: 575.8; 2021: 45.3; 2022: 47.1\n  - Credit to the economy: 2018: -4.5; 2019: 13.0; 2020: 8.6; 2021: 6.1; 2022: 10.4\n- Government finances (percent of GDP)\n  - Total revenue: 2018: 12.1; 2019: 11.2; 2020: 10.8; 2021: 10.9; 2022: 11.5\n  - Total expenditure and net lending: 2018: 21.1; 2019: 21.6; 2020: 22.9; 2021: 24.0; 2022: 22.7\n  - Current expenditure: 2018: 9.9; 2019: 9.6; 2020: 10.3\n  - Capital expenditure: 2018: 12.0; 2019: 12.6; 2020: 11.7\n  - Basic balance (excl. grants): 2018: -2.9; 2019: -3.5; 2020: -5.1; 2021: -5.7; 2022: -4.3\n  - Overall balance (incl. grants): 2018: -3.0; 2019: -3.6; 2020: -5.3; 2021: -6.6; 2022: -5.4\n  - Gross investment: 2018: 28.5; 2019: 30.0; 2020: 31.1; 2021: 31.8; 2022: 33.7\n  - Non-government investment: 2018: 18.4; 2019: 19.3; 2020: 20.5; 2021: 20.8; 2022: 23.5\n  - Government investment: 2018: 10.1; 2019: 10.6; 2020: 10.5; 2021: 11.0; 2022: 10.2\n- External sector and debt (percent of GDP)\n  - External current account balance (incl. grants): 2018: -12.7; 2019: -12.6; 2020: -13.5; 2021: -15.3; 2022: -16.3\n  - External current account balance (excl. grants): 2018: -14.6; 2019: -15.6; 2020: -17.2; 2021: -18.0\n  - Total public and publicly-guaranteed debt: 2018: 36.9; 2019: 39.8; 2020: 45.0; 2021: 48.8; 2022: 49.8\n  - Public and publicly-guaranteed external debt: 2018: 25.3; 2019: 26.5; 2020: 31.6; 2021: 32.8; 2022: 32.2\n  - NPV of external debt: 2018: 23.1; 2019: 24.5; 2020: 24.2; 2021: 23.4; 2022: 23.0\n  - Public domestic debt: 2018: 13.3; 2019: 13.4; 2020: 16.0; 2021: 17.6\n- GDP at current market prices (Billions of CFA francs)\n  - 2018: 7,134; 2019: 7,565; 2020: 7,909; 2021: 8,559; 2022: 9,301\n\nIMF Communications Department, Press Release No. 21/366, December 8, 2021.\n\n---\n\n\n References\n\n- Benin and the IMF\n- Niger and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2021/12/08/pr21366-imf-executive-board-approves-us2758-million-ecf-arrangement-for-niger"
    }
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    "Published: December 8, 2021",
    "Approved a three-year arrangement under the Extended Credit Facility (ECF) equivalent to SDR197.4 million (about US$275.8 million or 150 percent of quota).",
    "Immediate disbursement: SDR 39.48 million (about US$55.2 million or 30 percent of quota).",
    "Arrangement expected to catalyze additional bilateral and multilateral financial support.",
    "Key shocks: decline in economic activity from the COVID-19 pandemic, heightened fiscal pressures from security challenges, and climate-related shocks.",
    "Outlook: “The Nigerien economy is expected to rebound in 2021 with economic activity gaining momentum in the medium term, with the start of oil exports through a new pipeline to the Benin coast.”",
    "Downside risks highlighted: significant risks related to heightened security challenges in the Sahel region and Niger’s increased exposure to the effects of climate change.",
    "Macroeconomic stability and foundations for stronger, more inclusive growth.",
    "Fiscal space and spending quality:",
    "Governance, anti-corruption, and private sector development:",
    "Emphasis: “Firm commitment to reforms and their steadfast implementation will be key to success and to catalyzing additional donor support.”",
    "National income and prices (annual percentage change)",
    "Money and credit (annual percentage change)",
    "Government finances (percent of GDP)",
    "External sector and debt (percent of GDP)",
    "GDP at current market prices (Billions of CFA francs)",
    "[Benin and the IMF](http://www.imf.org/external/country/BEN/index.htm)",
    "[Niger and the IMF](http://www.imf.org/external/country/NER/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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