## IMF Executive Board Approves US$275.8 Million ECF Arrangement for Niger _IMF News, December 8, 2021_ ## Source details **Canonical URL:** [IMF Executive Board Approves US$275.8 Million ECF Arrangement for Niger](https://www.imf.org/en/news/articles/2021/12/08/pr21366-imf-executive-board-approves-us2758-million-ecf-arrangement-for-niger) ## Other formats - [Markdown version](/en/news/articles/2021/12/08/pr21366-imf-executive-board-approves-us2758-million-ecf-arrangement-for-niger/index.md) - [Structured JSON version](/en/news/articles/2021/12/08/pr21366-imf-executive-board-approves-us2758-million-ecf-arrangement-for-niger/index.json) - [Bundle manifest](/en/news/articles/2021/12/08/pr21366-imf-executive-board-approves-us2758-million-ecf-arrangement-for-niger/bundle-manifest.json) ## Bibliographic details - Published: December 8, 2021 --- ### Arrangement 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). - 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. ### Context and outlook - 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. ### Program objectives and reform priorities - Macroeconomic stability and foundations for stronger, more inclusive growth. - Fiscal space and spending quality: - Broaden domestic revenue mobilization by broadening the tax base, reducing exemptions, and revising the tax code. - Bolster the quality of public spending, including scaling up effective social programs and improving public investment management. - Ensure transparent and efficient management of oil revenues. - Support efforts to meet the regional fiscal deficit convergence criterion and strengthen debt management. - Governance, anti-corruption, and private sector development: - 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. - Implement transparency commitments related to pandemic emergency spending, including reporting and publication of beneficial ownership information of companies awarded pandemic-related contracts. - 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. - Emphasis: “Firm commitment to reforms and their steadfast implementation will be key to success and to catalyzing additional donor support.” ### Key economic and financial indicators (selected, 2018–22) - National income and prices (annual percentage change) - GDP at constant prices: 2018: 7.2; 2019: 5.9; 2020: 3.6; 2021: 5.4; 2022: 6.5 - Export volume: 2018: -6.9; 2019: -2.2; 2020: -1.1; 2021: -7.8; 2022: 8.4 - Import volume: 2018: 8.7; 2019: 9.7; 2020: 1.8; 2021: 3.9; 2022: 13.7 - CPI (annual average): 2018: 2.8; 2019: -2.5; 2020: 2.9; 2021: 2.5 - CPI (end-of-period): 2018: 1.6; 2019: -2.3; 2020: 3.1; 2021: 3.0 - Money and credit (annual percentage change) - Broad money: 2018: -2.1; 2019: 15.0; 2020: 17.0; 2021: 11.6; 2022: 14.9 - Domestic credit: 2018: 11.4; 2019: -12.2; 2020: 25.2; 2021: 12.3; 2022: 17.9 - Credit to the government (net): 2018: 127.8; 2019: -89.5; 2020: 575.8; 2021: 45.3; 2022: 47.1 - Credit to the economy: 2018: -4.5; 2019: 13.0; 2020: 8.6; 2021: 6.1; 2022: 10.4 - Government finances (percent of GDP) - Total revenue: 2018: 12.1; 2019: 11.2; 2020: 10.8; 2021: 10.9; 2022: 11.5 - Total expenditure and net lending: 2018: 21.1; 2019: 21.6; 2020: 22.9; 2021: 24.0; 2022: 22.7 - Current expenditure: 2018: 9.9; 2019: 9.6; 2020: 10.3 - Capital expenditure: 2018: 12.0; 2019: 12.6; 2020: 11.7 - Basic balance (excl. grants): 2018: -2.9; 2019: -3.5; 2020: -5.1; 2021: -5.7; 2022: -4.3 - Overall balance (incl. grants): 2018: -3.0; 2019: -3.6; 2020: -5.3; 2021: -6.6; 2022: -5.4 - Gross investment: 2018: 28.5; 2019: 30.0; 2020: 31.1; 2021: 31.8; 2022: 33.7 - Non-government investment: 2018: 18.4; 2019: 19.3; 2020: 20.5; 2021: 20.8; 2022: 23.5 - Government investment: 2018: 10.1; 2019: 10.6; 2020: 10.5; 2021: 11.0; 2022: 10.2 - External sector and debt (percent of GDP) - External current account balance (incl. grants): 2018: -12.7; 2019: -12.6; 2020: -13.5; 2021: -15.3; 2022: -16.3 - External current account balance (excl. grants): 2018: -14.6; 2019: -15.6; 2020: -17.2; 2021: -18.0 - Total public and publicly-guaranteed debt: 2018: 36.9; 2019: 39.8; 2020: 45.0; 2021: 48.8; 2022: 49.8 - Public and publicly-guaranteed external debt: 2018: 25.3; 2019: 26.5; 2020: 31.6; 2021: 32.8; 2022: 32.2 - NPV of external debt: 2018: 23.1; 2019: 24.5; 2020: 24.2; 2021: 23.4; 2022: 23.0 - Public domestic debt: 2018: 13.3; 2019: 13.4; 2020: 16.0; 2021: 17.6 - GDP at current market prices (Billions of CFA francs) - 2018: 7,134; 2019: 7,565; 2020: 7,909; 2021: 8,559; 2022: 9,301 *IMF Communications Department, Press Release No. 21/366, December 8, 2021.* --- ## References - [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) _Source: https://www.imf.org/en/news/articles/2021/12/08/pr21366-imf-executive-board-approves-us2758-million-ecf-arrangement-for-niger_