IMF and Niger Reach Staff-Level Agreement on the Eighth Review Under the Extended Credit Facility and Fourth Review Under the Resilience and Sustainability Facility

IMF News, February 18, 2026

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IMF and Niger Reach Staff-Level Agreement on the Eighth Review Under the Extended Credit Facility and Fourth Review Under the Resilience and Sustainability Facility

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• Published: February 18, 2026

Mission, scope, and procedural status

• An IMF staff team, led by Ms. Izabela Karpowicz, held virtual meetings with the Nigerien authorities between December 9, 2025 and February 10, 2026, in the context of the eighth review of the ECF-supported arrangement and the fourth review under the RSF.
• The staff-level agreement reached is subject to approval by the IMF Executive Board. The Executive Board meeting is expected to take place in March 2026.
• Completion of reviews would enable the following disbursements:
  • ECF review: SDR 43.8228 million (approximately US$61 million).
  • RSF review: SDR 21.714 million (approximately US$30 million).

Economic outlook and risks

• Growth projections:
  • 2025: 6.9 percent (projected).
  • 2026: 6.7 percent (projected).
• Inflation and prices:
  • Consumer prices declined by 4.6 percent in 2025.
  • Consumer prices are expected to increase moderately in 2026.
• Medium-term outlook:
  • Expected to remain favorable but subject to downside risks from tight global financing conditions and ongoing geopolitical tensions.
• Downside risks explicitly cited:
  • Continued security and climate-related shocks.
  • Tighter financing conditions.
  • Potential reduction in development assistance.

Fiscal performance and policy

• 2025 fiscal deficit:
  • Expected to remain broadly in line with program targets.
• 2026 fiscal deficit:
  • Projected to widen temporarily to 3.7 percent of GDP, reflecting higher spending needs arising from climate shocks, partially offset by planned tax policy reforms.
• Contingency planning:
  • Authorities have identified contingency revenue and expenditure measures should financing conditions tighten further.
• Debt strategy and debt-service management:
  • Authorities remain committed to pursuing a prudent debt strategy, prioritizing concessional financing and extending domestic debt maturities to ease debt service pressures and create space for priority spending.

Program performance, reforms, and RSF-supported measures

• Program objectives:
  • The ECF-supported program aims to strengthen macroeconomic stability and lay the foundations for resilient, inclusive, and private sector–led growth.
• Performance assessment:
  • Program performance has been broadly satisfactory against end-June and end-September 2025 targets.
  • Authorities have continued efforts to clear domestic arrears.
• Structural reform priorities and actions:
  • Reinstatement of arbitration and regulatory committees for public procurement.
  • Progressive adoption of the Treasury Single Account.
  • Broader public financial management and anti-corruption reforms to boost revenue mobilization, improve spending efficiency, and strengthen governance, accountability, and transparency.
  • Efforts to strengthen the banking system’s capacity to support private sector-led growth.
• RSF-specific actions:
  • RSF financing continues to support reforms and investments aimed at addressing climate-related risks and vulnerabilities.
  • As part of this review, authorities completed climate vulnerability assessments for major public investment projects and further strengthened budget climate tagging.

Meetings and acknowledgements

• Principal interlocutors and meetings:
  • Met with His Excellency, Prime Minister Mr. Ali Mahamane Lamine Zeine.
  • Held working sessions with:
  • Minister of Economy and Finance Mr. Maman Laouali Abdou Rafa.
  • Special Advisor to the Governor of BCEAO, Mr. Franck Bationo.
  • Secretary General of the Banking Commission, Mr. Antoine Traore.
  • National Director of the BCEAO, Mr. Maman Laouali Abdou Rafa (in his previous capacity).
  • Also met with other senior government officials, private sector representatives, and development partners.
• Staff appreciation:
  • "The IMF staff team thanks the Nigerien authorities for their close cooperation and for the constructive and productive policy discussions." — Ms. Izabela Karpowicz

Press Release No. 26/055 — IMF Communications Department, February 18, 2026

References

• Niger and the IMF
• IMF-World Bank Debt Sustainability Framework for Low-Income Countries -- A Factsheet
• Press Releases
• PRESS CENTER
• https://www.imf.org/en/home