IMF and Niger Reach Staff-Level Agreement on the Ninth Review Under the Extended Credit Facility

IMF News, June 12, 2026

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Canonical URL: IMF and Niger Reach Staff-Level Agreement on the Ninth Review Under the Extended Credit Facility

IMF staff and the Nigerien authorities reached a staff-level agreement on the ninth review of Niger’s economic program supported by the Extended Credit Facility (ECF).
The agreement is subject to approval by the IMF Executive Board, with a Board meeting expected to take place in late July 2026.
Completion of the review would enable the disbursement of SDR 24.0828 million (about US$33 million) to help meet Niger’s external financing needs and support reform implementation.

Economic growth:
- 2025: 6.9 percent (described as robust).
- 2026 projection: 7 percent, driven mainly by agriculture and the extractive sector.
- Medium-term projection: growth is projected to remain on average around 6.1 percent.
Inflation:
- 2025 average: -4.7 percent (declined significantly in 2025).
- 2026 projection: average -1.9 percent (prices have recently started to increase).
External and price shocks:
- The war in the Middle East is affecting Niger mainly through higher oil prices, with an overall net positive effect.
- Higher transportation costs and import prices are weighing on inflation and the most vulnerable households.
Downside risks to the outlook:
- Heightened security risks, conflicts, and climate shocks.
- Elevated gross financing needs and a further decline in concessional financing could exacerbate fiscal pressures.

Fiscal deficit:
- 2025: fiscal deficit stood at 2.9 percent of GDP, 0.4 percent of GDP lower than projected, complying with the WAEMU fiscal convergence criterion (3 percent of GDP).
- 2026 projection: fiscal deficit is projected to widen to 3.4 percent of GDP to accommodate reconstruction spending following last year’s natural disasters and to support vulnerable households hit by the current commodity price shock.
Revenue and oil:
- 2025 outcome reflects significant domestic revenue mobilization efforts and higher proceeds from crude oil exports.
- In view of significant risks and tight financing conditions, the authorities will use part of the expected oil windfall to build buffers while continuing to pursue prudent borrowing policies and prioritizing concessional financing and grants.
Public financial management:
- Authorities committed to pursuing structural reforms to strengthen public financial management and accelerate implementation of their oil revenue management strategy to support Niger’s development plan.

Program performance:
- Program performance against end-December 2025 and end-March 2026 targets was satisfactory.
- Authorities have made significant progress in strengthening cash flow management and clearing arrears.
- Increased transparency through publishing the oil contracts signed between the state and oil companies.
Structural reform priorities and support:
- Continue implementing key structural reforms to support revenue mobilization and strengthen governance, accountability, and transparency.
- Efforts to strengthen the banking sector and improve its capacity to support private sector-led growth will continue.
- Specific initiatives include a financial-sector revitalization project and a support program for micro, small, and medium-sized enterprises, supported by the World Bank.

Mission timing and leadership:
- An IMF staff team, led by Ms. Julia Bersch, visited Niamey during June 2–12, 2026 to hold discussions on the ninth review.
Principal interlocutors:
- Met with His Excellency, Prime Minister Mr. Ali Mahamane Lamine Zeine.
- Held discussions with the Minister of Economy and Finance Mr. Maman Laouali ABDOU RAFA and the National Director of the BCEAO Mr. Mahaman Tahir Hamani, as well as other senior government officials, private sector representatives, and development partners.
Communications:
- Press Officer: Tatiana Mossot; Phone: +1 202 623-7100; Email: MEDIA@IMF.org

Source: IMF press release, June 12, 2026