IMF Executive Board Completes Ninth Review under the Extended Credit Facility Arrangement with Niger
IMF News, July 29, 2026
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- Published: July 29, 2026
Ninth review outcome and financing
- The Executive Board completed the ninth review of the 60-month Extended Credit Facility (ECF) arrangement for Niger.
- Immediate disbursement: SDR 24.0828 million (about US$33 million).
- Cumulative disbursements under the arrangement: SDR 252.1456 million (about US$342 million).
- Original ECF approval date: December 8, 2021.
- Arrangement extended gradually through December 2026 to allow sufficient time to implement key structural reforms.
Program performance and reform progress
- Program performance was generally strong.
- All periodic quantitative performance criteria (PCs) were met at end-December 2025.
- All continuous PCs were met since completion of the eighth review.
- Most indicative targets were met.
- Authorities made notable progress on the structural reform agenda and remain committed to continued reform implementation to achieve the program’s objectives.
Outlook and risks
- Niger’s economy demonstrated resilience in 2025 despite a challenging environment.
- Near- and medium-term outlooks remain favorable, supported by the extractive and agricultural sectors.
- Downside risks cited:
- Heightened security threats.
- Commodity price volatility.
- Tight regional and global financing conditions.
- A further decline in donor funding.
- Border closure with Benin.
- Expected higher oil revenue in 2026 will be used to lower the fiscal deficit and meet urgent social and food security needs.
- Sustained efforts in domestic revenue mobilization are emphasized to create fiscal space for development spending.
Policy recommendations and priorities
- Fiscal policy and public finance:
- Sustain fiscal consolidation efforts to support macroeconomic stability.
- Use higher oil revenue in 2026 to lower the fiscal deficit and address urgent social and food security needs.
- Sustain domestic revenue mobilization to create fiscal space for development spending.
- Debt management and arrears:
- Maintain a prudent debt management and arrears prevention policy.
- Authorities committed to clear all external arrears by end-2026.
- Further strengthen treasury and debt management to mitigate future arrear accumulation risk.
- Financial sector:
- Decisively address financial sector vulnerabilities.
- Undertake a comprehensive diagnostic of the banking sector and develop a roadmap.
- Strengthen banks’ balance sheets, ease liquidity constraints, and expedite restructuring of the microfinance sector to support private-sector credit.
- Governance and anti-corruption:
- Strengthen governance and anti-corruption frameworks to support public trust and transparent use of public resources.
- Complete the asset declaration framework reform.
- Publish the Governance Diagnostic Assessment report once finalized and adopt a time-bound action plan to implement its recommendations.
Key economic and financial indicators (Table 1: Niger: Selected Economic and Financial Indicators, 2025-2031)
- National income and prices
- GDP at constant prices: 6.9 (2025 ECF 8th Review Est.), 6.7 (2026 Proj.), 7.0 (2027), 6.5 (2028), 6.0 (2029), [no value for 2030 and 2031 in source table]
- Export volume: 94.4 (2025 ECF 8th Review Est.), 85.0 (2026 Proj.), 9.7 (2027), 8.6 (2028), 29.8 (2029), 21.6 (2030), 2.5 (2031)
- Import volume: 3.5? (source ordering indicates figures; preserve listed sequence below)
- 5.7 (2025 ECF 8th Review Est.)
- 13.3 (2026 Proj.)
- 6.4 (2027)
- 15.9 (2028)
- 22.7 (2029)
- 18.0 (2030)
- 1.8 (2031)
- CPI (annual average): 3.7? (preserve listed sequence below)
- -4.6 (2025 ECF 8th Review Est.)
- -4.7 (2026 Proj.)
- 0.4 (2027)
- -1.9 (2028)
- 2.0 (2029)
- CPI (end-of-period): -9.4 (2025 ECF 8th Review Est.), 8.9 (2026 Proj.)
- Money and credit
- Broad money:
- 10.6 (2025 ECF 8th Review Est.)
- 12.4 (2026 Proj.)
- 21.9 (2027)
- 8.7 (2028)
- 10.9 (2029)
- 8.1 (2030)
- Domestic credit:
- 3.9 (2025 ECF 8th Review Est.)
- 1.4 (2026 Proj.)
- 9.4 (2027)
- 8.0 (2028)
- 4.5 (2029)
- 5.6 (2030)
- 5.8 (2031)
- Credit to the government (net):
- 13.2 (2025 ECF 8th Review Est.)
- 6.2 (2026 Proj.)
- 10.2 (2027)
- 1.3 (2028)
- -2.7 (2029)
- -1.3 (2030)
- -0.8 (2031)
- Credit to the private sector:
- 0.5 (2025 ECF 8th Review Est.)
- 0.0 (2026 Proj.)
- 2.7 (2027)
- -2.0 (2028)
- 11.5 (2029)
- 9.5 (2030)
- 8.8 (2031)
- 9.1 (additional year entry in source table)
- Government finances
- Total revenue:
- 10.3 (2025 ECF 8th Review Est.)
- 11.2 (2026 Proj.)
- 11.4 (2027)
- 10.8 (2028)
- 11.1 (2029)
- Total expenditure and net lending:
- 14.8 (2025 ECF 8th Review Est.)
- 15.6 (2026 Proj.)
- 15.4 (2027)
- 16.1 (2028)
- 15.1 (2029)
- 15.3 (2030)
- 15.0 (2031)
- 15.2 (additional year entry in source table)
- Current expenditure:
- 9.3 (2025 ECF 8th Review Est.)
- 8.4 (2026 Proj.)
- 8.2 (2027)
- Capital expenditure:
- 6.8 (2025 ECF 8th Review Est.)
- Basic balance (excl. grants):
- -1.8 (2025 ECF 8th Review Est.)
- -1.6 (2026 Proj.)
- -1.0 (2027)
- -0.9 (2028)
- -0.7 (2029)
- -0.5 (2030)
- -0.6 (2031)
- Primary non-oil basic balance (excl. grants):
- -3.6 (2025 ECF 8th Review Est.)
- -4.1 (2026 Proj.)
- -2.9 (2027)
- -3.4 (2028)
- -2.1 (2029)
- -2.8 (2030)
- Overall balance (incl. grants):
- -3.3 (2025 ECF 8th Review Est.)
- -3.7 (2026 Proj.)
- -3.0 (2027)
- Investment
- Gross investment:
- 22.1 (2025 ECF 8th Review Est.)
- 23.6 (2026 Proj.)
- 23.1 (2027)
- 25.3 (2028)
- 22.9 (2029)
- 25.4 (2030)
- 25.1 (2031)
- 25.2 (additional year entry in source table)
- Non-government investment:
- 17.8 (2025 ECF 8th Review Est.)
- 19.3 (2026 Proj.)
- 18.1 (2027)
- 20.2 (2028)
- 20.3 (2029)
- 20.1 (2030)
- 20.0 (2031)
- 19.9 (additional year entry in source table)
- Government investment:
- 4.3 (2025 ECF 8th Review Est.)
- 4.4 (2026 Proj.)
- 5.0 (2027)
- 5.2 (2028)
- 4.9 (2029)
- 5.1 (2030)
- 5.3 (2031)
- External sector and debt
- External current account balance (incl. grants):
- -5.0 (2025 ECF 8th Review Est.)
- -6.6 (2026 Proj.)
- -4.4 (2027)
- -3.2 (2028)
- -3.1 (2029)
- External current account balance (excl. grants):
- -5.3 (2025 ECF 8th Review Est.)
- -4.3 (2026 Proj.)
- -6.9 (2027)
- -3.5 (2028)
- -4.8 (2029)
- -3.9 (2030)
- -3.8 (2031)
- Total public and publicly-guaranteed debt:
- 45.6 (2025 ECF 8th Review Est.)
- 45.5 (2026 Proj.)
- 45.9 (2027)
- 45.4 (2028)
- 45.1 (2029)
- 44.6 (2030)
- 44.0 (2031)
- 43.6 (additional year entry in source table)
- 43.2 (additional year entry in source table)
- Public and publicly-guaranteed external debt:
- 24.7 (2025 ECF 8th Review Est.)
- 24.5 (2026 Proj.)
- 25.6 (2027)
- 26.0 (2028)
- 26.5 (2029)
- NPV of external debt:
- 18.7 (2025 ECF 8th Review Est.)
- 19.1 (2026 Proj.)
- 18.2 (2027)
- 17.3 (2028)
- 17.6 (2029)
- 17.0 (2030)
- 17.2 (2031)
- 17.7 (additional year entry in source table)
- Public domestic debt:
- 21.0 (2025 ECF 8th Review Est.)
- 21.1 (2026 Proj.)
- 20.8 (2027)
- 20.7 (2028)
- 19.2 (2029)
- 18.5 (2030)
- 16.7 (2031)
- GDP at current market prices (levels)
- 12,683 (2025 ECF 8th Review Est.)
- 12,354 (2026 Proj.)
- 13,807 (2027)
- 13,195 (2028)
- 15,005 (2029)
- 14,340 (2030)
- 15,506 (2031)
- 16,765 (additional year entry in source table)
- 18,130 (additional year entry in source table)
- 19,602 (additional year entry in source table)
IMF Communications Department press release, July 29, 2026.