{
  "title": "IMF Executive Board Completes Ninth Review under the Extended Credit Facility Arrangement with Niger",
  "publication": "IMF News, July 29, 2026",
  "sourceUrl": "https://www.imf.org/en/news/articles/2026/07/29/pr26270-niger-imf-completes-9th-review-under-ecf-arrangement",
  "canonical": "https://www.imf.org/en/news/articles/2026/07/29/pr26270-niger-imf-completes-9th-review-under-ecf-arrangement",
  "overlayPath": "/en/news/articles/2026/07/29/pr26270-niger-imf-completes-9th-review-under-ecf-arrangement/index.md",
  "summary": "On July 28, 2026, the Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Guatemala and endorsed the staff appraisal without a meeting on a lapse-of-time basis.",
  "publishDate": "2026-07-29",
  "sections": [
    {
      "heading": "Ninth review outcome and financing",
      "content": "- The Executive Board completed the ninth review of the 60-month Extended Credit Facility (ECF) arrangement for Niger.\n- Immediate disbursement: SDR 24.0828 million (about US$33 million).\n- Cumulative disbursements under the arrangement: SDR 252.1456 million (about US$342 million).\n- Original ECF approval date: December 8, 2021.\n- Arrangement extended gradually through December 2026 to allow sufficient time to implement key structural reforms."
    },
    {
      "heading": "Program performance and reform progress",
      "content": "- Program performance was generally strong.\n- All periodic quantitative performance criteria (PCs) were met at end-December 2025.\n- All continuous PCs were met since completion of the eighth review.\n- Most indicative targets were met.\n- Authorities made notable progress on the structural reform agenda and remain committed to continued reform implementation to achieve the program’s objectives."
    },
    {
      "heading": "Outlook and risks",
      "content": "- Niger’s economy demonstrated resilience in 2025 despite a challenging environment.\n- Near- and medium-term outlooks remain favorable, supported by the extractive and agricultural sectors.\n- Downside risks cited:\n  - Heightened security threats.\n  - Commodity price volatility.\n  - Tight regional and global financing conditions.\n  - A further decline in donor funding.\n  - Border closure with Benin.\n- Expected higher oil revenue in 2026 will be used to lower the fiscal deficit and meet urgent social and food security needs.\n- Sustained efforts in domestic revenue mobilization are emphasized to create fiscal space for development spending."
    },
    {
      "heading": "Policy recommendations and priorities",
      "content": "- Fiscal policy and public finance:\n  - Sustain fiscal consolidation efforts to support macroeconomic stability.\n  - Use higher oil revenue in 2026 to lower the fiscal deficit and address urgent social and food security needs.\n  - Sustain domestic revenue mobilization to create fiscal space for development spending.\n- Debt management and arrears:\n  - Maintain a prudent debt management and arrears prevention policy.\n  - Authorities committed to clear all external arrears by end-2026.\n  - Further strengthen treasury and debt management to mitigate future arrear accumulation risk.\n- Financial sector:\n  - Decisively address financial sector vulnerabilities.\n  - Undertake a comprehensive diagnostic of the banking sector and develop a roadmap.\n  - Strengthen banks’ balance sheets, ease liquidity constraints, and expedite restructuring of the microfinance sector to support private-sector credit.\n- Governance and anti-corruption:\n  - Strengthen governance and anti-corruption frameworks to support public trust and transparent use of public resources.\n  - Complete the asset declaration framework reform.\n  - Publish the Governance Diagnostic Assessment report once finalized and adopt a time-bound action plan to implement its recommendations."
    },
    {
      "heading": "Key economic and financial indicators (Table 1: Niger: Selected Economic and Financial Indicators, 2025-2031)",
      "content": "- National income and prices\n  - 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]\n  - 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)\n  - Import volume: 3.5? (source ordering indicates figures; preserve listed sequence below)\n    - 5.7 (2025 ECF 8th Review Est.)\n    - 13.3 (2026 Proj.)\n    - 6.4 (2027)\n    - 15.9 (2028)\n    - 22.7 (2029)\n    - 18.0 (2030)\n    - 1.8 (2031)\n  - CPI (annual average): 3.7? (preserve listed sequence below)\n    - -4.6 (2025 ECF 8th Review Est.)\n    - -4.7 (2026 Proj.)\n    - 0.4 (2027)\n    - -1.9 (2028)\n    - 2.0 (2029)\n  - CPI (end-of-period): -9.4 (2025 ECF 8th Review Est.), 8.9 (2026 Proj.)\n- Money and credit\n  - Broad money:\n    - 10.6 (2025 ECF 8th Review Est.)\n    - 12.4 (2026 Proj.)\n    - 21.9 (2027)\n    - 8.7 (2028)\n    - 10.9 (2029)\n    - 8.1 (2030)\n  - Domestic credit:\n    - 3.9 (2025 ECF 8th Review Est.)\n    - 1.4 (2026 Proj.)\n    - 9.4 (2027)\n    - 8.0 (2028)\n    - 4.5 (2029)\n    - 5.6 (2030)\n    - 5.8 (2031)\n  - Credit to the government (net):\n    - 13.2 (2025 ECF 8th Review Est.)\n    - 6.2 (2026 Proj.)\n    - 10.2 (2027)\n    - 1.3 (2028)\n    - -2.7 (2029)\n    - -1.3 (2030)\n    - -0.8 (2031)\n  - Credit to the private sector:\n    - 0.5 (2025 ECF 8th Review Est.)\n    - 0.0 (2026 Proj.)\n    - 2.7 (2027)\n    - -2.0 (2028)\n    - 11.5 (2029)\n    - 9.5 (2030)\n    - 8.8 (2031)\n    - 9.1 (additional year entry in source table)\n- Government finances\n  - Total revenue:\n    - 10.3 (2025 ECF 8th Review Est.)\n    - 11.2 (2026 Proj.)\n    - 11.4 (2027)\n    - 10.8 (2028)\n    - 11.1 (2029)\n  - Total expenditure and net lending:\n    - 14.8 (2025 ECF 8th Review Est.)\n    - 15.6 (2026 Proj.)\n    - 15.4 (2027)\n    - 16.1 (2028)\n    - 15.1 (2029)\n    - 15.3 (2030)\n    - 15.0 (2031)\n    - 15.2 (additional year entry in source table)\n  - Current expenditure:\n    - 9.3 (2025 ECF 8th Review Est.)\n    - 8.4 (2026 Proj.)\n    - 8.2 (2027)\n  - Capital expenditure:\n    - 6.8 (2025 ECF 8th Review Est.)\n  - Basic balance (excl. grants):\n    - -1.8 (2025 ECF 8th Review Est.)\n    - -1.6 (2026 Proj.)\n    - -1.0 (2027)\n    - -0.9 (2028)\n    - -0.7 (2029)\n    - -0.5 (2030)\n    - -0.6 (2031)\n  - Primary non-oil basic balance (excl. grants):\n    - -3.6 (2025 ECF 8th Review Est.)\n    - -4.1 (2026 Proj.)\n    - -2.9 (2027)\n    - -3.4 (2028)\n    - -2.1 (2029)\n    - -2.8 (2030)\n  - Overall balance (incl. grants):\n    - -3.3 (2025 ECF 8th Review Est.)\n    - -3.7 (2026 Proj.)\n    - -3.0 (2027)\n- Investment\n  - Gross investment:\n    - 22.1 (2025 ECF 8th Review Est.)\n    - 23.6 (2026 Proj.)\n    - 23.1 (2027)\n    - 25.3 (2028)\n    - 22.9 (2029)\n    - 25.4 (2030)\n    - 25.1 (2031)\n    - 25.2 (additional year entry in source table)\n  - Non-government investment:\n    - 17.8 (2025 ECF 8th Review Est.)\n    - 19.3 (2026 Proj.)\n    - 18.1 (2027)\n    - 20.2 (2028)\n    - 20.3 (2029)\n    - 20.1 (2030)\n    - 20.0 (2031)\n    - 19.9 (additional year entry in source table)\n  - Government investment:\n    - 4.3 (2025 ECF 8th Review Est.)\n    - 4.4 (2026 Proj.)\n    - 5.0 (2027)\n    - 5.2 (2028)\n    - 4.9 (2029)\n    - 5.1 (2030)\n    - 5.3 (2031)\n- External sector and debt\n  - External current account balance (incl. grants):\n    - -5.0 (2025 ECF 8th Review Est.)\n    - -6.6 (2026 Proj.)\n    - -4.4 (2027)\n    - -3.2 (2028)\n    - -3.1 (2029)\n  - External current account balance (excl. grants):\n    - -5.3 (2025 ECF 8th Review Est.)\n    - -4.3 (2026 Proj.)\n    - -6.9 (2027)\n    - -3.5 (2028)\n    - -4.8 (2029)\n    - -3.9 (2030)\n    - -3.8 (2031)\n  - Total public and publicly-guaranteed debt:\n    - 45.6 (2025 ECF 8th Review Est.)\n    - 45.5 (2026 Proj.)\n    - 45.9 (2027)\n    - 45.4 (2028)\n    - 45.1 (2029)\n    - 44.6 (2030)\n    - 44.0 (2031)\n    - 43.6 (additional year entry in source table)\n    - 43.2 (additional year entry in source table)\n  - Public and publicly-guaranteed external debt:\n    - 24.7 (2025 ECF 8th Review Est.)\n    - 24.5 (2026 Proj.)\n    - 25.6 (2027)\n    - 26.0 (2028)\n    - 26.5 (2029)\n  - NPV of external debt:\n    - 18.7 (2025 ECF 8th Review Est.)\n    - 19.1 (2026 Proj.)\n    - 18.2 (2027)\n    - 17.3 (2028)\n    - 17.6 (2029)\n    - 17.0 (2030)\n    - 17.2 (2031)\n    - 17.7 (additional year entry in source table)\n  - Public domestic debt:\n    - 21.0 (2025 ECF 8th Review Est.)\n    - 21.1 (2026 Proj.)\n    - 20.8 (2027)\n    - 20.7 (2028)\n    - 19.2 (2029)\n    - 18.5 (2030)\n    - 16.7 (2031)\n- GDP at current market prices (levels)\n  - 12,683 (2025 ECF 8th Review Est.)\n  - 12,354 (2026 Proj.)\n  - 13,807 (2027)\n  - 13,195 (2028)\n  - 15,005 (2029)\n  - 14,340 (2030)\n  - 15,506 (2031)\n  - 16,765 (additional year entry in source table)\n  - 18,130 (additional year entry in source table)\n  - 19,602 (additional year entry in source table)\n\nIMF Communications Department press release, July 29, 2026.\n\n---\n\n\n References\n\n- Benin and the IMF\n- Niger and the IMF\n- Press Releases\n- PRESS CENTER\n- Extended Credit Facility\n- Press Release 21/366\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2026/07/29/pr26270-niger-imf-completes-9th-review-under-ecf-arrangement"
    }
  ],
  "bullets": [
    "[Markdown version](/en/news/articles/2026/07/29/pr26270-niger-imf-completes-9th-review-under-ecf-arrangement/index.md)",
    "[Structured JSON version](/en/news/articles/2026/07/29/pr26270-niger-imf-completes-9th-review-under-ecf-arrangement/index.json)",
    "[Bundle manifest](/en/news/articles/2026/07/29/pr26270-niger-imf-completes-9th-review-under-ecf-arrangement/bundle-manifest.json)",
    "Published: July 29, 2026",
    "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 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.",
    "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:",
    "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.",
    "Fiscal policy and public finance:",
    "Debt management and arrears:",
    "Financial sector:",
    "Governance and anti-corruption:",
    "National income and prices",
    "Money and credit",
    "Government finances",
    "Investment",
    "External sector and debt",
    "GDP at current market prices (levels)",
    "[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/)",
    "[Extended Credit Facility](https://www.imf.org/en/About/Factsheets/Sheets/2016/08/02/21/04/Extended-Credit-Facility)",
    "[Press Release 21/366](https://www.imf.org/en/News/Articles/2021/12/08/pr21366-imf-executive-board-approves-us2758-million-ecf-arrangement-for-niger)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
  "alternates": {
    "markdown": "/en/news/articles/2026/07/29/pr26270-niger-imf-completes-9th-review-under-ecf-arrangement/index.md",
    "json": "/en/news/articles/2026/07/29/pr26270-niger-imf-completes-9th-review-under-ecf-arrangement/index.json",
    "bundleManifest": "/en/news/articles/2026/07/29/pr26270-niger-imf-completes-9th-review-under-ecf-arrangement/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-26T04:50:25.905Z"
}