The International Monetary Fund (IMF) Executive Board has completed the seventh review of Niger's economic and financial program supported by the Extended Credit Facility (ECF) arrangement, along with the third review under the Resilience and Sustainability Facility (RSF). This announcement was made on July 14, 2025.
The ECF arrangement for Niger was initially approved on December 8, 2021, and extended by twelve months until December 2026. The extension aims to support additional reforms in governance, fiscal policies, and address balance of payments needs due to a tight financing environment.
As a result of these reviews, an immediate disbursement of SDR13.16 million (approximately US$18 million) under the ECF is now available. This brings total disbursements under this arrangement to SDR184.24 million (about US$245 million). Additionally, SDR17.108 million (around US$23 million) will be disbursed under the RSF, totaling SDR76.988 million (approximately US$101 million).
Mr. Kenji Okamura, Deputy Managing Director and Acting Chair of the Board, commented on Niger's progress: "The authorities’ implementation of their ECF- and RSF-supported programs was broadly satisfactory." He noted that despite challenges from political instability and climate events, Niger’s economy showed resilience with favorable near-term prospects driven by the extractive sector.
Okamura highlighted policy priorities including revenue-based fiscal adjustments, oil revenue management strategies supported by improved governance in the oil sector, strengthening revenue mobilization measures, and enhancing public spending efficiency.
He also emphasized prudent borrowing policies due to tight financing conditions: "Given the tight financing conditions, the authorities should pursue a prudent borrowing policy." He stressed the importance of continuing with arrears clearance plans and improving treasury and debt management.
Furthermore, Okamura encouraged utilizing upcoming Governance Diagnostic Assessments to enhance governance frameworks while promoting private sector development for resilient economic growth.
Progress in reforms under RSF is acknowledged as beneficial for building resilience against climate shocks and unlocking finance for climate-related investments.