Niger Set to Receive About $91 Million as IMF Advances Programme Reviews
An International Monetary Fund (IMF) staff team has reached a staff-level agreement with the Nigerien authorities on the eighth review under the Extended Credit Facility (ECF) arrangement and the fourth review under the Resilience and Sustainability Facility (RSF), paving the way for additional financial support, subject to Executive Board approval.
The discussions, led by Ms. Izabela Karpowicz, were held virtually between December 9, 2025 and February 10, 2026. The agreement, once approved by the IMF Executive Board, is expected to unlock total disbursements of about US$91 million.
According to the IMF, completion of the ECF review would enable the disbursement of SDR 43.82 million, equivalent to approximately US$61 million, to help address Niger’s external financing needs. The conclusion of the RSF review would also allow a further disbursement of SDR 21.71 million, or about US$30 million. The IMF Executive Board is expected to consider the reviews in March 2026.
Economic growth in Niger is projected to remain robust despite significant external shocks. Real GDP growth is estimated at 6.9 percent in 2025 and is expected to moderate slightly to 6.7 percent in 2026. Inflationary pressures eased markedly in 2025, with consumer prices declining by 4.6 percent, supported by a favourable agricultural harvest. Inflation is, however, expected to rise moderately in 2026.
The IMF cautioned that downside risks persist, including ongoing security and climate-related shocks, tighter global financing conditions, and the possibility of reduced development assistance.
On the fiscal front, the Fund indicated that the 2025 fiscal deficit is expected to remain broadly in line with programme targets. In 2026, however, the deficit is projected to widen temporarily to 3.7 percent of GDP, reflecting higher expenditure needs linked to climate shocks. This is expected to be partly offset by planned tax policy reforms. The authorities have also identified contingency revenue and expenditure measures to be deployed should financing conditions deteriorate further.
The IMF noted that Niger remains committed to a prudent debt strategy, with a strong preference for concessional financing and efforts to lengthen domestic debt maturities to ease debt service pressures and create fiscal space for priority spending.
Programme performance under the ECF arrangement has been broadly satisfactory, with targets at end-June and end-September 2025 largely met. The authorities have also continued efforts to clear domestic arrears, in line with programme objectives.
Structural reforms remain a key pillar of the IMF-supported programme. The Fund highlighted progress in reinstating arbitration and regulatory committees for public procurement, the gradual adoption of the Treasury Single Account, and ongoing public financial management and anti-corruption reforms. These measures are aimed at boosting domestic revenue mobilisation, improving spending efficiency, and strengthening governance, accountability, and transparency. Efforts to strengthen the banking sector to better support private sector-led growth are also ongoing.
Under the RSF, financing continues to support reforms and investments designed to address climate-related risks and vulnerabilities. As part of the current review, the authorities completed climate vulnerability assessments for major public investment projects and further enhanced budget climate tagging to better align public spending with climate objectives.
The IMF staff team held engagements with Prime Minister Ali Mahamane Lamine Zeine, Minister of Economy and Finance Maman Laouali Abdou Rafa, senior officials of the Central Bank of West African States (BCEAO), banking sector regulators, as well as private sector representatives and development partners.
The IMF expressed appreciation to the Nigerien authorities for their close cooperation and for what it described as constructive and productive policy discussions.
