IMF, Niger Agree on ECF and RSF Reviews
Washington, DC: An International Monetary Fund (IMF) staff team led by Mr. Antonio David held meetings from May 5-16, 2025, on the seventh review of the arrangement with Niger supported by the Extended Credit Facility (ECF) and the third review of the arrangement under the Resilience and Sustainability Facility (RSF).
At the end of the mission, Mr. David issued the following statement:
“The Nigerien authorities and the IMF team reached a staff-level agreement on the seventh review of Niger’s economic program under the Extended Credit Facility and on the third review of the arrangement under the Resilience and Sustainability Facility. The staff-level agreement is subject to IMF Management and Executive Board approval. The Board meeting is expected to take place in July 2025. The ECF reviews’ completion would allow the disbursement of SDR 13.2 million (about US$ 17.8 million, or 10 percent of Niger’s quota) to cover external financing needs. In turn, completion of the third review of the RSF would allow for the disbursement of SDR 17.1 million (about US$ 23.1 million, or 13 percent of Niger’s quota).
“Economic growth is expected to remain robust at 6.6 percent in 2025, despite headwinds. Average inflation should recede to 4.2 percent, supported by a favorable harvest. Nonetheless, there are downside risks around the baseline. The security situation may affect economic activity, while fiscal space could be constrained due to a tightening of financing conditions and a reduction in development assistance.
“Fiscal consolidation efforts will continue in 2025, while preserving social spending. The projected 1.3 percentage points of GDP adjustment to reach the 3 percent of GDP target will be driven by stronger revenue mobilization, while total expenditure growth is projected to be contained. The Nigerien authorities will continue to pursue a prudent debt policy in light of risks and tight financing conditions, favoring concessional financing and grants.
“The arrangement under the Extended Credit Facility aims to strengthen macroeconomic stability and lay the foundations for resilient, inclusive, and private sector-led growth. Program performance has been broadly satisfactory against end-December 2024 and end-March 2025 targets. The authorities also made considerable progress in clearing debt service arrears.
“The Nigerien authorities remain committed to rapidly implementing key structural reforms under the program, including the adoption of a revised general tax code and the operationalization of the oil revenue management strategy. IMF staff welcomed the reinstatement of the supreme audit institution and looks forward to a full resumption of its activities. These reform efforts are essential to achieve the key program objectives of improving revenue mobilization and the quality and efficiency of public expenditures, promoting private sector development, as well as enhancing governance and transparency frameworks.
“RSF financing supports efforts to advance reforms and investments to address rising risks and challenges associated with climate change, thereby building resilience and safeguarding livelihoods. In the context of this review, the authorities have made good progress in implementing measures to strengthen the planning and budgeting of climate-related spending; and to improve the sensitivity of public investment management to climate-related issues.
“The mission met His Excellency Prime Minister and Minister of the Economy and Finance, Mr. Ali Mahaman Lamine Zeine. The mission also held working sessions with the Deputy Minister in Charge of the Budget, Mr. Mamane Sidi, the National Director of the BCEAO, Mr. Maman Laouali Abdou Rafa, as well as other senior government officials, private sector representatives, and development partners.
“The team would like to thank the authorities for their cooperation, and for the constructive and productive discussions.”
https://www.imf.org/en/News/Articles/2025/05/16/pr25149-niger-imf-reach-sla-seventh-review-ecf-third-review-rsf