The International Monetary Fund (IMF) and Niger have reached a staff-level agreement on the ninth review of the country’s economic reform programme under the Extended Credit Facility (ECF), paving the way for a potential disbursement of about US$33 million once approved by the IMF Executive Board.
The agreement follows discussions held in Niamey from June 2 to June 12 between an IMF staff team led by Julia Bersch and Nigerien authorities.
According to the IMF, the Executive Board is expected to consider the review in late July 2026. Approval would unlock SDR 24.08 million (approximately US$33 million) to support Niger’s external financing needs and ongoing economic reforms.
Niger’s economy continued to expand strongly in 2025, recording growth of 6.9 percent, driven mainly by agriculture and extractive industries. Growth is projected to remain robust at 7 percent in 2026, supported by the same sectors. Over the medium term, the IMF expects growth to average around 6.1 percent, although risks remain from insecurity, regional conflicts and climate-related shocks.
Inflation fell sharply in 2025, averaging -4.7 percent, but prices have recently begun to rise. Inflation is forecast to average -1.9 percent in 2026. The IMF noted that the conflict in the Middle East has affected Niger primarily through higher oil prices, generating a net positive impact due to the country’s oil exports, although increased transport and import costs are putting pressure on vulnerable households.
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On fiscal performance, Niger recorded a budget deficit of 2.9 percent of GDP in 2025, outperforming projections and remaining within the West African Economic and Monetary Union fiscal convergence ceiling of 3% of GDP. The stronger-than-expected outcome was attributed to improved domestic revenue mobilisation and higher crude oil export revenues.
The fiscal deficit is expected to widen to 3.4% of GDP in 2026 as the government increases spending on reconstruction following natural disasters and provides support to households affected by rising commodity prices. The IMF said authorities plan to save part of the anticipated oil revenue windfall to strengthen fiscal buffers while maintaining prudent borrowing practices and prioritising concessional financing and grants.
The Fund said programme performance against targets set for end-December 2025 and end-March 2026 was satisfactory. It highlighted progress in improving cash-flow management, reducing arrears and increasing transparency through the publication of oil contracts signed between the state and oil companies.
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The Nigerien government reaffirmed its commitment to implementing structural reforms aimed at boosting domestic revenue mobilisation, strengthening governance and enhancing transparency and accountability. Authorities also plan to continue efforts to reinforce the banking sector and improve financing for private sector growth, including support for micro, small and medium-sized enterprises with backing from the World Bank.
The IMF mission met with Prime Minister Ali Mahamane Lamine Zeine, Minister of Economy and Finance Maman Laouali Abdou Rafa, and National Director of the Central Bank of West African States in Niger, Mahaman Tahir Hamani, alongside other government officials, private sector representatives and development p
