The International Monetary Fund announced on Wednesday it would disburse $71 million in aid to Niger, which has been hit by political unrest since the collapse of military rule last year.
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The approval came after the IMF’s Executive Board completed the fourth and fifth reviews of the West African country’s Extended Fund Facility, as well as the first review of the country’s facility under the Resilience and Sustainability Facility.
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“This decision will allow immediate disbursement of approximately $71 million in cumulative funding,” the IMF said in a statement, bringing the total amount disbursed under the two agreements to about $255 million so far.
The fund added that program implementation was “broadly on track as of end-June 2023” but was disrupted by the political crisis and arrears on external and domestic debt repayments had built up.
Niger has been ruled by a military junta since a July 2023 coup ousted President Mohamed Bazoum, who remains held prisoner.
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Since then, the regime has turned its back on other Western allies, such as France and the United States, and moved closer to Russia.
Amid rising diplomatic tensions in West Africa, military leaders governing Burkina Faso, Mali and Niger formed a new “coalition” this month, known as the Alliance of Sahel States, severing ties with regional bloc ECOWAS and threatening the movement of people and goods in the region.
“Niger’s economy has been severely affected by political instability and sanctions since the military seized power in July 2023,” IMF Deputy Managing Director Antoinette Saé said.
She added in a statement that despite this, “the short- and medium-term economic outlook has improved with the start of crude oil exports, the lifting of sanctions and increased agricultural production.”
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She called on authorities to take steps such as rebuilding fiscal buffers, improving debt management and strengthening the anti-corruption framework.
The IMF, one of the few institutions continuing to provide aid to Niger, noted that Niger’s economic growth is expected to recover to 10.6 percent this year.
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