IMF and Niger reach staff-level agreement on $53 million loan

The International Monetary Fund (IMF) and Niger have reached a staff-level agreement on a first program review that will allow for disbursement of about $53 million if approved in June, the IMF said on Tuesday.


Reuters | Dakar | Updated: 17-05-2022 17:38 IST | Created: 17-05-2022 17:00 IST
IMF and Niger reach staff-level agreement on $53 million loan
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The International Monetary Fund (IMF) and Niger have reached a staff-level agreement on a first program review that will allow for the disbursement of about $53 million if approved in June, the IMF said on Tuesday. The staff-level agreement is subject to approval from IMF management and the executive board, which is expected to meet in June. The review's completion would allow the disbursement to cover external financing needs, the IMF said in a statement.

The IMF December approved a three-year loan deal for Niger worth around $276 million, meant to help it recover from the effects of the COVID-19 pandemic. "Program performance until end-March 2022 was broadly satisfactory and most quantitative macroeconomic objectives were met," said the IMF in the agreement.

Economic growth is projected to rebound to 6.9% in 2022 from 1.3% in 2021 on the back of agricultural production and large-scale investment projects relating to an oil pipeline to Benin, it said. However, inflation remains elevated due to food price pressures, the IMF said. Niger lies in the semi-arid Sahel region, where armed Islamist groups linked to al Qaeda and the Islamic State have destabilized swathes of territory in recent years. They have carried out regular attacks that have killed thousands of people and displaced millions.

Niger ranks last out of 189 countries in the United Nations' Human Development Index, which measures health, education, and quality of life.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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