IMF to Disburse $43 Million to Niger Amid Strong Economic Growth
On Monday, November 11, 2024, the International Monetary Fund (IMF) and the government of Niger reached an agreement to release $43 million to the country. The funding, provided under the Special Drawing Rights (SDRs) allocated to African nations during the COVID-19 pandemic, will be split into two parts. $17 million will go towards stabilizing Niger’s economy and supporting public finances, while $26 million will help the country address climate change challenges.
The IMF cited Niger’s “impressive” economic performance, with a projected GDP growth of 8.8% for 2024, as the basis for this financial support. Key factors contributing to this growth include Niger’s new status as an oil-exporting country, a favorable agricultural season despite floods, and the recent lifting of ECOWAS sanctions following the military coup in July 2023. The IMF expressed confidence in Niger’s continued economic performance, forecasting a growth rate of 7.9% for 2025, alongside a decline in inflation.