Niger given $53 million more in IMF funds after performance reviews

With the recent completion of the sixth and seventh reviews of its Extended Credit Facility (ECF) arrangement by the executive board of the International Monetary Fund (IMF), Niger recently received more than $53 million in funding.

This brings the total the nation has received under the economic-performance program to just more than $131 million.

“The Nigerien economy continues to deliver strong macroeconomic outcomes based on the continued implementation of a sound policy framework," David Lipton, first deputy managing director and acting chairman of the IMF Executive Board, said. "Growth has fluctuated, reflecting volatility in the agricultural sector, the impact of low commodity prices on the mining sector, and the deteriorating security situation in the region. Having reached 6.9 percent in 2014, growth is projected to ease to 4.4 percent in 2015. Inflation has remained low, partly reflecting the government food and price stabilization programs and the good harvest."

Additionally, the board agreed to extend Niger's program to Dec. 31, 2016, and increase the program's quota to 62.5 percent. This will give the nation's government more time to reach the agreement's goals.

The originial ECF arrangement was approved on March 16, 2012.