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International Monetary Fund. African Dept.

committed expenditure, with the exception of debt-service payments and fiscal expenditure related to exemptions. Quarterly Met in March, June, September and December Improve budget and cash management Operationalize the custom electronic transit. End-September 2015 Not met, operational between the six interconnected custom offices and the other office s will be after the completion of the custom interconnection project Improve custom revenue collection Finalize a study on the introduction of the investment budgeting in commitment authorization and

International Monetary Fund. African Dept.
This Selected Issues paper examines Burkina Faso’s banking system and traces its macro-financial linkages. The analysis builds upon the macro-financial linkages work conducted in the context of the Article IV consultation with the West African Economic and Monetary Union (WAEMU). Overall, the banking system remains profitable and well-capitalized, but its ability to support the real economy needs to be improved if the authorities are to reach their development goals. Moreover, financial inclusion remains low, and despite recent progress on basic access to the financial system, significant barriers to accessing credit remain; particularly for women, rural inhabitants, and the agricultural sector. The available data indicates that the banking system remains well-capitalized and profitable. Systemic risks remain broadly contained, and new banks have come into operation, but there is significant scope to improve the banking system’s ability to support the real economy and financial inclusion. Deteriorating security conditions could undermine banks’ ability to expand into underserved remote areas.
International Monetary Fund. African Dept.

authorized in advance to a maximum of 5 percent of committed expenditure, with the exception of debt-service payments and fiscal expenditure related to exemptions. Quarterly Met in March and June Improve budget and cash management Operationalize the custom electronic transit. End-September 2015 Not met, The system is operational between the six interconnected custom offices and it will be extended to the other office s after the completion of the custom interconnection project Improve custom revenue collection Finalize a study on the introduction of the

International Monetary Fund. African Dept.
This paper discusses Niger’s Eighth Review Under the Extended Credit Facility (ECF) Arrangement and Request for Waivers of Nonobservance of Performance Criteria (PC) and for Modification of PCs. Niger’s medium-term prospects are closely linked to returns on major projects in oil and mineral extraction that are under way. Two of the end-2015 PC for the eighth ECF review were missed (on domestic financing and domestic arrears repayment), as were several indicative targets. The IMF staff supports the authorities’ request for waivers for the unmet PC on domestic financing and domestic arrears repayments at end-December 2015.
International Monetary Fund. African Dept.

management Put in place the one stop shop for the investment code. End-September 2015 Improve business environment Limit expenditure not authorized in advance to a maximum of 5 percent of committed expenditure, with the exception of debt-service payments and fiscal expenditure related to exemptions. Quarterly Improve budget and cash management Operationalize the custom electronic transit. End-September 2015 Improve custom revenue collection Finalize a study on the introduction of the investment budgeting in commitment authorization and

International Monetary Fund. African Dept.

quarterly cash and commitment plans, and strengthen custom revenue collections (MEFP, ¶6). To ensure the profitability of an upcoming oil pipeline project for the transportation of crude oil, the government has conducted an assessment of different alternatives to better inform its decision (prior action) (MEFP, ¶24). Box. Niger: Developments in the Resource Sector Over the past few years large projects have been underway to expand and develop Niger’s uranium and oil sectors. Uranium Niger is currently the world’s fourth largest uranium producer. Ongoing

International Monetary Fund. African Dept.
This paper discusses Niger’s Sixth and Seventh Reviews Under the Extended Credit Facility Arrangement, Request for Waivers of Nonobservance of Performance Criteria (PC), Request for Augmentation of Access, and Extension of the Current Arrangement. Niger’s growth slowed in 2015 owing to lower agricultural and natural resource sectors activity. Over the medium term, real economic growth is expected to pick up as major projects in oil and mineral extraction come to fruition. The IMF staff supports the authorities’ request for waivers for the unmet PC on domestic financing and domestic arrears repayments at end-December 2014, and that of domestic financing at end-June 2015.
International Monetary Fund. African Dept.
This 2014 Article IV Consultation highlights that Niger’s overall macroeconomic performance has been broadly satisfactory. After the economic slowdown in 2013 owing to the regional security situation and adverse climatic conditions, economic growth has rebounded in 2014. Inflation has been contained, in part owing to the government’s efforts to improve food security and the functioning of food markets. However, program performance has been mixed, as a combination of unexpected security and food expenditures and a shortfall in external financing have strained fiscal management. In the near term, containing the fiscal deficit through measures to improve tax policy and administration, reform customs administration, and reduce exemptions is essential to ensure sustainability.
International Monetary Fund. African Dept.
This paper discusses Niger’s Second and Third Reviews Under the Extended Credit Facility (ECF) Arrangement and Requests for Waivers of Nonobservance of Performance Criteria and for Extension of the Program Period and Arrangement. Fiscal performance was broadly in line with program targets. The medium-term outlook appears favorable, with robust growth benefiting from important natural resource sector investments. However, the outlook is vulnerable to high domestic and external risks, including potential spillovers from the security situation in the region and climatic shocks. The IMF staff recommends the completion of the second and third reviews under the ECF.