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International Monetary Fund. African Dept.
The WAEMU has, so far, demonstrated strong resilience to the Covid crisis. The economic rebound that started in the second half of 2020 firmed up in 2021, while fiscal and monetary policies remained supportive. External reserves have risen to comfortable levels and the financial system appears to be broadly sound. However, the region faces significant challenges to ensure the sustainability of macroeconomic policies, while supporting the economic recovery and navigating the uncertain outlook.
International Monetary Fund. African Dept.
Since program approval, Niger has been facing a more challenging international context, including the fall-out from the war in Ukraine, which is exacerbating pressures on food and fertilizer prices. Moreover, unfavorable rainfall and a deterioration in the security situation led to a deceleration of growth to 1.3 percent in 2021 and an acute food crisis. A temporary deviation of fiscal deficit targets from the program in 2022-23 is needed to respond to urgent expenditure pressures, while the medium-term outlook is largely unchanged favored by the start of oil exports through the new pipeline.
International Monetary Fund. Monetary and Capital Markets Department
The Financial Sector Assessment Program (FSAP) was conducted amid an economic rebound two years into the COVID-19 pandemic that had a limited impact on the financial sector. Several member states have experienced political instability, with coups in Burkina Faso and Mali leading to economic sanctions for the latter, and an attempted coup in Guinea-Bissau. Yet, short of further political deterioration, economic recovery is expected to persist. The last FSAP was conducted in 2008.
International Monetary Fund. African Dept.
Niger’s new government developed an ambitious reform agenda in the face of daunting challenges. The previous ECF-supported program was able to preserve macroeconomic stability and implement some key PFM reforms, notwithstanding the pandemic. However, progress on revenue mobilization was more limited, reflecting capacity constraints and a challenging environment. For the new government to achieve its development goals, it will have to overcome deep-seated social and political divisions and a deteriorating regional security situation. Enhanced reforms and the advent of oil exports over the medium-term offer hope that greater domestic resources can be marshalled to accelerate growth and poverty reduction.
International Monetary Fund. African Dept.
The WAEMU has, so far, demonstrated strong resilience to the Covid crisis. The economic rebound that started in the second half of 2020 firmed up in 2021, while fiscal and monetary policies remained supportive. External reserves have risen to comfortable levels and the financial system appears to be broadly sound. However, the region faces significant challenges to ensure the sustainability of macroeconomic policies, while supporting the economic recovery and navigating the uncertain outlook.
International Monetary Fund. African Dept.
Niger’s new government developed an ambitious reform agenda in the face of daunting challenges. The previous ECF-supported program was able to preserve macroeconomic stability and implement some key PFM reforms, notwithstanding the pandemic. However, progress on revenue mobilization was more limited, reflecting capacity constraints and a challenging environment. For the new government to achieve its development goals, it will have to overcome deep-seated social and political divisions and a deteriorating regional security situation. Enhanced reforms and the advent of oil exports over the medium-term offer hope that greater domestic resources can be marshalled to accelerate growth and poverty reduction.