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IMF approves disbursement of $34.9million to Republic of Niger

02/04/2014 17:57
The International Monetary Fund has approved the disbursement of $34.9million to Republic Niger, according to an official report.
The report released by Min Zhu, Deputy Managing Director for IMF stated that the latest approval would bring the total disbursement to the country under the three-year ECF arrangement to $69.9million.
IMF said it had also completed the third review of Niger’s performance under programmes supported by the Extended Credit facility (ECF).
It said the IMF Executive Board also granted Niger’s request to extend the programme until Dec. 31, 2015.
It would be recalled that the ECF arrangement for Niger was approved on March 16, 2012.
The report reads: "Niger’s recent economic performance has been adversely impacted by below average rainfall in the second half of 2013 and the deterioration in the security situation in the region.
"Looking forward, macro-economic prospects appear broadly favourable, with oil and mining projects coming into the production phase after 2015.
"Key corrective measures, including strengthened revenue collection, closer spending controls, and debt management framework improvements have brought the programme back on track after some slippages.
"Progress in implementing structural reform agenda had been satisfactory and the production of a comprehensive quarterly budget report and the limitation of exceptional expenditure are welcome.
"Efforts to move toward establishing a Single Treasury Account and prepare quarterly cash management report will significantly improve budget implementation.
"The report said further debt management framework enhancement was important to ensure debt sustainability while investing in high-return infrastructure and social projects."

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