[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111271-en":3,"doc-seo-111271-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},111271,1649267921044,"Ava Thompson","https://us-avatar.wpscdn.com/avatar/1800007509477c92dfb?_k=1782875107921204101",8,"Research & Report","NIGER - Joint Bank-Fund Debt Sustainability Analysis - External and Overall Debt Distress Risk Assessment","Assessment of Niger’s public debt sustainability under the joint World Bank–IMF framework finds high risk of external debt distress and high overall risk, even as conditions improved versus the 2024 DSA. The rating reflects still-strict financing constraints, substantial domestic debt rollover needs, and remaining arrears to creditors, while overall public debt is assessed as sustainable. A medium-term debt strategy emphasizes liability management, exploring new external financing, fiscal contingencies, prudent non-concessional borrowing, and strengthened macroeconomic and structural policies, including climate resilience investment and improved debt and public investment management.","Public Disclosure Authorized  \nPub lic Disc losure Authorized  \nApproved by:  \nManuela Francisco and Abebe Adugna (IDA) , and Vitaliy Kramarenko and Koshy Mathai (IMF)  \nPrepared by the staff of the International Development Association (IDA) and the International Monetary Fund (IMF)1  \n\n| NIGER: JOINT BANK-FUND DEBT SUSTAINABILITY ANALYSIS |  |\n| --- | --- |\n| Risk of external debt distress | High |\n| Overall risk of debt distress | High |\n| Granularity in the risk rating | Sustainable |\n| Application of judgment | Yes |\n\nDespite improvement comparing to the last DSA in 2024, Niger is assessed at high risk of external and overall public debt distress, based on the judgement of still stringent financing conditions, high domestic debt rollover needs, and remaining arrears to creditors. Nevertheless, Niger’s public debt remains sustainable. To address the high debt risks, the authorities have developed a medium-term debt strategy that includes liability management maturity lengthening operations, active exploration of new external financing sources, and other fiscal contingency measures. On the macroeconomic side, over the medium term, growth is supported by crude oil exports. However, significant uncertainty persists with elevated downside risks including insecurity, strained relations with partners, and expected reduction in official development aid (ODA) flows. Against this backdrop, Niger should continue to pursue prudent debt policies by maintaining a zero ceiling on non-concessional debt and avoid relying excessivelyon higher-cost domestic borrowing to finance the budget. Continuous efforts should be made to entrench sound macroeconomic policies, implement structural reforms, enhance debt management practices, improve public investment management, and increase public spending efficiency to support debt sustainability amid uncertainty. Given Niger’s vulnerability to climate change, it is essential to build resilience through adaptation investments and policies while maintaining fiscal prudence.  \n1 This DSA was prepared in line with Guidance Note on Bank-Fund Debt Sustainability Framework for Low-Income Countries, 2018, and its supplement.  \n1. Niger’s public and public guaranteed (PPG) debt covers central government obligations  \n(Text Table 1) . Niger’s state and local government entities do not borrow directly on their own. The DSA does not include debt held by the social security fund (CNSS) and extra-budgetary funds.2 It includes state guarantees on external borrowing extended to the private sector and public sector entities. By end-2024, publicly guaranteed private debt includes only the guarantee issued to the China National Petroleum Company (CNPC) for a loan to finance the SORAZ refinery to cover the acquisition by the government of a minority stake.3 SOEs do not borrow externally directly, benefitting instead from on-lending by the central government, which is captured in debt statistics.4 Data on debt held by state-owned enterprises (SOEs) remain limited. The DSA incorporates a short-term oil-collateralized loan from a resident corporation and subsidiary of the China National Petroleum Corporation (CNPC-NP) in 2024. The loan is equivalent to US$400 million, it is denominated in CFA francs, has an initial 12-month maturity (extendable to 16 months) and an interest rate of 7 percent. The loan is classified as domestic debt in the DSA and included in the 2024 stock. Repayment is linked to oil export proceeds, with CNPC-NP withholding up to 80 percent of the government’s anticipated share of oil export revenues (corresponding to 25.36 percent of total exports through the pipeline) . Since the debt service on this loan is deducted at source by the CNPC-NP from the government’s share of oil export revenues, the loan continued to be serviced during periods when Niger had arrears to multilateral creditors. While the CNPC-NP loan is classified as domestic debt in the DSA given that it was contracted from a resident corpor","cbCaipo9ycUgYpXT","https://ap.wps.com/l/cbCaipo9ycUgYpXT","pdf",905362,2,1,25,"English","en",105,"# Risk Assessment\n## External and Overall Debt Distress Ratings\n## Granularity and Use of Judgment\n# Debt Strategy and Policy Recommendations\n## Financing Conditions and Rollover Needs\n## Arrears Management and Transparency\n## Financing Sources and Fiscal Contingencies\n# Public Debt Scope and Loan Features\n## Coverage of Public and Public-Guaranteed Debt\n## Treatment of SOE, Social Security, and Extra-Budgetary Funds\n## Oil-Collateralized and BOAD-Related Loans","[{\"question\":\"What is the assessed risk level of Niger’s external debt distress and overall public debt distress?\",\"answer\":\"The document rates the risk of external debt distress as High and the overall risk of debt distress as High. It also notes that granularity in the risk rating is Sustainable while overall distress risk remains high.\"},{\"question\":\"Why is Niger still classified as high risk despite improvement from the 2024 DSA?\",\"answer\":\"The assessment attributes the high risk to stringent financing conditions, high domestic debt rollover needs, and remaining arrears to creditors. It also reflects persistent uncertainty and downside risks.\"},{\"question\":\"What measures are recommended to address the high debt risks?\",\"answer\":\"Recommended actions include pursuing prudent debt policies with a zero ceiling on non-concessional debt, avoiding excessive reliance on higher-cost domestic borrowing, entrenching sound macroeconomic policies, implementing structural reforms, strengthening debt management and public investment management, and improving spending efficiency. The document also stresses building resilience via climate adaptation investments while maintaining fiscal prudence.\"}]",1784489399,63,{"code":4,"msg":31,"data":32},"ok",{"site_id":25,"language":24,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":28},"niger-joint-bank-fund-debt-sustainability-analysis-external-and-overall-debt-distress-risk-assessment","",{"@graph":36,"@context":85},[37,53,68],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,47,50],{"item":41,"name":42,"@type":43,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":20},"https://docshare.wps.com/document/","Document",{"item":48,"name":12,"@type":43,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":43,"position":52},"https://docshare.wps.com/document/niger-joint-bank-fund-debt-sustainability-analysis-external-and-overall-debt-distress-risk-assessment/111271/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":24,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":41,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-21","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What is the assessed risk level of Niger’s external debt distress and overall public debt distress?","Question",{"text":75,"@type":76},"The document rates the risk of external debt distress as High and the overall risk of debt distress as High. It also notes that granularity in the risk rating is Sustainable while overall distress risk remains high.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"Why is Niger still classified as high risk despite improvement from the 2024 DSA?",{"text":80,"@type":76},"The assessment attributes the high risk to stringent financing conditions, high domestic debt rollover needs, and remaining arrears to creditors. It also reflects persistent uncertainty and downside risks.",{"name":82,"@type":73,"acceptedAnswer":83},"What measures are recommended to address the high debt risks?",{"text":84,"@type":76},"Recommended actions include pursuing prudent debt policies with a zero ceiling on non-concessional debt, avoiding excessive reliance on higher-cost domestic borrowing, entrenching sound macroeconomic policies, implementing structural reforms, strengthening debt management and public investment management, and improving spending efficiency. The document also stresses building resilience via climate adaptation investments while maintaining fiscal prudence.","https://schema.org",{"og:url":51,"og:type":87,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":89,"canonical":51},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":92},[93,97,101,105,110,115,120,123,128,131,135],{"id":21,"doc_module":4,"doc_module_name":46,"category_name":94,"show_sort_weight":95,"slug":96},"Story & Novel",90,"story-novel",{"id":20,"doc_module":4,"doc_module_name":46,"category_name":98,"show_sort_weight":99,"slug":100},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":46,"category_name":102,"show_sort_weight":103,"slug":104},"Exam",70,"exam",{"id":106,"doc_module":4,"doc_module_name":46,"category_name":107,"show_sort_weight":108,"slug":109},5,"Comic",60,"comic",{"id":111,"doc_module":4,"doc_module_name":46,"category_name":112,"show_sort_weight":113,"slug":114},6,"Technology",50,"technology",{"id":116,"doc_module":4,"doc_module_name":46,"category_name":117,"show_sort_weight":118,"slug":119},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":46,"category_name":12,"show_sort_weight":121,"slug":122},30,"research-report",{"id":124,"doc_module":4,"doc_module_name":46,"category_name":125,"show_sort_weight":126,"slug":127},9,"Religion & Spirituality",20,"religion-spirituality",{"id":126,"doc_module":4,"doc_module_name":46,"category_name":129,"show_sort_weight":126,"slug":130},"World Cup","world-cup",{"id":132,"doc_module":4,"doc_module_name":46,"category_name":133,"show_sort_weight":132,"slug":134},10,"Lifestyle","lifestyle",{"id":136,"doc_module":4,"doc_module_name":46,"category_name":137,"show_sort_weight":106,"slug":138},19,"General","general"]