[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110690-en":3,"doc-seo-110690-105":29,"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":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},110690,1374391975076,"Riley","https://ap-avatar.wpscdn.com/avatar/14000253ca4ec9f6853?x-image-process=image/resize,m_fixed,w_180,h_180&k=1783305029341752051",8,"Research & Report","Niger - Joint World Bank-IMF Debt Sustainability Analysis - December 2021","Niger’s risk of external and overall public debt distress is assessed as “moderate,” unchanged from the previous Debt Sustainability Analysis. Higher borrowing and export shocks linked to the COVID-19 pandemic worsened pressures, but debt indicators remain below relevant thresholds due to concessional financing and a projected post-COVID export rebound. Key strengthening measures include implementing the government reform program, advancing crude oil exports via a new pipeline, improving debt management, reducing fiscal risks from SOEs and PPPs, prioritizing concessional borrowing, and supporting private-sector-led diversification.","Public Disclosure Authorized Public Disclosure Authorized  \nINTERNATIONAL DEVELOPMENT ASSOCIATION  \nINTERNATIONAL MONETARY FUND  \nNIGER  \nJoint World Bank-IMF Debt Sustainability Analysis  \nDecember 2021  \nPrepared Jointly by the staffs ofthe International Development Association (IDA) 1,2 and the International Monetary Fund (IMF)  \nApproved by Marcello Estevão and Abebe Adugna (IDA), Vitaliy Kramarenko and  \nGuillaume Chabert (IMF)  \n\n| Niger: Joint Bank-Fund Debt Sustainability Analysis |  |\n| --- | --- |\n| Risk of external debt distress | Moderate |\n| Overall risk of debt distress | Moderate |\n| Granularity in the risk rating | Limited space to absorb shocks |\n| Application of judgement | No |\n\nNiger’s risk of external and overall public debt distress is assessed “moderate”—unchanged from the previous DSA.3 4 The response to the COVID-19 pandemic required higher borrowing and the shock entailed a sharp fall in exports, exacerbating the impact of Nigeria’s decision to close its border to trade in 2019. Nevertheless, debt indicators remain below their thresholds thanks to concessional financing from donors and the prospective post-COVID rebound. Sustainability should be buttressed by the envisaged implementation of the government’s reform program and the onset of crude oil exports via a new pipeline. In the medium and long run, further strengthening debt management, mitigating fiscal risks from SOEs and PPPs, prioritizing concessional borrowing, and strengthening private-sector development to support economic diversification would be key to strengthening Niger’s debt sustainability.  \n1 The FSM’s Composite Indicator of 1.67 indicates a weak debt-carrying capacity, based on the April 2021 IMF’s World Economic Outlook (WEO) and the 2019 World Bank’s Country Policy and Institutional Assessment (CPIA) .  \n2 This DSA has been prepared jointly by the IMF and World Bank, following the 2018 Guidance Note on the Bank-Fund Debt Sustainability Framework for Low Income Countries.  \n3Niger’s debt-carrying capacity remains rated “medium” with a composite indicator value of 2.96.  \n4 Staff simulated a scenario assuming full disbursement of annual IDA allocations under credit terms, which did not affect the risk of external debt distress rating.  \nPUBLIC DEBT COVERAGE  \n1. The coverage of the public sector in the DSA is in line with the fiscal accounts and the previous DSA (Text Table 1) . It covers the central government but excludes local governments and the social security fund. There are no extra budgetary funds. State guarantees extended to the private and public sectors for external borrowing are included. Publiclyguaranteed private debt is limited to the guarantee issued to the China National Petroleum Company (CNPC) for a loan to finance the government’s minority stake in the refinery SORAZ.5 SOEs do not directly borrow from abroad, benefitting instead from on-lending by the central government, which is captured in the debt statistics at the stage where the central government borrows the funds. This includes electricity (NIGELEC), water (SPEN), and telecom (Niger Telecom) companies, and the ABK, a public administrative entity set up for implementing the Kandadji dam project. Absent reliable data, the DSA cannot explicitly account for domestic SOE debt. The authorities are working with the World Bank to improve the availability and quality of financial information for SOEs. A dedicated directorate general has been established in the Ministry of Finance in late 2019. The authorities, under the World Bank’s support, will publish certified financial statements for 2020 of at least nine out of 11 largest SOEs on the official website of the Ministry of finance to improve transparency and quality of debt reporting. External debt is defined on a currency basis.6  \nText Table 1. Niger: Coverage of Public-Sector Debt and Design of Contingent Liability Stress  \nTest  \n\n|  |\n| --- |\n|  |\n\nSubsectors of the public sector Sub-sectors covered  \n1 C","cbCaitUIVeRTBTk1","https://ap.wps.com/l/cbCaitUIVeRTBTk1","pdf",408807,1,20,"English","en",105,"# Risk of debt distress assessment\n## External debt distress risk\n## Overall debt distress risk\n# Drivers of debt sustainability\n## COVID-19 borrowing and export shock\n## Concessional financing and rebound assumptions\n# Policy actions to strengthen sustainability\n## Reform program and crude oil export pipeline\n## Debt management and fiscal risk mitigation\n# Public debt coverage and contingent liabilities\n## Coverage of public-sector debt\n## Guarantees, SOEs, and data gaps\n## Contingent liability stress test setup","[{\"question\":\"What is Niger’s assessed risk level for external debt distress and overall debt distress?\",\"answer\":\"Both risks are rated “moderate,” with no change from the previous DSA. The assessment indicates limited deterioration despite pandemic-related shocks.\"},{\"question\":\"Why did the COVID-19 pandemic worsen Niger’s debt dynamics, according to the analysis?\",\"answer\":\"The pandemic required higher borrowing and coincided with a sharp fall in exports. The shock was further intensified by the 2019 border closure affecting trade.\"},{\"question\":\"What factors help keep Niger’s debt indicators below their thresholds?\",\"answer\":\"Concessional financing from donors and a prospective post-COVID export rebound are highlighted. The outlook also depends on reforms and improved conditions for sustainability.\"}]",1784486618,50,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":27},"niger-joint-world-bank-imf-debt-sustainability-analysis-december-2021","",{"@graph":35,"@context":85},[36,53,68],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/niger-joint-world-bank-imf-debt-sustainability-analysis-december-2021/110690/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-22","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 Niger’s assessed risk level for external debt distress and overall debt distress?","Question",{"text":75,"@type":76},"Both risks are rated “moderate,” with no change from the previous DSA. The assessment indicates limited deterioration despite pandemic-related shocks.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"Why did the COVID-19 pandemic worsen Niger’s debt dynamics, according to the analysis?",{"text":80,"@type":76},"The pandemic required higher borrowing and coincided with a sharp fall in exports. The shock was further intensified by the 2019 border closure affecting trade.",{"name":82,"@type":73,"acceptedAnswer":83},"What factors help keep Niger’s debt indicators below their thresholds?",{"text":84,"@type":76},"Concessional financing from donors and a prospective post-COVID export rebound are highlighted. The outlook also depends on reforms and improved conditions for sustainability.","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":24},{"code":4,"msg":5,"data":92},[93,97,101,105,110,114,119,122,126,129,133],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":94,"show_sort_weight":95,"slug":96},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":98,"show_sort_weight":99,"slug":100},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":45,"category_name":102,"show_sort_weight":103,"slug":104},"Exam",70,"exam",{"id":106,"doc_module":4,"doc_module_name":45,"category_name":107,"show_sort_weight":108,"slug":109},5,"Comic",60,"comic",{"id":111,"doc_module":4,"doc_module_name":45,"category_name":112,"show_sort_weight":28,"slug":113},6,"Technology","technology",{"id":115,"doc_module":4,"doc_module_name":45,"category_name":116,"show_sort_weight":117,"slug":118},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":45,"category_name":12,"show_sort_weight":120,"slug":121},30,"research-report",{"id":123,"doc_module":4,"doc_module_name":45,"category_name":124,"show_sort_weight":21,"slug":125},9,"Religion & Spirituality","religion-spirituality",{"id":21,"doc_module":4,"doc_module_name":45,"category_name":127,"show_sort_weight":21,"slug":128},"World Cup","world-cup",{"id":130,"doc_module":4,"doc_module_name":45,"category_name":131,"show_sort_weight":130,"slug":132},10,"Lifestyle","lifestyle",{"id":134,"doc_module":4,"doc_module_name":45,"category_name":135,"show_sort_weight":106,"slug":136},19,"General","general"]