The Executive Board of the International Monetary Fund (IMF) made this statement after it completed third review of Niger's economic performance under a program supported by the Extended Credit Facility (ECF). Completion of the third review allows the disbursement of an amount equivalent to SDR 3.29 million (about US$5.0 million), bringing total disbursements under the arrangement to an amount equivalent to SDR 13.16 million (about US$20.2 million).

The Executive Board approved a three-year arrangement for Niger in May 2008 in the sum of an amount equivalent to SDR 23.03 million (about US$35.3 million), equivalent to 35 percent of the country's quota in the IMF.

Following the Executive Board's discussion on Niger, Mr. Murilo Portugal, Deputy Managing Director and Acting Chair, said in a statement that the authorities of Niger have maintained a prudent fiscal position in the face of severe shortfalls in budget support. Combined with the strong revenue performance, the authorities' efforts to align the pace of budget execution with available resources have kept the ECF-supported program on track. They have also prepared contingency measures for 2010 in the event of further delays in external support. The authorities are strongly encouraged to take all necessary steps to mobilize the external financing included in the program.

“Progress in the implementation of the structural reform agenda has been broadly satisfactory. Measures to simplify and increase the transparency of the tax system are welcome. Deeper public financial management reform is needed to further improve budgetary formulation, execution and reporting. The authorities have also taken significant steps to ensure the transparent accounting of all mining and oil revenues. Sound management of natural resources will be critical to ensure higher overall growth and faster poverty reduction, and the authorities are encouraged to start formulating a comprehensive strategy for the macroeconomic management of these resources. Stepping up efforts to complete the restructuring of the financial sector will also be necessary to ensure that the financial system can fully support growth.”