Niger misses debt payment with default up to almost $520m
TLDR
- Niger defaults on 13.4 billion CFA francs debt payment, totaling to $519 million in missed payments since suspension from financial markets
- UMOA Titres confirms Niger's failure to repay principal sum, situation monitored under sanctions by UEMOA
- Default follows country's suspension from regional markets post-coup in July, highlighting ongoing financial challenges in Niger
Niger has recently defaulted on a debt payment of 13.4 billion CFA francs ($22 million), according to the West African debt management agency. This default adds to the total of approximately $519 million in missed payments since the country's suspension from regional financial markets following a coup in July.
UMOA Titres, the West African monetary union debt management agency, announced that Niger failed to repay a principal sum due on February 16. “This situation is carefully monitored by UMOA-Titres in collaboration with the institutions concerned,” it said in a statement.
The statement highlighted that this default occurred while Niger remains under sanctions imposed by the conference of heads of state and government of the West African Economic and Monetary Union (UEMOA).
Key Takeaways
Following a military coup in July that led to the ousting of President Mohamed Bazoum, Niger has been facing significant repercussions. The country has been suspended from the regional financial market and the regional central bank by both the Economic Community of West African States (ECOWAS) and the West African Economic and Monetary Union (UEMOA). In a further development, Niger, along with its neighbors Mali and Burkina Faso, announced last month that it was leaving ECOWAS with immediate effect. These decisions come with potential risks for the landlocked nations, which are among the poorest in the region, with an annual per-capita GDP of less than $1,000. Exiting the West African bloc could impact their economic stability and relationships with neighboring countries and international partners.
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