Niger: Authorities default up to almost $520 million in debt payment

Niger has missed a debt payment of 13.4 billion CFA francs ($22 million), adding to a total default of around $519 million since the military coup in July 2023 and its subsequent suspension from regional financial markets. The West African debt management agency UMOA Titres reported the missed repayment, which was due on February 16. This default follows sanctions imposed by the West African Economic and Monetary Union (UEMOA) in response to the coup that ousted President Mohamed Bazoum.

UMOA Titres stated that they are closely monitoring the situation in collaboration with relevant institutions. The suspension of Niger from regional financial markets, along with its exclusion from the regional central bank, has contributed to these economic challenges.

In recent developments, Niger, along with Mali and Burkina Faso, announced its withdrawal from ECOWAS last month, further distancing itself from regional cooperation and financial support mechanisms amidst ongoing political instability.