Home News Niger defaults up to half billion in debt payment
NewsWorld

Niger defaults up to half billion in debt payment

336

It has been reported that the Republic of Niger is facing escalating debt defaults, with the country falling behind on payments totaling $519 million since the military coup in July.

The West African debt management agency, UMOA-Titres, reported a recent default of 13.4 billion CFA francs ($22 million). The amount brings the total default to about $519 million and emphasizes the ongoing economic challenges in Niger, exacerbated by regional sanctions.

The missed repayment, due on February 16, triggered concerns as Niger has previously missed payments in August, November, and January. According to UMOA-Titres, the defaults are connected to sanctions imposed by the Economic Community of West African States (ECOWAS) and the West African Economic and Monetary Union (UEMOA).

The debt management agency issued a statement affirming their vigilant monitoring of the situation in collaboration with relevant institutions.

Recall that sanctions were initially enforced in 2023 following the coup that ousted President Mohamed Bazoum. The July 30 coup prompted ECOWAS and UEMOA to suspend Niger from regional financial markets. The repercussions were severe, including the freezing of external bank assets, suspension of financial transactions with West African countries, and the cancellation of a planned 30 billion CFA franc ($51 million) bond issuance by the Central Bank of West African States (BCEAO).

International aid, a significant portion of Niger’s annual budget, was halted, leaving the country grappling with economic hardship. Neighboring nations closed their borders, electricity supply was disrupted, and over 70 percent of power sourced from Nigeria was severed, as West Africa Weekly earlier reported.

Despite stringent sanctions, the government consolidated its power and announced its departure from ECOWAS alongside Mali and Burkina Faso. In further retaliation, the government of the Republic of Niger placed a ban on all commercial and international flights coming from or going to Nigeria. The three Junta nations are now reportedly contemplating discontinuing the use of the CFA currency. It is unclear, at the moment, how Niger intends to tackle its debt crisis.

Read more: Burna Boy Thrills Fans at Spill Gate Festival

About The Author

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Flood Borno Cholera Outbreak
HealthNews

Flood: Borno State Declares Cholera Outbreak, Records 451 Suspected Cases 

The Borno State Government has declared an outbreak of cholera, with 451...

Human RightsWorld

Protesters In Ghana Demand Release Of Detained Anti-Galamsey Activists

Protests began in Accra, Ghana on Thursday, calling for the release of...

TechnologyWorld

Burkina Faso Launches Digital Platform Containing Over 11,000 Laws Of Ministries, Institutions

Burkina Faso has introduced a new digital platform that centralises over 11,000...

Healthy Diet NBS Report
HealthNews

Cost Of Healthy Diet In Nigeria Rises By 28 Per Cent In 6 Months, NBS Reports

The cost of eating a healthy diet in Nigeria went up by...