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

Niger: Authorities default up to almost $520 million in debt payment
Nigeriens participate in a march called by supporters of coup leader Gen. Abdourahmane Tchiani, pictured, in Niamey, Niger, July 30, 2023.   -  
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Sam Mednick/Copyright 2023 The AP. All rights reserved.


The West African monetary union debt management agency UMOA Titres on Monday said Niger has missed a debt payment of 13.4 billion CFA francs ($22 million). The amount brings the total default to some $519 million since a July coup and its suspension from regional financial markets.

In a statement, the West African debt management agency said that Niger had failed to make a repayment of the principal which was due on Feb. 16 and owing to sanctions imposed by the conference of heads of state and government of the West African Economic and Monetary Union (known by its French acronym, UEMOA).

"This situation is carefully monitored by UMOA-Titres in collaboration with the institutions concerned," the statement added.

Regional bloc ECOWAS and UEMOA suspended from the regional financial market, and the regional central bank following a military coup in July last year that ousted President Mohamed Bazoum.

Alongside Mali and Burkina Faso, Niger last month announced that it was leaving ECOWAS with immediate effect.

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