World Bank announces suspension of funding for all its operations in Niger

In a statement on Wednesday, the World Bank expressed its "concern" over the efforts to topple the democratically elected government in Niger, adding that it has suspended the disbursement of funds for all its operations in the country until further notice.

The Bank stated that its partnerships with the private sector "will continue cautiously" and it will closely monitor the situation following the recent coup in the fragile state.

In 2022, the World Bank spent $1.5 billion in Niger through various aid programs, and since the beginning of the year, it has already spent $730 million.

Similarly, the International Monetary Fund (IMF) provides several assistance programs, but it has not yet announced the suspension of its funding for operations in Niger.

The IMF's financing through signed programs with beneficiary countries is conditional on meeting specific commitments within regular intervals, which are evaluated during periodic meetings between the IMF and the government.

The IMF's latest program to assist Niger, amounting to $131.5 million, was signed on July 5th, and its first review meeting has not been held yet.

A spokesperson for the IMF told AFP that the institution "continues to monitor the situation in Niger with concern. We are worried about the political events in Niger and their impact on the country and its people."

Last week, a coup led by General Abdelrahmane Tiani ousted the elected president, Mohamed Bazoum.

An extraordinary summit of the Economic Community of West African States (ECOWAS) and Niger, along with 14 other countries, was held on Sunday in Abuja.

At the conclusion of the summit, the community called for the "immediate release" of President Bazoum and the "full return to constitutional normalcy in the Republic of Niger."

They also warned that if the demands are not met within a week, the community will take "all necessary measures... and these measures may include the use of force."

Niger, a country located in the Sahel region, has a population of 20 million and is one of the poorest countries in the world despite its uranium resources.

The country is situated at the heart of the Sahel region, and it is the last ally with whom Paris maintains a "combat" partnership against jihadists in this unstable and conflict-prone area.

The region has been experiencing instability, with Niger being the third country to witness a coup since 2020, following Mali and Burkina Faso.

 

 

 

 

 

 

 

 

 

 

 

 

AFP