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The West African debt management agency said that Niger had failed to make a repayment of the principal which was due on Feb. 16. The conference of heads of state and government of the West African Economic and Monetary Union (known by its French acronym, UEMOA) has imposed sanctions on Niger, which is said to have a debilitating impact on its fragile economy
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 (USD22 million), which takes the total default to some USD 519 million since a July coup and its suspension from regional financial markets.
The West African debt management agency said that Niger had failed to make a repayment of the principal which was due on Feb. 16. The conference of heads of state and government of the West African Economic and Monetary Union (known by its French acronym, UEMOA) has imposed sanctions on Niger, which is said to have a debilitating impact on its fragile economy.
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This situation is carefully monitored by UMOA-Titres in collaboration with the institutions concerned. Regional bloc ECOWAS and UEMOA suspended Niger from the regional financial market, and the regional central bank following the military coup in July last year. Alongside Mali and Burkina Faso, Niger last month announced that it was leaving ECOWAS with immediate effect.
