Niger misses debt payment, default climbs to nearly $520mln

Niger missed 13.4 billion CFA francs ($22 million) debt payment last week, which brings the country’s total default to nearly $519 million since a coup in July and its exclusion from regional financial markets. As per a Reuters report citing the West African debt management agency.

Niger failed to pay back the principal that was due on February 16th, according to a statement from UMOA Titres, the debt management organisation for the West African Monetary Union.

Moreover, the statement mentioned that this took place while Niger was under sanctions from the West African Economic and Monetary Union conference of heads of state and government (known by its French acronym, UEMOA).

“This situation is carefully monitored by UMOA-Titres in collaboration with the institutions concerned,” it said in a statement.

Following a military coup in July that resulted in the removal of President Mohamed Bazoum, the Economic Community of West African States (ECOWAS) and UEMOA have suspended Niger from both the regional central bank and the financial market.

The country and its neighbours Burkina Faso and Mali announced last month that they would be leaving ECOWAS immediately. To discuss the situation, the regional bloc has scheduled a summit for February 24.