Niger Faces More Financial Struggles as Debt Defaults Continue Following Coup | News

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Niger’s total debt default since last July’s coup has now reached $519 million. The West African state missed a debt payment of 13.4 billion CFA francs ($22 million) last week, bringing the total default to some $519 million. The West African monetary union debt management agency UMOA-Titres stated that Niger had failed to make a repayment of principal which was due on February 16, after missing payments in August, November, January, and February. The sanctions imposed by the Economic Community of West African States (ECOWAS) and the West African Economic and Monetary Union have resulted in financial transactions with West African countries being suspended, Niger’s assets in external banks being frozen, and hundreds of millions of dollars in aid being withheld. The coup by members of the Nigerien presidential guard, which led to President Mohamed Bazoum being overthrown, has further exacerbated Niger’s economic struggles, with aid from other countries and neighbouring countries being suspended. The country’s move to leave ECOWAS and form the Association of Sahel States (ASS) with neighbours Mali and Burkina Faso indicates a potential shift in economic focus and currency usage. Despite the stringent sanctions, the government has consolidated its power while millions in Niger face growing hardship.

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