Final hours! Save up to 55% OFF InvestingProCLAIM SALE

Niger cuts 2023 budget by 40% as post-coup sanctions bite

Published 10/07/2023, 01:34 PM
Updated 10/07/2023, 01:35 PM
© Reuters.

NIAMEY (Reuters) - Niger has cut its planned spending for 2023 by 40% because of international sanctions imposed after the military took power in a July coup, further hobbling the economy in one of the world's poorest countries, the junta said in a televised statement on Saturday.

This year's budget, initially forecast at 3.29 trillion CFA francs ($5.3 billion), was slashed to 1.98 trillion, the statement said, without detailing where the cuts would fall.

Soldiers from the presidential guard detained President Mohamed Bazoum on July 26 and have set up a transitional government, one of a series of recent coups in West Africa's Sahel region.

The takeover prompted condemnation from the regional bloc ECOWAS, the European Union and the United States, who imposed sanctions, froze assets or halted aid.

A trade blockade has driven up the price of food and created a shortage of vital goods including life-saving medicines. But it does not appear to have dulled popular support for the junta at home, where many were fed up with the hardship and perceived corruption experienced under the Bazoum regime.

Niger, an arid country on the southern fringe of the Sahara Desert, is the world's seventh-biggest producer of uranium, the radioactive metal widely used for nuclear energy and treating cancer.

It is also beset by poverty and long-running insecurity caused by violent Islamist groups. It is hugely dependent on aid. According to its original projections, around 40% of this year's budget was expected to come from external partners.

($1 = 618.2500 CFA francs)

 

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.