The Strategist

Niger fail to pay $19M on bonds

08/14/2023 - 10:36

The payments were due on August 11.

UK Mission to the UN New York
UK Mission to the UN New York
Niger failed to pay $19 million In order to repay the subsequent issuing of its government bonds, UMOA-Titres, a credit structure of the West African Economic and Monetary Union (WAEMU), said.

The payments were expected on August 11. After being sanctioned by the Economic Community of West African States (ECOWAS) and the Union of the African Monetary Communities (UEMOA), the Niger Finance Ministry failed to pay the $3.76 million principal due on its government bonds on July 31.

West African banks blocked all government accounts and assets in Niger, where insurgents overthrew the government on July 26.

Moody's reduced Niger's sovereign rating from B3 to Caa2 last week in both foreign and domestic currencies. It also cautioned against a further downgrading.