Niger's economy centers on subsistence agriculture, animal husbandry, reexport trade, and increasingly less on uranium, because of declining world demand. The 50% devaluation of the West African franc in January 1994 boosted exports of livestock, cowpeas, onions, and the products of Niger's small cotton industry. The government relies on bilateral and multilateral aid â which was suspended following the April 1999 coup d'etat â for operating expenses and public investment. In 2000-01, the World Bank approved a structural adjustment loan of $105 million to help support fiscal reforms. However, reforms could prove difficult given the government's bleak financial situation. The IMF approved a $73 million poverty reduction and growth facility for Niger in 2000 and announced $115 million in debt relief under the Heavily Indebted Poor Countries HIPC initiative. Niger is the second poorest country in the world.
Not until 1993, 35 years after independence from France, did Niger hold its first free and open elections. A 1995 peace accord ended a five-year Tuareg insurgency in the north. Coups in 1996 and 1999 were followed by the creation of a National Reconciliation Council that effected a transition to civilian rule by December 1999. In 2009, a coup d'Ã©tat toppled the elected government, and Niger is currently controlled by a military junta.