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Ten African countries have been able to maintain a low debt profile with the International Monetary Fund (IMF) as the continent continues to grapple with economic challenges as a result of the global pandemic.

10 African countries with the lowest debts to the IMF in 2024 | Pulse Nigeria

Solomon Ekanem

<p><strong>Ten African countries have been able to maintain a low debt profile with the International Monetary Fund (IMF) as the continent continues to&nbsp;grapple with economic challenges as a result of the global pandemic.</strong></p>

<p>With a low IMF debt level, countries can exercise more control as they have more economic autonomy which enables them to execute policies without external pressures or interference.&nbsp;Countries with a low debt profile can further improve investments in social investment programmes and safety nets, such as poverty alleviation initiatives.</p>

<p>Data from the IMF’s <em>Regional Economic Outlook</em> report shows that Africa’s public debt-to-GDP ratio peaked at 60.1% in 2023 but has been projected to ease to 58.5% in 2024 and further down to 56.8% in 2025.</p>

<h2>10 African countries with the lowest IMF debt</h2>

<p>According to data showing the total IMF Credit Outstanding Movement From July 1, 2024, to July 17, 2024, here are African countries with the lowest IMF loans:</p>

<table><tr><td colspan="null" rowspan="null">
</td><th colspan="null" rowspan="null">Member Country</th><th colspan="null" rowspan="null">Total IMF Credit Outstanding as of 07/17/2024 ($)</th></tr><tr><td colspan="null" rowspan="null">1</td><td colspan="null" rowspan="null">Lesotho</td><td colspan="null" rowspan="null">11,660,000</td></tr><tr><td colspan="null" rowspan="null">2</td><td colspan="null" rowspan="null">Comoros</td><td colspan="null" rowspan="null">20,329,825</td></tr><tr><td colspan="null" rowspan="null">3</td><td colspan="null" rowspan="null">Sao Tome &amp; Principe</td><td colspan="null" rowspan="null">24,145,150</td></tr><tr><td colspan="null" rowspan="null">4</td><td colspan="null" rowspan="null">Djibouti</td><td colspan="null" rowspan="null">31,800,000</td></tr><tr><td colspan="null" rowspan="null">5</td><td colspan="null" rowspan="null">Guinea-Bissau</td><td colspan="null" rowspan="null">43,764,400</td></tr><tr><td colspan="null" rowspan="null">6</td><td colspan="null" rowspan="null">Eswatini, The Kingdom of</td><td colspan="null" rowspan="null">49,062,500</td></tr><tr><td colspan="null" rowspan="null">7</td><td colspan="null" rowspan="null">Cabo Verde</td><td colspan="null" rowspan="null">64,984,000</td></tr><tr><td colspan="null" rowspan="null">8</td><td colspan="null" rowspan="null">Equatorial Guinea</td><td colspan="null" rowspan="null">74,096,417</td></tr><tr><td colspan="null" rowspan="null">9</td><td colspan="null" rowspan="null">Somalia</td><td colspan="null" rowspan="null">79,500,000</td></tr><tr><td colspan="null" rowspan="null">10</td><td colspan="null" rowspan="null">Burundi</td><td colspan="null" rowspan="null">101,600,000</td></tr></table>

<p>From the IMF report, other countries like Angola ($2.9 billion), Kenya ($2.5billion), Ghana ($2.3 billion), and Côte d'Ivoire ($2.3 billion) led as African countries with the highest debt to IMF in the updated report as at July 17, 2024.</p>

<p>As of March 31, 2024, the Debt Management Office (DMO) said <a data-link-role-code="open_new_tab" href="https://www.pulse.ng/news/imf-ranks-nigeria-2nd-least-indebted-country-in-africa/b59llyc">Nigeria's total public debt </a>stood at ₦121.67 trillion ($91.46 billion). The country’s debt to the IMF stood at $1.2 billion as at July 17, 2024.</p>

<p>The IMF however, has advised heads of government and policymakers in sub-Saharan Africa to embark on cost-cutting measures like doing away with fuel subsidies, freezing unnecessary expenditure and widening the tax net to improve government revenue sources.</p>

10 African countries with the lowest debts to the IMF in 2024

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