The indebtedness of African countries to the International Monetary Fund (IMF) has grown over the years as the body continually supports the continent's economic growth by providing financial aid.
This data shows the top 10 African countries most indebted to the IMF. It was compiled using the IMF report on Total IMF Credit Outstanding Movement and the latest debt data for each country, accurate from May 1, 2024, to May 15, 2024.
10 most indebted African countries to the IMF
Here are the top 10 countries in Africa that are most indebted to the IMF:
1. Egypt
Egypt came tops as it owed the highest debt figure to the IMF.
As of April 30, 2024, Egypt’s indebtedness to the IMF stood at $11.2 billion. The country made a repayment of $418 million bringing the total debt to $10.8 billion as of May 15, 2024.
2. Angola
Angola came in second position as the most indebted country in Africa to the IMF.
The country’s debt to the international lender stood at $3 billion as of April 30, 2024. The amount remained the same as of May 15, 2024, since no repayments were made.
3. Kenya
The Kenyan government's indebtedness to the IMF as of April 30 2024, stood at $2.5 billion. No repayments have been made.
4. Ghana
Ghana came in fourth position with a debt of $2.1 billion as of April 30, 2024. A repayment of $13 million was made thus bringing the total debt to $2 billion as of May 15, 2024.
5. Côte d'Ivoire
Côte d'Ivoire came in fifth place with a debt of $1.94 billion. No repayment has been made as of May 15, 2024.
6. South Africa
In the sixth position is South Africa with an IMF debt of $1.9 billion as of April 30, 2024. No repayments have been made so far.
7. Congo
The Democratic Republic of Congo came in seventh position. As of April 30, 2024, the country owed the IMF $1.44 billion. The amount remained the same as of May 15, 2024, as the country made no repayments.
8. Morocco
Morocco came in eighth position with a debt of $1.3 billion. The amount remained fixed till May 15, 2024, as no repayments were made.
9. Nigeria
Nigeria’s debt to the international lender as of April 30, 2024, stood at $1.53 billion. A repayment of $306 million was made, which brought down the total debt to $1.2 million as of May 15, 2024.
10. Senegal
The Senegalese government owed the IMF a total of $1.17 billion as of April 30 2024. This amount stayed the same till May 30, 2024, following nil payments.
According to the IMF, the average debt ratio in Sub-Saharan Africa has seen a significant increase over the past decade.
Worried by this growing trend, the IMF has advised African governments to enact policy actions like mobilising more domestic revenue, strengthening budget institutions, and reducing their fiscal deficits in the coming years.