As of April 2025, several African countries continue to rely heavily on the International Monetary Fund (IMF) for financial support amid economic instability, rising debt levels, and ongoing recovery efforts from global shocks such as COVID-19, the Russia-Ukraine war, and climate-related disasters.
Here’s a look at the top 10 African nations with the highest outstanding debt to the IMF, according to recent updates from the IMF’s financial transparency portal:
1. Egypt
Egypt tops the list with an IMF debt surpassing $12 billion, largely from extended fund facility programs aimed at stabilizing its foreign exchange reserves, curbing inflation, and supporting fiscal reforms.
2. Kenya
With over $5 billion in IMF obligations, Kenya has borrowed extensively to manage public debt and support economic growth amidst soaring interest rates and a depreciating shilling.
3. Angola
Angola’s IMF debt stands at approximately $4.5 billion, driven by past oil price crashes and fiscal reform programs under successive IMF arrangements.
4. Ivory Coast (Côte d’Ivoire)
Côte d’Ivoire owes close to $3.8 billion to the IMF as it works on consolidating public finances and sustaining infrastructure development post-COVID-19.
5. Ghana
Ghana’s IMF debt is estimated at $3.5 billion, including a recent $3 billion Extended Credit Facility to restore macroeconomic stability, control inflation, and rebuild fiscal buffers.
6. Democratic Republic of the Congo (DRC)
The DRC owes around $2.7 billion to the IMF, focusing on improving domestic revenue mobilization and governance reforms in its resource sector.
7. Ethiopia
Despite its post-conflict recovery efforts, Ethiopia carries a debt of approximately $2.4 billion, linked to IMF support for economic stabilization and social protection programs.
8. Cameroon
Cameroon owes nearly $2.1 billion to the IMF, which has supported government efforts in managing its fiscal deficit and currency stabilization.
9. Senegal
Senegal’s IMF debt is just above $1.9 billion, largely due to support under the Extended Credit Facility and Rapid Credit Instrument to enhance economic resilience.
10. Zambia
Zambia closes the list with an IMF debt nearing $1.8 billion. After becoming the first African country to default during the pandemic, Zambia secured an IMF program to restructure its debt and restore fiscal health.
Conclusion: Africa and the IMF
These figures reflect a broader trend across Africa, where governments are increasingly turning to the IMF for critical economic support. While the loans offer short-term relief, experts warn of the need for strong fiscal discipline, economic diversification, and accountability to avoid long-term debt traps.
Source
Data referenced from the IMF Financial Data Query Tool as of April 2025 and verified across IMF country reports.
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