10 African countries with the highest debt exposure to the IMF as of April 2026

African governments are increasingly turning to the International Monetary Fund (IMF) for financial support as public finances come under sustained pressure, with new and ongoing programmes reshaping economic policy across the continent.

Several countries, including the Republic of Congo, Kenya, Ghana and Senegal, are currently engaged in IMF-backed arrangements or programme reviews, reflecting rising fiscal constraints and external economic pressures. Analysts say these programmes provide short-term stability but often come with conditions that influence government spending, taxation and structural reforms.

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In many cases, IMF programmes extend beyond their initial timelines as countries struggle to meet agreed fiscal and reform targets. This has led to revised conditions, additional disbursements and prolonged engagement with the Fund.

Guinea-Bissau highlights both the benefits and challenges of IMF reliance. The country recently received about $3.2 million under its Extended Credit Facility, bringing total support to $50.8 million since 2023. However, it has missed several fiscal and structural benchmarks, prompting adjustments to targets and an extension of the programme to 2026.

While growth in Guinea-Bissau is projected at 5.5% in 2025, driven largely by cashew exports, concerns remain over rising debt service obligations.

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Experts warn that continued reliance on IMF funding may limit policy flexibility and divert revenues toward debt repayment rather than long-term development priorities.

Here are 10 African countries with the highest debt exposure to the IMF as of April 2026:

1. Egypt – 7,409,353,357

Egypt leads the list with a large IMF exposure linked to multiple support programmes. The country has faced pressure from currency movements and external financing gaps, prompting continued engagement with the Fund.

2. Côte d’Ivoire – 3,603,438,776

Côte d’Ivoire remains under IMF programmes aimed at fiscal management and growth support. Authorities continue to work on revenue mobilisation and debt control.

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3. Kenya – 2,927,698,234

Kenya’s IMF debt reflects efforts to manage public spending and stabilise its currency. Ongoing reforms include tax measures and budget adjustments.

4. Ghana – 2,740,752,500

Ghana’s programme follows a period of debt distress. The government is implementing restructuring plans alongside IMF-backed reforms to restore stability.

5. Angola – 2,437,716,676

Angola has used IMF support to manage oil revenue volatility and fiscal deficits. Policy changes focus on diversification and debt sustainability.

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6. Democratic Republic of the Congo – 2,223,200,002

The Democratic Republic of the Congo continues to rely on IMF funding to support economic reforms and strengthen financial systems.

7. Ethiopia – 1,764,502,000

Ethiopia’s IMF engagement comes as it navigates economic adjustments and works to address external debt challenges.

8. Tanzania – 1,335,730,000

Tanzania has accessed IMF resources to support recovery efforts and maintain fiscal balance, with a focus on infrastructure and social spending.

9. Zambia – 1,271,660,000

Zambia remains in a restructuring process tied to IMF support. The programme aims to restore debt sustainability and rebuild investor confidence.

10. Cameroon – 1,180,590,000

Cameroon’s IMF exposure reflects efforts to manage deficits and improve public finance systems under agreed reform plans.