10 African countries with the highest debt to the IMF in Q3 2024

In the third quarter of 2024, few African countries reported substantial levels of debt owed to the International Monetary Fund (IMF), reflecting ongoing economic challenges.

When a country has a large total IMF credit outstanding, it signifies that the government has borrowed significant financial resources and has yet to repay the debt.

While IMF loans can provide immediate financial support, they may also result in accumulating difficult-to-repay debt, leading to economic implications.

Read also: Here are 10 African countries with the least IMF debt in Q3 2024

According to the IMF, here are the top 10 African countries with the highest IMF credit outstanding as of 11 October 2024.

1. Egypt

Egypt tops the list with over $9 billion in outstanding debt to the IMF. The country has experienced economic strain due to currency devaluation, inflation, and rising commodity prices, leading to repeated engagement with international financial institutions. Egypt has sought to stabilise its economy through various IMF programmes, targeting fiscal reforms and structural adjustments.

2. Angola

Angola’s reliance on the IMF has been driven by fluctuations in oil prices with over $2.9 billion, which have heavily impacted the country’s revenue base. Angola has been implementing reforms under IMF programmes aimed at improving debt sustainability, enhancing public financial management, and diversifying the economy away from oil dependence.

Read also: UPDATED, top 10 African countries facing the biggest IMF debts

3. Kenya

Kenya ranks third with over $2.5 billion in IMF debt, driven by both domestic challenges and external vulnerabilities. The country has sought financial assistance from the IMF to support its balance of payments and strengthen its fiscal framework. Inflationary pressures, public debt accumulation, and a need for social protection funding have also contributed to Kenya’s growing reliance on external credit.

4. Ghana

Ghana has accumulated over $2.2 billion in IMF debt, faced with economic difficulties marked by high inflation, currency depreciation, and rising debt levels. The country’s IMF engagement has aimed at stabilising the economy through fiscal consolidation, monetary policy adjustments, and structural reforms to address economic imbalances.

Read also: UPDATED: Top 10 African countries with low IMF Debt

5. Ivory Coast

Ivory Coast, has over $2.2 billion in debt to the IMF, driven by the need to finance infrastructure projects and address external shocks. The country’s programmes with the IMF have focused on strengthening public finances and maintaining macroeconomic stability to support continued growth.

6. Democratic Republic of Congo

The Democratic Republic of Congo (DRC) has seen its debt to over $1.5 billion in IMF debt, in part due to efforts to stabilise its economy amid ongoing conflict and governance challenges. The DRC’s relationship with the IMF has been central to reforms to improve fiscal transparency and manage resource wealth effectively.

Read also: Africa’s 10 most indebted countries

7. South Africa

South Africa owes over $1.5 billion to the IMF, its debt reflects the country’s struggles with slow economic growth, high unemployment, and fiscal imbalances. The IMF’s involvement has supported South Africa in addressing structural economic issues and mitigating the impacts of the COVID-19 pandemic on the economy.

8. Senegal

Senegal has borrowed over $1.1 billion from the IMF to support its economic development plans and manage the effects of external factors such as global inflation and energy price volatility. The country has focused on maintaining fiscal discipline while investing in key sectors like infrastructure and energy.

Read also: 10 least indebted African countries in 2024 – IMF

9. Cameroon

Cameroon owes over $1.1 billion in IMF debt, its debt stems from its efforts to implement economic reforms to address budgetary pressures and improve public resource management. The IMF programmes in Cameroon have supported structural reforms and helped the country navigate external shocks such as fluctuating commodity prices.

10. Ethiopia

Ethiopia rounds out the list with just over $1 billion in IMF debt. The country’s ongoing conflicts, and challenges related to inflation and currency instability, have driven its need for external financial support. IMF-backed reforms in Ethiopia focus on addressing macroeconomic imbalances and supporting the country’s development goals.