Top 10 African countries owing the most to the IMF in 2025

Egypt holds the highest outstanding credit from the IMF, followed by Kenya and Angola, according to the latest data. The rising debt levels highlight ongoing economic challenges, structural reforms, and financing needs across Africa.

High IMF credit reliance underscores economic vulnerabilities, with nations turning to the lender for stability, reforms, and growth. However, debt sustainability remains a concern, as excessive borrowing risks financial distress.

While IMF assistance offers short-term relief, beginning the year with high debt burdens poses challenges. These loans can deepen economic vulnerabilities, hinder development, and limit governments’ flexibility in addressing pressing needs.

Many African nations expect higher economic outputs by 2025, reducing their borrowing needs. However, existing debt burdens may limit proper state fund allocation. For nations with tight budgets, large IMF debts mean sacrificing critical investments in infrastructure, healthcare, and education, reinforcing underdevelopment.

“Africa’s external debt has grown substantially during the last decade, reaching a record level of $656 billion in 2022,” states the UN’s Unpacking Africa’s Debt report. The rise stems from reduced export revenues and sluggish growth, with Africa’s economy expanding by just 3.5% in 2022—below the pre-pandemic 4.5% average. The growth outlook remains modest, projected at 3.3% in 2023 and 3.5% in 2024.

Here are the 10 African countries owing the most to the IMF in 2025

Egypt: $8.67 Billion

Egypt has the highest outstanding IMF credit among African nations, amounting to $8.67 billion. The country has secured multiple financial arrangements with the IMF to stabilise its economy, address fiscal deficits, and implement structural reforms. The funds have supported efforts to control inflation, enhance foreign exchange reserves, and sustain economic growth.

Kenya: $3.02 Billion

Kenya ranks second with $3.02 billion in outstanding IMF credit. The country has relied on IMF support to stabilise its currency, manage debt repayments, and implement economic reforms. The IMF programmes have focused on fiscal consolidation, revenue generation, and expenditure management. Rising debt levels have been a concern, prompting calls for more sustainable borrowing and fiscal discipline.

Angola: $2.90 Billion

Angola holds $2.90 billion in outstanding IMF credit, positioning it third among African nations. The country has faced economic difficulties due to fluctuations in global oil prices, which have impacted revenue and foreign reserves. Angola’s engagement with the IMF aims to improve economic resilience, strengthen governance, and enhance transparency in financial management.

Cote d’Ivoire: $2.74 Billion

Cote d’Ivoire has an outstanding IMF credit of $2.74 billion. The country has pursued economic growth through infrastructure projects and policy reforms. IMF support has focused on maintaining macroeconomic stability, managing external vulnerabilities, and strengthening the financial sector.

Ghana: $2.51 Billion

Ghana ranks fifth with $2.51 billion in outstanding IMF credit. The country has struggled with high public debt, currency depreciation, and inflation. The IMF programme aims to support economic recovery, improve public finances, and stabilise the macroeconomic environment. Debt restructuring efforts have been a key focus to manage fiscal sustainability.

Democratic Republic of Congo (DRC): $1.79 Billion

The DRC holds $1.79 billion in IMF debt, placing it sixth on the list. The country has sought financial assistance to address economic instability and humanitarian challenges. The IMF programme has focused on enhancing governance, boosting revenue mobilisation, and strengthening financial institutions.

Ethiopia: $1.31 Billion

Ethiopia’s outstanding IMF credit stands at $1.31 billion. The country has faced economic pressures due to political instability, inflation, and currency depreciation. The IMF support has aimed at improving fiscal discipline, implementing structural reforms, and supporting economic recovery.

South Africa: $1.14 Billion

South Africa has $1.14 billion in IMF debt, ranking eighth. The country has experienced economic stagnation, power shortages, and rising unemployment. The IMF programme has focused on fiscal consolidation, improving public sector efficiency, and stimulating growth through policy reforms.

Cameroon: $1.10 Billion

Cameroon has an outstanding IMF credit of $1.10 billion. The country’s economic challenges include debt sustainability concerns, revenue shortfalls, and structural bottlenecks. The IMF programme has supported fiscal management, governance reforms, and efforts to enhance economic resilience.

Senegal: $1.07 Billion

Senegal ranks tenth with $1.07 billion in outstanding IMF credit. The country has engaged with the IMF to strengthen economic policies, enhance financial stability, and support growth-oriented reforms. Efforts have been directed at fiscal sustainability and economic diversification.

Chisom Michael

Chisom Michael is a data analyst (audience engagement) and writer at BusinessDay, with diverse experience in the media industry. He holds a BSc in Industrial Physics from Imo State University and an MEng in Computer Science and Technology from Liaoning Univerisity of Technology China. He specialises in listicle writing, profiles and leveraging his skills in audience engagement analysis and data-driven insights to create compelling content that resonates with readers.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp