African countries continue to struggle with high levels of indebtedness to the International Monetary Fund (IMF), with ten countries becoming the most indebted in the fourth quarter of 2024.
These debts underline a significant dependence on external financing to stabilize economies in times of crisis.
While providing fiscal relief, IMF loans come with strict conditions that influence national policies. Measures such as subsidy removal, monetary adjustments and austerity plans often accompany funding, sparking debates about their long-term impact.
Critics say these structural adjustment programs limit spending in critical sectors like health, education and infrastructure, raising concerns about debt sustainability and economic resilience.
As these countries struggle to balance their fiscal needs and development priorities, growing debt to the IMF highlights the complexities of reliance on external financial assistance.
According to the IMF, here are the 10 African countries with the most credits from the IMF as of December 2, 2024.
1. Egypt
Egypt tops the list with outstanding IMF credit of $9.45 billion. The country's dependence on IMF financing highlights the challenges it faces in ensuring its fiscal and economic stability.
2. Kenya
Kenya's debt to the IMF stands at $3.02 billion. The country continues to struggle with economic reforms aimed at boosting growth while managing its debt obligations.
Also read: Here are the 10 African countries with the least debt to the IMF in the third quarter of 2024
3. Angola
Angola occupies the third position, with a debt of 2.99 billion dollars. The country is counting on support from the IMF to cope with the effects of oil price fluctuations and diversify its economy.
4. Ghana
With a debt to the IMF of $2.25 billion, Ghana is focused on meeting its financial obligations while implementing policies to stabilize its currency and improve economic resilience.
5. Ivory Coast
Ivory Coast has a debt to the IMF of $2.19 billion. The country's financial strategy includes mobilizing international funds to support its infrastructure and development projects.
6. Democratic Republic of Congo (DRC)
The DRC's debt to the IMF amounts to $1.6 billion. These funds are essential to addressing the economic challenges of one of Africa's largest and most resource-rich countries.
7. Ethiopia
Ethiopia owes $1.31 billion to the IMF. The country is carrying out economic reforms and recovery efforts while tackling internal conflicts that have impacted its economic trajectory.
8. South Africa
South Africa's debt to the IMF stands at $1.14 billion. This is part of broader efforts to recover from economic disruption and achieve sustainable growth.
9. Cameroon
Cameroon's outstanding debt of $1.13 billion reflects its continued engagement with the IMF to strengthen its fiscal position and support key sectors.
10. Senegal
Senegal completes the list with $1.11 billion owed to the IMF. The country's goal is to leverage these funds for development initiatives and economic stability.
