As several African nations continue to grapple with economic instability, many have turned to the International Monetary Fund (IMF) for financial assistance, resulting in significant debt obligations.
These loans, while intended to stabilize economies, often come with stringent conditions that can hinder long-term development.
The latest data, updated on December 23, 2024, reveals the African countries with the highest outstanding IMF credit.
Egypt tops the list with a staggering $9.3 billion, far exceeding other nations. Kenya follows with $3.02 billion, while Angola is close behind with $2.9 billion. Côte d’Ivoire has climbed to the fourth position with $2.75 billion, overtaking Ghana, which now ranks fifth with $2.51 billion.
Other nations on the list include the Democratic Republic of Congo (DRC) with $1.6 billion, Ethiopia with $1.31 billion, and South Africa with $1.14 billion.
Cameroon ranks ninth with $1.13 billion, and Morocco joins the top 10 with $1.1 billion, replacing Senegal, which has dropped off the list, information on Business Insider Africa revealed.
The reliance on IMF loans has sparked concerns about the long-term implications for these economies.
Additionally, the restrictive economic reforms tied to these loans, known as Structural Adjustment Programs (SAPs), have been criticized for exacerbating socioeconomic inequalities.
As African nations remain vulnerable to external shocks, such as fluctuations in commodity prices and global financial crises, the growing debt burden underscores the need for more sustainable financial solutions.
The IMF’s role in the region continues to be a subject of intense debate, with questions lingering over whether its assistance helps or hinders long-term economic stability.
See list below:
1. Egypt1. Egypt – 9,305,675,014
2. Kenya – 3,022,009,900
3. Angola – 2,900,483,338
4. Cote d’Ivoire – 2,746,507,040
5. Ghana – 2,514,421,000
6. DRC – 1,599,000,000
7. Ethiopia – 1,313,857,500
8. South Africa – 1,144,200,000
9. Cameroon – 1,130,220,000
10. Morocco – 1,100,200,000Nigeria services some loans collected
The Nigerian government spent more than $2.24 billion to settle matured external debts between January and June 2024.
A breakdown of figures showed that in 2024’s first quarter (January to March), the Nigerian government spent $1.12 billion to service debts owed to various foreign entities.
Nigeria Missing Among Top African Countries With Highest Debt To IMF In 2024
