10 African countries with the highest debts to the IMF

The International Monetary Fund (IMF) is a key player in global finance, offering monetary assistance to governments suffering economic difficulties. However, these loans from the IMF can have deep and varied effects on their economy. These effects are felt in some parts of Africa, particularly in regions where the debt is unsustainable.

Business Insider Africa presents the top 10 African countries with the highest debts to the International Monetary Fund.
This list was obtained from the IMF’s official site.

This list captures the data as of the 6th of December 2023.

Typically as a last resort, countries often turn to the IMF in times of economic crisis to stabilize their financial systems. These loans help cushion the economic adversities said countries may be going through.

Loans from the global financier can also help buff the country’s finances until they can come up with a more sustainable solution to their economic problems. And, additionally, a loan from the IMF can boost a country's credibility in the eyes of foreign investors. This rise in trust may result in higher foreign direct investment and better access to global capital markets.

However, these loans if not managed or utilized properly could hurt an economy. Aside from the fact that debts owed in general can cause financial stress in any economy, as it represents an expense that the country must take responsibility for, IMF loans often come with stringent conditions, including austerity measures such as reducing public spending, cutting subsidies, and implementing tax increases.

While these measures are intended to address fiscal imbalances, they can lead to social unrest and adversely affect vulnerable populations. These complications can also seep into the country’s exchange rate, making local currencies weaker than they should be.

With that said, below are the 10 African countries with the highest debts to the IMF, courtesy of the IMF’s official website. Also, the list captures the data as of the 6th of December 2023.

10 African countries with the highest debts to the IMF

Rank Country Debt amount
1. Egypt $11,968,321,674

2. Angola $3,153,816,667

3. South Afric $2,669,800,000

4. Côte d'Ivoire $2,117,559,620

5. Kenya $2,058,982,100

6. Nigeria $1,840,875,000

7. Ghana $1,644,377,000

8. Morocco $1,499,800,000

9 Democratic Republic of Congo $1,294,500,000

.10. Tunisia $1,259,139,338

FreeStuffsNG:
Despite being the largest economy in Africa, we are barely indebted to IMF. This is impressive. I reckon this was the forex support we got from the IMF during the covid 19 pandemic but today our economy is in surplus and our GDP keeps increasing quarter on quarter.

Ghana and Egypt no try at all. Ghana is particularly a very bad case given that 100% of her debt were forgiven around 2005, it's today back in serious debt, economic quagmire and even unable to pay its debt. It's now offering to pay debt with gold and cocoa.

MEEVEET:

FreeStuffsNG:
Nigeria paid but Ghana and co were given forgiveness. Just read up nah and stop being aggressive, insolent and uncouth like the LP mob.

FreeStuffsNG:
Despite being the largest economy in Africa, we are barely indebted to IMF. This is impressive. I reckon this was the forex support we got from the IMF during the covid 19 pandemic but today our economy is in surplus and our GDP keeps increasing quarter on quarter.

Below is the current data on Nigerian economy, Q3, 2023 as shared by Statisense


✅Q3 2023 GDP growth rate at 2.54%.

✅The Oil Sector had it best growth in Q3 2023 since Q1 2020 when it grew by 5.06%.

✅Improved Oil Production capacity, achieving the best output in Sept at 1.390 mbpd.

✅Achieved Trade surplus of ₦1.89 trillion in Q3 2023 and ₦3.52 trillion in 9months, Exports > Imports.

✅Stock Market performance of +38.1% Year Till Date.

✅FG surpassed its Revenue target of ₦8.283 trillion as at Sept 2023, achieving ₦8.653 trillion, a 4.5% above expectation.

✅Effective tax collection with CIT at +121% of its target and VAT at +11% (2023).

#Statisense
(NBS, OPEC, Budget Office)



All the enemies of Nigeria ti keran and will lose las las. They always lose.God bless Nigeria for ever! Check my signature for free stuffs!

MEEVEET:

Are you sure you are ok? Like everything is fine

Was Nigeria not debt free in 2005 ?