10 African countries with the highest debts to the IMF

The IMF holds a significant role in the realm of global finance by extending financial aid to governments facing economic hardships. Nevertheless, the loans provided by the IMF can yield profound and diverse impacts on the economy of recipient nations. These effects are notably experienced in certain African areas, especially in regions where the debt becomes unmanageable.

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.

Kindly find below the 10 African countries with the highest debts to the IMF, culled from the IMF’s official website, last updated December 6, 2023:

Rank      Country                                                                Debt amount

1.            Egypt                                                                     $11,968,321,674

2.            Angola                                                                  $3,153,816,667

3.            South Africa                                                       $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