In a situation where an African country has a large Total IMF Credit Outstanding, it indicates that the government borrowed significant financial resources from the International Monetary Fund (IMF) and is yet to repay.
In most cases an IMF loan can be a double-edged sword, providing respite while accruing potentially difficult to pay debt. This situation can lead to a variety of repercussions.
A significant quantity of IMF money loan raises a country’s overall debt load. Managing this debt will require careful fiscal planning, which may limit the government’s ability to support development programs and social services within its borders.
Also these loans can come with requirements imposed by the IMF on the country’s government.
With that said, here are the 10 African countries with the highest total IMF credit outstanding before the start of Q4.
The list was last updated on the 27th of September 2024.
Since July, Nigeria and Morocco have fallen off the top 10 list in place of Cameroon and Ethiopia.
Top 10 African countries with the highest debt to the IMF in Q3 of 2024
| Rank | Country | Total IMF Credit Outstanding as of 09/27/2024 |
|---|---|---|
| 1. | Egypt | 10,050,183,347 |
| 2. | Angola | 2,989,900,003 |
| 3. | Kenya | 2,566,263,300 |
| 4. | Ghana | 2,275,210,000 |
| 5. | Ivory Coast | 2,246,318,672 |
| 6. | Democratic Republic of Congo | 1,599,000,000 |
| 7. | South Africa | 1,525,600,000 |
| 8. | Senegal | 1,132,561,250 |
| 9. | Cameroon | 1,130,220,000 |
| 10. | Ethiopia | 1,095,845,000 |