Top 10 African countries with the highest debt to the IMF in March 2025

Africa’s large IMF debt dates back to the 1980s and 1990s when many nations experienced economic crises caused by low commodity prices, rising energy costs, and bad fiscal management.

In response, the IMF proposed Structural Adjustment Programs (SAPs), which provided financial relief but required rigorous conditions such as currency depreciation, reduced governmental spending, and market liberalization.

While these actions were intended to stabilize economies, they frequently increased poverty, reduced social services, and raised debt.

Fast-forward to today, and not much is different. There are still numerous African countries heavily indebted to the IMF and by extension at the mercy of some of its policies.

High IMF debt levels have a significant impact on African economies, impacting a variety of sectors and socioeconomic results.

For example, to boost export competitiveness, the IMF frequently advocates currency depreciation.

While this promotes exports, it also raises import prices, resulting in inflation and lower buying power for regular individuals.

These among other polices are reasons why you can argue that an initiative intended to create relief has in itself become a burden for several countries on the continent.

With that said, here are the African countries with the highest debt to the International Monetary Fund in March 2025, as seen on the IMF’s website.

Compared to the top 10 list last month, Morocco’s debt to the IMF has increased, making it one of the top 10 countries with the most debt to the IMF, currently.