Despite the fact that a large loan from the International Monetary Fund (IMF) can provide critical financial support and help stabilize an economy, notably in some African countries, it also includes significant responsibilities that a country must properly handle. In effect to considerable IMF aid, a country’s total debt may increase. This might lead to economic constraints, among other issues.
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.
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 |
