Top 10 African countries with the highest IMF debt in June 2025

An increasing number of African nations are facing difficulties as the second half of 2025 progresses due to their heavy debt loads to the International Monetary Fund (IMF).

In countries like Ghana and Malawi, IMF-supported programs have sometimes led to painful austerity measures that spark public discontent, even if they are meant to stabilize the economy in the long run.

These financial obligations, often incurred to bridge budget deficits, bolster foreign reserves, or stabilize economies during periods of acute crisis, have now evolved into formidable threats.

They imperil the very foundations of social development, undermine economic sovereignty, and jeopardize long-term fiscal health across the continent.

The repercussions of substantial IMF indebtedness are proving to be far-reaching and undeniable, particularly as global interest rates remain elevated and national revenues continue to face relentless pressure. African countries can no longer afford to overlook or defer addressing these critical issues.

A country burdened with a significant debt to the IMF is invariably subjected to rigorous and often politically sensitive policy conditions.

These mandates frequently encompass a range of measures, including severe spending cuts, the removal of essential subsidies, currency devaluations, or comprehensive tax reforms.

While these stipulations are typically designed to restore economic stability and foster fiscal discipline, they can frequently prove to be immensely unpopular domestically, triggering widespread public dissent and social unrest.

Crucially, such prescribed measures, despite their underlying intent to stabilize national economies, can severely curtail a government’s autonomy and flexibility.

The imposition of stringent conditions can tie the hands of national leaders, preventing them from implementing policies that might be more aligned with local social and economic realities, thereby potentially exacerbating existing challenges.

With that said, here are the 10 African countries with the largest debt to the IMF, according to the IMF’s website.

Compared to the list last month, the countries with the top 10 highest IMF credits on the continent this month largely remained the same.