Top 10 African countries with the lowest IMF debt in May 2025

In an era when many African countries are saddled by increasing foreign debt, having a low debt to the International Monetary Fund (IMF) is a notable achievement.

It is more than simply fiscal data; it shows sound economic management, more financial autonomy, and better resilience to external shocks.

At a time when IMF bailouts and emergency support packages are common across the continent, a country’s low debt to the Fund indicates stability and confidence in its macroeconomic foundation.

A low IMF debt indicates that the nation in question has practiced sound financial management. The IMF usually intervenes when a nation experiences severe fiscal crises or balance of payments issues, in contrast to market-based lenders.

As a result, a nation with little to no IMF debt has often avoided similar crises by implementing sensible fiscal policies, efficient tax structures, and restrained public expenditure.

In a nutshell, African countries heavily indebted to the IMF are typically expected to adhere to stringent policy prescriptions known as “IMF conditionalities.”

These frequently include austerity measures, subsidy elimination, public sector reforms, or currency depreciation, steps that might cause societal discontent and limit the government’s capacity to enact local remedies.

A country with little IMF debt is less restricted by foreign influences, giving it greater leeway to implement policies that are congruent with local interests and socioeconomic goals, just like Nigeria, which recently repaid the $3.4 billion emergency loan secured from the International Monetary Fund (IMF) in 2020.

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

This month Namibia made the list at the 10th spot in place of Seychelles.