The International Monetary Fund (IMF), has identified some African countries with the highest indebtedness to the global financial institution.
The list of countries with the highest indebtedness was unveiled in a recent report by the IMF, which identified countries of the world including African countries with the highest outstanding IMF credit as of July 19, 2024.
While the IMF gives loans to countries, the loans usually come with some specific conditions including economic reforms and policy changes.
The report said that Egypt ranks first in the list of African countries with massive debt to the IMF, with a total debt of $10,215,014,179.
Nigeria, with a total IMF debt profile of about $1.23 billion, ranks eight on the list.
Below is a list of the top 10 African countries indebted to the IMF and the amount owed.
- Egypt: $10,215,014,179
Egypt tops the list with an outstanding IMF debt exceeding $10.2 billion. The country’s economy has faced numerous challenges in recent years, including political instability, high unemployment rates, and inflation. The COVID-19 pandemic further exacerbated these issues, leading to a significant reduction in tourism, one of Egypt’s main revenue sources.
- Angola: $2,989,900,003
Angola, with nearly $3 billion in IMF debt, has struggled with economic diversification, relying heavily on oil exports for revenue. The volatility of oil prices has significantly impacted the country’s economy.
- Kenya: $2,566,263,300
Kenya owes over $2.5 billion to the IMF, a reflection of its efforts to address economic challenges such as high public debt, fiscal deficits, and the need for infrastructure development.
- Ghana: $2,303,438,500
Ghana’s IMF debt stands at approximately $2.3 billion. The country has been praised for its stable democratic governance, but economic challenges persist, including public debt and fiscal deficits.
- Cote d’Ivoire: 2,246,318,672
Cote d’Ivoire owes just over $2.2 billion to the IMF. The country has experienced robust economic growth, yet it faces challenges such as political instability and regional security issues.
- South Africa: $1,907,000,000
South Africa’s IMF debt is nearly $1.9 billion. The country has faced prolonged economic challenges, including slow growth, high unemployment, and fiscal deficits.
- Congo, Democratic Republic of: $1,599,000,000
The Democratic Republic of Congo (DRC) owes approximately $1.5 billion to the IMF. The country is rich in natural resources, yet it faces significant economic and political challenges, including conflict and governance issues.
- Nigeria: $1,227,250,000
Nigeria, with an IMF debt of approximately $1.23 billion, is Africa’s largest economy. Despite its vast oil resources, the country grapples with economic diversification, infrastructure deficits, and fiscal challenges.
- Senegal: $1,143,348,750
Senegal owes around $1.14 billion to the IMF. The country has been recognised for its political stability and economic growth. However, it faces challenges such as high public debt and the need for infrastructure development.
- Morocco: $1,056,550,000
Morocco’s IMF debt amounts to about $1 billion. The country has maintained relative economic stability, but it faces challenges such as high youth unemployment and regional disparities.
YOU MAY ALSO READ: Elon Musk opens up about his transgender child, says ‘my son is dead’