Although a big loan from the International Monetary Fund (IMF) can give essential financial support and help stabilize an economy, particularly in some African nations, it also has major responsibilities that a country must manage appropriately. Due to significant IMF assistance, a country’s total debt may rise. This could lead to economic limits, among other things.
When an African country has a big Total IMF Credit Outstanding, it means that the government borrowed significant financial resources from the International Monetary Fund (IMF) and has yet to repay.
In most circumstances, an IMF loan can be a double-edged sword, offering relief while also incurring potentially difficult-to-pay debt. This circumstance can have a variety of consequences.
A high amount of IMF money loans increases a country’s overall debt burden. Managing this debt will necessitate careful budgetary planning, which may limit the government’s ability to fund development programs and provide social services inside its borders.
In addition, the IMF may put conditions on the country’s government in exchange for these funds.
With that said, here are the ten African countries with the most total IMF credit outstanding prior to the start of Q4.
The list was last updated on the 27th of September 2024.
Since July, Nigeria and Morocco have fallen off the top 10 list in place of Cameroon and Ethiopia.
| 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 |