Top 10 African countries with the highest debt to the IMF

Top 10 African countries with the highest debt to the IMF
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Top 10 African countries with the highest debt to the IMF

While a high total IMF credit outstanding can offer vital financial support and help stabilize an economy, including in Africa, it also entails considerable duties and problems that the any given nation must successfully manage. The total amount of debt owed by a country is at risk of rising in response to large IMF support. This could lead to economic restrains, amongst other complications.

  • Business Insider Africa presents the top 10 African countries with the highest debt to the IMF.
  • This list is courtesy of data from the International Monetary Fund. 
  • Egypt ranks number 1 on the list.
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When an African country has a high Total IMF Credit Outstanding, it indicates that the government borrowed a considerable amount of financial resources from the International Monetary Fund (IMF) but has yet to repay them. This circumstance may have various repercussions.

High credit outstanding is generally associated with IMF-mandated economic reforms and policy modifications. These may include economic restraint, structural changes, and initiatives to improve transparency and governance.

For this to have been the case, said countries were likely or have been experiencing major balance of payments issues, which means it is having trouble paying for imports or meeting their international financial obligations.

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IMF loans are frequently used to stabilize a country’s economy, strengthen its currency, and restore investor and public trust. This in most scenarios is a double-edged sword, creating relief and at the same time incurring debt that may be difficult to pay.

A high amount of IMF financing might increase the country’s overall debt burden. Managing this debt necessitates careful budgetary planning, which may limit the government’s capacity to fund development initiatives and social services.

Additionally, governments under the aforementioned constraints must make monthly interest payments on borrowed monies, which affects their budgetary budget.

With that said here are the 10 African countries with the highest total IMF credit outstanding.

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Top 10 African countries with the highest debt to the IMF

RankCountryTotal IMF Credit Outstanding as of 07/02/2024
1.Egypt10,289,637,512
2.Angola2,989,900,003
3.Kenya2,566,263,300
4.Ghana2,311,741,000
5.Cote d’Ivoire2,300,518,672
6.South Africa1,907,000,000
7.Congo, Democratic Republic of1,446,800,00
8.Morocco1,325,400,000
9.Nigeria1,227,250,000
10.Senegal1,170,315,000

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