Top 10 African Countries with the Highest IMF Debts 2025

The International Monetary Fund (IMF) data shows that several African countries have taken on large loans from the Fund.

While these credits help nations weather economic shocks, heavy IMF debt also brings strict conditions and repayment challenges. 

Here are the 10 African countries with the biggest outstanding IMF loans and why this matters.

Egypt – US$7.42 Billion

Egypt tops the list, owing over US$7.4 billion. The country has leaned on IMF resources to stabilise its currency and fund a broad reform programme that included subsidy cuts and tax increases.

Côte d’Ivoire – US$3.10 Billion

Côte d’Ivoire ranks second with about US$3.1 billion owed. Despite strong cocoa and coffee exports, global downturns forced Abidjan to tap IMF support for its budget and social spending.

Kenya – US$3.02 Billion

Kenya, East Africa’s economic hub, owes just over US$3 billion. Nairobi borrowed to ease foreign‑exchange shortages and back major infrastructure projects, under IMF conditions, insisting on tighter fiscal discipline.

Angola – US$2.72 Billion

Oil‑rich Angola sits fourth with US$2.7 billion in IMF debt. After years of low oil prices, Luanda turned to the Fund to rebuild foreign reserves and push through reforms aimed at reducing its dependence on crude revenues.

Ghana – US$2.71 Billion

Ghana follows closely with US$2.7 billion owed. Accra borrowed to stabilise the cedi and finance social programmes, but IMF conditions have required Ghana to tighten its budget and improve debt management.

Democratic Republic of Congo – US$1.95 Billion

The DRC has nearly US$2 billion in IMF credit, used to support mining‑sector reforms and large infrastructure investments. Kinshasa must balance growth‑boosting spending with the Fund’s calls for stronger governance and anti‑corruption measures.

Ethiopia – US$1.59 Billion

Ethiopia owes about US$1.6 billion as it modernises its economy with dam and rail projects. Addis Ababa’s IMF programme ties new loans to progress on financial liberalisation and debt transparency, essential for long‑term stability.

Tanzania – US$1.34 Billion

Tanzania rounds out the top eight with US$1.34 billion in outstanding credit. Dar es Salaam has borrowed to upgrade its ports and road networks, while the Fund insists on reforms to raise government revenues and curb spending.

Cameroon – US$1.15 Billion

Cameroon’s US$1.15 billion in IMF debt helps finance public-sector reforms and growth-stimulating projects. Yaoundé faces the task of linking further credit tranches to improved tax collection and streamlined public finances.

Senegal – US$0.99 Billion

Senegal closes the list with nearly US$1 billion owed to the IMF. Dakar’s loans support its “Emerging Senegal Plan,” which aims to boost infrastructure and social investments, but the Fund requires strong measures to keep debt sustainable.

Why These Loans Matter

IMF credits often come with policy conditions,such as cutting subsidies, devaluing currencies or raising taxes,that can be painful but are designed to restore confidence and attract private investment. 

However, heavy reliance on IMF financing can also lock countries into cycles of borrowing and repayment, limiting their policy flexibility and sometimes forcing cuts in social spending.

Managing Debt for Stability

To break free from repeated IMF programmes, African governments must strengthen revenue collection, diversify their economies away from single commodities, and invest in human capital and infrastructure that boost long‑term growth.

Improved transparency and clear debt‑management frameworks will help ensure that future IMF support leads to sustainable development rather than deeper dependency.