By Emmanuel Nduka
The International Monetary Fund (IMF), has listed some African countries with the highest indebtedness to the global lenders.
The list which was unveiled in a recent report by the IMF, identified countries of the world including African countries with the highest outstanding IMF credit as of July 19, 2024.
As a global financial institution, the IMF gives loans to countries with some specific conditions, including economic reforms and policy changes.
According to the IMF report, Egypt ranks first in the list of African countries with massive debt to the IMF, with a total debt of $10,215,014,179.
With a total IMF debt profile of about $1.23 billion, Nigeria ranks eight on the list.
See full list:
Egypt: $10,215,014,179
The North African country is the first on the list, with an outstanding debt surpassing $10.2 billion.
Angola: $2,989,900,003
Angola ranks second on the list with almost $3 billion in IMF debt.
Kenya: $2,566,263,300
East Africa’s largest economy has over $2.5 billion in IMF loans.
Ghana: $2,303,438,500
Located in the West African region, Ghana owes the IMF about $2.3 billion.
Cote d’Ivoire: 2,246,318,672
The country is indebted to the tune of about $2.2 billion.
South Africa: $1,907,000,000
Africa’s most industrialized country owes the IMF about $1.9 billion.
Democratic Republic of Congo: $1,599,000,000
The East African country owes about $1.5 billion to the IMF.
Nigeria: $1,227,250,000
Nigeria, Africa’s largest economy has approximately $1.23 billion in IMF debts.
Senegal: $1,143,348,750
Senegal’s indebtedness to the IMF is put at about $1.4 billion.
Morocco: $1,056,550,000
The 10th African country on the list owes the IMF about $1 billion.
