The IMF's latest report reveals the top African countries with the highest debts. Egypt leads with $10.2 billion, followed by Angola, Kenya, and Ghana. Nigeria ranks eighth with $1.23 billion. The report highlights the financial strain on these nations and the IMF's influential role in their economies.
The International Monetary Fund (IMF) has released its latest report detailing African countries with the highest levels of debt to the global financial institution. As of July 19, 2024, Egypt leads the list with the highest debt, while Nigeria ranks eighth among the top ten most indebted nations in Africa.
According to the IMF report, Egypt holds a staggering debt of $10,215,014,179, making it the country with the largest outstanding IMF credit on the continent. Following Egypt is Angola, with an IMF debt totaling $2,989,900,003. Kenya ranks third with $2,566,263,300, and Ghana occupies the fourth position with an outstanding amount of $2,303,438,500.
Cote d'Ivoire is fifth, owing $2,246,318,672, while South Africa, known for its industrial strength, ranks sixth with $1,907,000,000 in debt. The Democratic Republic of Congo is seventh with a debt of $1,599,000,000. Nigeria, Africa’s largest economy, is eighth on the list with a debt of approximately $1,227,250,000.
Senegal comes in ninth, with an IMF debt of $1,143,348,750, and Morocco rounds out the top ten with a debt of $1,056,550,000.
These figures highlight the significant financial challenges faced by these countries and underscore the IMF’s role in providing loans often accompanied by conditions such as economic reforms and policy changes. The report reflects the ongoing struggle of many African nations to manage their debt while meeting the demands of global financial institutions.
