Finance

IMF releases list of most indebted countries in Africa in 2024 as Nigeria repays some loans

Some African countries continue to struggle with staggering debt levels owed to the International Monetary Fund (IMF), with 10 countries becoming the most indebted as of December 2024.

IMF loans come with harsh conditions that influence domestic economic policies.

IMF imposes challenging conditions on loans

Measures such as subsidy removal, currency devaluation or adjustments, and austerity plans are often attached to IMF loans, sparking debates about their impact.

Analysts have argued that these adjustments and conditionalities restrict spending on critical sectors like healthcare, education, and infrastructure as citizens become worried about debt sustenance and economic resilience.

As these African countries battle to balance fiscal needs and development priorities, increasing IMF debt shows the complexities of dependency on external funding.

Africa’s most indebted countries to IMF IMF lists Africa as one of the top 1 most indebted countries as of December 2024.

Africa’s most indebted countries to IMF

IMF lists Africa as one of the top 1 most indebted countries as of December 2024.

Egypt

Egypt ranks top on the list with an outstanding

IMF credit of $9.45 billion. Its dependence on IMF funding highlights the difficulty of addressing fiscal and economic stability.

Kenya

East Africa’s most robust economy owes the IMF about $3.02 billion as it grapples with economic reforms to boost growth while managing debt obligations.

Angola

Angola, one of Africa’s oil-producing countries, owes the IMF $2.99 billion. The international lender must navigate the effects of volatile crude oil prices and diversify its economy.

Ghana

Ghana’s debt to the IMF was the focal point of its recently concluded elections, with the incoming President, John Mahama, promising to review the loans.

The West African country owes the IMF about $2.25 billion as it focuses on meeting its financial obligations while implementing policies to cushion its currency and improve economic resilience.

Ivory Coast

The country’s debt to the IMF stands at $2.19 billion. The country’s financial plans include using external funding to sustain its infrastructure and development projects.

DRC

The DRC’s debt to international lenders stands at $1.6 billion, and they are key to addressing the country’s economic challenges.

Ethiopia

The East African country is indebted to the IMF for $1.31 billion as it navigates economic reforms and recovery efforts while addressing internal conflicts.

South Africa

The current biggest economy on the continent owes the IMF $1.14 billion as part of its efforts to recover from economic disruptions and achieve sustainable growth.

Cameroon

Cameroon’s debt to the IMF is pegged at $1.13 billion, reflecting its ongoing engagement with the lender to boost its fiscal position and support crucial sectors.

Senegal

The Maghreb state owes the IMF about $1.11 billion as it focuses on leveraging the funding for development initiatives and economic stability. FG services foreign debts.

Meanwhile, data shows that the Nigerian government spent over $2.24 billion settling matured external obligations between January and June 2024.

An analysis of the loan from the Debt Management Office (DMO) shows in Q1, the government spent $1.12 billion servicing external debts.

In Q2, it spent another $1.12 billion repaying debts owed to countries and institutions like the IMF and the World Bank.

Nigeria’s total debt profile rises to N134 trillion

Legit.ng earlier reported that Nigeria’s debt grew by N12.6 trillion in three months from N134.3 trillion at the end of Q2 2024.

The spike represents 10.35% from the N121.7 trillion in Q1 2024. Official data shows that the increase was due to the naira devaluation.

 

Source: www.legit.ng

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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