Top 5 African countries that owe the most to IMF in 2025

According to the IMF’s “Total Credit Outstanding” table, the five countries together owe about SDR 18.0 billion, roughly US$24.5 billion using the Fund’s current valuation of 1 SDR at about US$1.36.  Here is a breakdown of the IMF data;

Egypt

With SDR 6.73 billion still outstanding, Egypt is by far Africa’s largest debtor to the IMF and one of the biggest globally. Egypt is currently under a 46-month Extended Fund Facility (EFF), complemented by an arrangement under the Resilience and Sustainability Facility (RSF), approved in March 2025. The program supports a far-reaching adjustment that includes currency flexibility, subsidy reforms and fiscal consolidation.

IMF staff project that Egypt’s obligations to the Fund will gradually decline over the life of the program, but for now the country remains heavily exposed. In the November snapshot alone, Cairo repaid more than SDR 164 million, trimming but not transforming its outstanding stock. 

Côte d’Ivoire

Côte d’Ivoire is the second-largest African borrower, with SDR 3.08 billion in IMF credit outstanding as of 12 November. Abidjan is covered by twin arrangements under the Extended Fund Facility and Extended Credit Facility, plus an RSF program aimed at climate and resilience spending. In June 2025 the IMF Board completed the fourth review of these programs and the third RSF review.

Kenya

In third place, Kenya has SDR 2.96 billion outstanding. Since 2021, Nairobi has been under a blended EFF/ECF program supplemented by an RSF arrangement, aimed at stabilising debt, raising revenue and creating space for social and climate spending. The IMF Board concluded the seventh and eighth reviews in October 2024, approving further disbursements.

In 2025, Kenya and the IMF opted not to proceed with a planned ninth review; the government has instead requested a new lending arrangement, seeking to roll over about US$800 million in undrawn funds while grappling with high debt-service costs and public anger over tax hikes.

Angola

Angola, fourth on the list with SDR 2.66 billion in IMF credit. An oil-dependent economy is still living with the legacy of earlier shocks. The country has no recent repayment history yet. Between 2018 and 2021, Luanda undertook an EFF-backed program that pushed through heavy fiscal consolidation, a value-added tax, exchange-rate liberalisation, partial debt reprofiling and steps toward inflation targeting.

Ghana

Ghana, fifth on the list, owes SDR 2.58 billion, equivalent to roughly US$3.5 billion at current SDR rates.  Accra is in the middle of a US$3 billion, three-year Extended Credit Facility approved in May 2023, designed to pull the country out of its worst economic crisis in decades. The IMF completed a third program review in late 2024, allowing a further disbursement of SDR 269.1 million (about US$360 million), while insisting on continued fiscal tightening, restructuring of domestic and external debt, and reforms in areas such as tax administration and state-owned enterprises.  

By mid-2025, Ghana’s parliament had also approved a US$2.8 billion debt relief deal with official bilateral creditors, pushing out payments due between 2022 and 2026 to the 2039–2043 period and helping keep the IMF program on track.