While a loan from the International Monetary Fund (IMF) can provide countries with much-needed financial support, the incurred debt may lead to economic constraints, among other issues. Below is a list of the top 10 African countries with the highest IMF debt, with South Africa owing R35 515 968 000.
IMF outstanding debt
Countries facing significant financial troubles may turn to the IMF for financial support. An IMF loan can be beneficial in the short term, but it creates debt that may be hard to manage. This can result in several consequences.
Below is a table showing the top 10 African countries with the highest IMF debt as at 27 September 2024, as reported by Business Insider Africa.
It is important to note that the outstanding debt is indicated in Special Drawing Rights (SDR). As at 30 September 2024, 1 SDR equalled R23,28.
| Rank | Country | IMF outstanding debt amount |
| 1 | Egypt | 10 050 183 347 |
| 2 | Angola | 2 989 900 003 |
| 3 | Kenya | 2 566 263 300 |
| 4 | Ghana | 2 275 210 000 |
| 5 | Ivory Coast | 2 246 318 672 |
| 6 | Democratic Republic of Congo | 1 599 000 000 |
| 7 | South Africa | 1 525 600 000 |
| 8 | Senegal | 1 132 561 250 |
| 9 | Cameroon | 1 130 220 000 |
| 10 | Ethiopia | 1 095 845 000 |
IMF identifies South Africa’s main problems
Markedly, the IMF, at the beginning of September 2024, flagged ongoing problems in the country, as reported by Business Tech.
“South Africa continues to face significant macroeconomic challenges.”
International Monetary Fund, African Department Press release
Following financing assessment discussions with South Africa, the IMF executive board released a statement, saying that ‘structural reforms are paramount to support job creation, growth, and prosperity’. It added that the government needs to focus on fast-tracking structural reforms. That is if it wants to put the economy on a higher and more inclusive growth path.
Persistent problems in the country that the IMF identified include infrastructure issues, unemployment, low growth, and also high debt.
The IMF provided South Africa with emergency financial assistance to mitigate the severe economic disruption from the COVID-19 pandemic. South Africa’s outstanding IMF debt stood at SDR 1,53 billion at the end of July 2024. This is above the SDR 1,5 billion threshold for which a Post-Financing Assessment is recommended.
Do you think the South African government will be able to remedy its debt any time soon?
Let us know by clicking on the comment tab below this article.
You can also email info@thesouthafrican.com or send a WhatsApp to 060 011 021 1.
Follow @TheSAnews on X and The South African on Facebook for the latest news.
