LIST: IMF’s ten biggest African borrowers

Africa’s debt burden to the International Monetary Fund remains one of the continent’s most pressing economic challenges, with ten countries accounting for the lion’s share of the continent’s IMF obligations in August 2026, according to Business Insider Africa.

Egypt leads the continent, holding over $7.4 billion in outstanding IMF credit — driven by chronic inflation, foreign currency shortages and repeated bailout programmes stretching back years. Kenya and Ethiopia follow, each carrying obligations exceeding $3 billion, with both nations grappling with tight fiscal conditions that have squeezed spending on healthcare, infrastructure and education.

THE TEN AFRICAN COUNTRIES WITH HIGHEST IMF DEBT — AUGUST 2026:

1. Egypt — $7.4 billion+
2. Kenya — $3 billion+
3. Ethiopia — $3 billion+
4. Côte d’Ivoire — $2 billion+
5. Ghana — $2 billion+
6. Morocco — $1.5 billion+
7. Senegal — $1.5 billion+
8. Cameroon — $1 billion+
9. Angola — $900 million+
10. Mozambique — $800 million+

In Ethiopia and Ghana, IMF programme evaluations have coincided with tight fiscal conditions, reducing governments’ ability to protect consumers from rising fuel, food and utility costs. S&P Global has warned that African government external debt repayments will exceed $90 billion in 2026, with Egypt alone accounting for nearly $27 billion in principal repayments.