Top 10 African Countries With the Highest IMF Debt at the Start of 2026

In Summary

• Egypt tops Africa with over $6.1 billion in IMF debt, reflecting high public spending and reliance on external financing for stability.
• Sub-Saharan economies, including Côte d’Ivoire, Kenya, and Ghana, use IMF funds to bridge budget gaps while supporting infrastructure and social programs.
• Rising IMF obligations highlight the need for fiscal discipline, revenue diversification, and structural reforms to sustain growth in 2026.

Deep Dive!!

Lagos, Nigeria, Saturday, January 24, 2026 - Africa’s economic landscape is shaped not only by domestic policies and natural resources but also by international financing mechanisms. Among these, the International Monetary Fund (IMF) plays a significant role by providing loans and financial support to countries facing balance-of-payments challenges or seeking economic stabilization. Understanding which countries carry the largest IMF debt offers insights into fiscal pressures, development priorities, and potential vulnerabilities in national economies.

IMF debt reflects both past borrowing and ongoing repayment obligations. High outstanding credit may indicate reliance on international support to fund infrastructure, stabilize currencies, or manage economic shocks. It also shapes policy decisions, as governments often align fiscal and monetary strategies with IMF agreements, affecting public spending, taxation, and long-term growth planning.

This ranking examines the ten African countries with the highest IMF debt at the start of 2026. Each country’s total outstanding credit is analyzed alongside the factors contributing to their borrowing, such as economic size, fiscal deficits, policy reforms, and external shocks. Readers will gain a clear picture of how IMF obligations intersect with broader African economic trends and what these debt levels could mean for the coming year.

10. Zambia 

Zambia’s IMF debt of $1.13 billion as of January 2026 reflects decades of economic challenges that have necessitated external financial support. The country has historically faced fiscal deficits due to heavy public spending, rising debt servicing costs, and vulnerabilities in commodity exports, particularly copper, which forms the backbone of its economy. Economic shocks such as falling global copper prices, combined with inflationary pressures and currency depreciation, created recurring balance-of-payments gaps that the government could not fully finance domestically, leading to reliance on IMF credit.

The IMF loans Zambia has received are typically structured as stabilization and structural adjustment programs. These funds are meant to stabilize the economy, reduce fiscal deficits, and support currency stability. For Zambia, IMF financing has often been used to cover short-term budget gaps, fund critical imports, and maintain public service delivery without triggering abrupt cuts that could destabilize social systems. This debt has also underpinned reforms aimed at improving governance, transparency in public finance, and efficiency in revenue collection.

Beyond immediate stabilization, Zambia’s IMF engagements are tied to developmental objectives. Portions of the credit are channeled toward projects that strengthen economic resilience, such as investments in energy infrastructure, social protection programs, and initiatives that promote private-sector growth. However, high debt levels mean a substantial share of government revenue is allocated to debt servicing, which can constrain spending on broader development priorities if not carefully managed. The IMF agreements often include conditions requiring fiscal prudence, which can influence public sector wages, subsidy programs, and taxation policy.

Looking ahead, Zambia faces a dual challenge: maintaining economic growth while managing repayment obligations on the $1.13 billion IMF debt. The country’s young and rapidly growing population increases demand for jobs, healthcare, and education, which makes efficient use of borrowed funds essential. Strategic implementation of IMF-backed reforms, combined with diversification of revenue sources beyond copper exports, will be crucial to ensuring that debt does not become a long-term burden. If managed effectively, IMF credit can support both economic stabilization and gradual structural transformation.

9. Cameroon 

Cameroon’s IMF debt of $1.20 billion as of January 2026 reflects a combination of structural economic challenges and external shocks. The country has faced persistent fiscal deficits driven by rising public expenditure, infrastructure needs, and pressures from social programs. Additionally, fluctuations in global commodity prices, particularly oil and agricultural exports, have affected government revenues, creating shortfalls that necessitate borrowing from international institutions like the IMF. These loans help Cameroon bridge budget gaps and stabilize its macroeconomic environment.

The IMF credit has been primarily utilized to support economic stabilization programs. This includes maintaining fiscal balance, addressing foreign exchange shortages, and safeguarding public sector salaries and essential services. Cameroon’s government has also used IMF-backed funds to implement reforms aimed at improving fiscal discipline, such as strengthening tax collection, reducing wasteful spending, and enhancing public financial management systems. By tying debt to structured reforms, the IMF ensures that borrowing contributes to both short-term stability and long-term fiscal sustainability.

Beyond stabilization, part of Cameroon’s IMF funding is directed toward developmental priorities. Investments supported by these loans include improving energy infrastructure, modernizing transport networks, and supporting programs that enhance economic inclusivity and resilience. However, similar to other high-debt countries, a significant portion of revenue is diverted to debt servicing, which can limit resources available for new development initiatives if borrowing is not strategically managed. IMF conditions often influence budgetary decisions, requiring careful alignment of public spending with reform targets.

Looking forward, Cameroon must balance economic growth ambitions with its repayment obligations on the $1.20 billion IMF debt. The country’s youthful and expanding population heightens demand for employment, healthcare, and education services, making efficient deployment of borrowed funds critical. If Cameroon continues to implement IMF-recommended fiscal and structural reforms while diversifying its revenue base, the debt can serve as a tool to stabilize the economy and foster sustainable development rather than a recurring financial burden.

8. Tanzania 

Tanzania’s IMF debt of $1.34 billion as of January 2026 stems from a combination of macroeconomic pressures and strategic borrowing to support development programs. Over the past decade, Tanzania has experienced strong economic growth but also faced fiscal gaps caused by public spending demands, infrastructure expansion, and external shocks such as commodity price fluctuations. Shortfalls in government revenue, coupled with the need to maintain foreign exchange stability and fund essential services, have driven the country to secure IMF credit as a structured solution to these fiscal challenges.

The debt is primarily linked to stabilization programs that help Tanzania maintain macroeconomic stability. IMF funds have been used to support currency management, balance-of-payments needs, and fiscal deficits. For example, funds often cover budget gaps that arise when government spending on healthcare, education, and public infrastructure exceeds collected revenues. The IMF also ties lending to reforms aimed at improving public finance management, ensuring that borrowed money is used efficiently and transparently. This approach helps Tanzania avoid fiscal mismanagement that could exacerbate debt burdens in the long term.

Beyond immediate stabilization, Tanzania strategically channels IMF credit into development-oriented programs. Investments supported by these loans include modernizing energy grids, expanding transportation infrastructure, and enhancing social protection systems, such as programs for low-income households. Additionally, a portion of the funds is allocated to strengthen economic resilience, such as supporting export diversification initiatives and promoting private-sector development. However, reliance on IMF debt also means that a significant portion of the national budget must be reserved for debt servicing, potentially constraining new public investment if borrowing is not carefully managed.

Looking forward, Tanzania faces the dual challenge of sustaining economic growth while managing the repayment obligations of the $1.34 billion IMF debt. Continued implementation of IMF-backed reforms—such as improved revenue collection, fiscal discipline, and public investment prioritization—will be crucial. With careful management, this debt can stabilize the economy and support long-term development goals. Conversely, delays in reform implementation or external shocks, like global commodity price drops, could increase fiscal pressure, making strategic planning essential to prevent debt from becoming a chronic economic burden.

7. Ethiopia 

Ethiopia’s IMF debt of $1.57 billion as of January 2026 reflects a long-term pattern of fiscal and balance-of-payments challenges. The country has faced persistent budget deficits due to rapid public investment, infrastructure projects, and social program expansion. External shocks, including fluctuations in global commodity prices, droughts affecting agricultural output, and political instability in recent years, have further strained government revenues. These factors created funding gaps that the IMF helped address, providing structured financial support to stabilize the economy and maintain essential public services.

The IMF credit to Ethiopia is primarily linked to economic stabilization and structural reform programs. Funds have been used to strengthen foreign currency reserves, maintain fiscal balance, and support public expenditures such as healthcare, education, and infrastructure development. These loans are often conditional on policy measures designed to improve revenue collection, reduce unproductive public spending, and enhance fiscal governance. For Ethiopia, IMF engagements are also tied to modernization of the financial sector, improving transparency, and creating a more predictable environment for domestic and foreign investment.

A significant portion of Ethiopia’s IMF borrowing is directed toward development priorities. This includes financing major infrastructure projects like road networks, energy generation, and water supply initiatives that are critical to long-term economic growth. Social programs benefiting low-income households, such as safety nets and food security measures, also receive funding through IMF-supported programs. However, the debt carries implications for the national budget, as repayment obligations limit the flexibility of government spending and require careful fiscal planning to ensure long-term sustainability.

Looking ahead, Ethiopia’s economic trajectory will depend on both effective management of the $1.57 billion IMF debt and continued implementation of policy reforms. The country must balance infrastructure and social investments with fiscal discipline to prevent debt from becoming a long-term burden. If well-managed, the IMF credit can stabilize the economy, support essential reforms, and create conditions for sustainable growth. Conversely, delays in reform or new external shocks could amplify fiscal pressures, making strategic use of borrowed funds crucial for economic stability and development.

6. Democratic Republic of Congo 

The Democratic Republic of Congo (DRC) holds an IMF debt of $2.22 billion as of January 2026, reflecting the country’s long-standing fiscal and structural challenges. The DRC has faced persistent budget deficits fueled by public expenditure on infrastructure, social services, and security, alongside volatile revenues from its rich but unstable mining sector. Global fluctuations in the prices of copper, cobalt, and other key minerals have created recurring balance-of-payments pressures, compelling the government to turn to the IMF for financial support to maintain macroeconomic stability.

The IMF debt is primarily aimed at economic stabilization. Funds from the IMF have helped the DRC manage short-term budget gaps, strengthen foreign reserves, and stabilize the national currency. These loans are often tied to conditional programs requiring fiscal consolidation, improved public financial management, and greater transparency in resource revenue collection. By aligning borrowing with structured reforms, the IMF ensures that debt not only addresses immediate fiscal pressures but also supports longer-term governance and economic sustainability.

Beyond stabilization, the IMF credit has been used to support development initiatives. Significant portions of the funds have gone toward infrastructure projects, including roads, energy systems, and public health facilities. Additionally, social programs that address poverty, healthcare access, and food security benefit from these loans. However, the high level of debt servicing associated with the $2.22 billion IMF credit limits the government’s flexibility in allocating resources to new investments, making careful financial planning essential to avoid creating a chronic debt burden.

Looking ahead, the DRC faces the challenge of leveraging IMF support while managing its repayment obligations. The country’s rapidly growing population and high development needs make strategic use of these funds critical. Continued reforms, particularly in revenue mobilization, fiscal governance, and resource management, will be essential to ensure that IMF debt serves as a tool for economic stabilization and sustainable growth rather than a constraint on national development. Effective management of this debt could help the DRC stabilize its economy, attract foreign investment, and gradually reduce reliance on external financing.

5. Angola 

Angola’s IMF debt of $2.50 billion as of January 2026 reflects both historical and ongoing economic challenges linked to oil dependence and fiscal imbalances. The country relies heavily on oil exports, which account for a significant share of government revenue. Fluctuations in global oil prices have repeatedly created budget shortfalls, forcing Angola to seek IMF support to maintain fiscal stability and fund essential public services. High public spending on infrastructure, social programs, and post-conflict reconstruction further contributed to these financing gaps.

The IMF loans Angola has received are primarily aimed at stabilization and reform. These funds help the government cover budget deficits, support currency stability, and strengthen foreign exchange reserves. In return, the IMF typically requires Angola to implement fiscal discipline measures, including improved revenue collection, reduced unproductive spending, and enhanced transparency in public financial management. These conditional programs aim to ensure that borrowed funds are used effectively and that the country moves toward sustainable debt levels over time.

In addition to stabilization, Angola’s IMF credit supports strategic development projects. This includes infrastructure expansion in energy, transportation, and urban development, as well as social programs targeting health, education, and poverty reduction. By tying debt to both stabilization and development objectives, the IMF ensures that borrowing contributes to long-term economic resilience. However, servicing the $2.50 billion debt consumes a notable portion of government revenue, which can constrain additional investment if not carefully managed, making fiscal planning a top priority.

Looking forward, Angola’s challenge lies in balancing growth ambitions with repayment obligations on the IMF debt. Diversifying its economy beyond oil, maintaining fiscal discipline, and effectively implementing IMF-recommended reforms will be key to ensuring the debt strengthens rather than weakens economic stability. If managed properly, the IMF credit can help Angola stabilize public finances, attract foreign investment, and support broader socio-economic development, while mitigating the risks associated with high external debt reliance.

4. Ghana 

Ghana’s IMF debt of $2.85 billion as of January 2026 stems from a combination of fiscal deficits, high public expenditure, and external economic shocks. Over the past decade, Ghana has relied on borrowing to finance infrastructure projects, social programs, and debt refinancing. Fluctuations in commodity prices, particularly cocoa and gold, alongside global energy price volatility, have periodically strained government revenues. These pressures, combined with the need to maintain currency stability and manage public sector obligations, led the government to secure IMF financing to support economic stability.

The IMF credit plays a critical role in stabilizing Ghana’s macroeconomic environment. Funds have been used to cover budget gaps, strengthen foreign reserves, and maintain fiscal balance. In exchange, the IMF requires policy reforms such as improved tax collection, controlled public spending, and better debt management practices. These conditions aim to ensure that borrowed funds are allocated efficiently, supporting both immediate stabilization and long-term fiscal sustainability. For Ghana, IMF engagements also encourage structural reforms in governance and transparency, which are essential for economic resilience.

Beyond immediate stabilization, a significant portion of Ghana’s IMF loans is directed toward development initiatives. These include investment in energy infrastructure, road networks, health services, and education programs. The funds also support social protection initiatives targeting vulnerable populations, ensuring that borrowing contributes to inclusive growth. However, servicing the $2.85 billion debt absorbs a substantial portion of government revenue, which can limit new public investment if fiscal management is not carefully executed.

Looking ahead, Ghana must carefully balance economic growth objectives with IMF repayment obligations. Continued implementation of structural reforms, diversification of revenue sources beyond cocoa and gold, and fiscal prudence will be critical to prevent debt from becoming a long-term economic burden. If managed effectively, the IMF credit can stabilize public finances, enhance investor confidence, and support sustainable development, while helping Ghana navigate global economic volatility.

3. Kenya 

Kenya’s IMF debt of $2.94 billion as of January 2026 reflects a history of fiscal pressures and external economic vulnerabilities. The country has experienced budget deficits driven by infrastructure investment, public sector wages, and social program expansion. Additionally, Kenya’s reliance on agricultural exports and tourism makes it vulnerable to global commodity price shifts and external shocks, such as droughts, locust invasions, or pandemic-related declines in tourism revenue. These factors have necessitated structured borrowing from the IMF to stabilize the economy and maintain essential public services.

The IMF credit has been instrumental in supporting Kenya’s macroeconomic stability. Funds are primarily allocated to covering short-term budget gaps, stabilizing foreign reserves, and maintaining currency value. The IMF’s programs are conditional, requiring reforms such as strengthened revenue collection, expenditure control, and improved fiscal governance. These measures aim to ensure that borrowed funds are utilized efficiently, support sustainable debt levels, and improve Kenya’s resilience to future economic shocks.

In addition to stabilization, Kenya strategically uses IMF funding to support development priorities. This includes investment in energy infrastructure, transport networks, and healthcare systems, as well as programs targeting education, social protection, and economic inclusion. The loans also help fund initiatives aimed at promoting private-sector growth and job creation, which are critical in a country with a rapidly expanding labor force. However, debt servicing for the $2.94 billion credit consumes a significant portion of government revenue, requiring careful financial planning to avoid crowding out other investment priorities.

Looking ahead, Kenya faces the challenge of balancing economic growth ambitions with its IMF repayment obligations. Diversifying revenue streams beyond agriculture and tourism, maintaining fiscal discipline, and implementing structural reforms will be key to ensuring the debt strengthens rather than constrains economic development. If well-managed, the IMF credit can support stability, fund critical infrastructure, and create conditions for sustainable growth, helping Kenya navigate both domestic and global economic pressures.

2. Côte d’Ivoire 

Côte d’Ivoire’s IMF debt of $3.63 billion as of January 2026 reflects the country’s ongoing efforts to manage fiscal pressures amid rapid economic growth and structural challenges. Over the past two decades, Côte d’Ivoire has undertaken ambitious infrastructure and social programs to support urban development, energy expansion, and poverty reduction. While these initiatives have driven growth, they have also created budget gaps, particularly during periods of commodity price volatility, as cocoa and oil exports contribute significantly to national revenue. IMF borrowing has helped bridge these gaps, providing liquidity for fiscal stabilization and essential public services.

The IMF credit serves primarily as a tool for macroeconomic stabilization. Funds have been used to maintain fiscal balance, strengthen foreign exchange reserves, and support the national currency. The programs are conditional, requiring fiscal prudence, improved debt management, and enhanced transparency in public financial operations. By linking borrowing to reform commitments, the IMF ensures that debt addresses immediate financing needs while fostering sustainable public finance practices. This approach also supports investor confidence by demonstrating structured fiscal management and policy discipline.

Beyond stabilization, IMF loans are strategically applied to development priorities. These include investment in energy infrastructure, road and transport networks, and public service systems such as healthcare and education. Social programs targeting vulnerable populations also benefit from IMF-backed funding, promoting inclusive growth. Nevertheless, servicing the $3.63 billion debt requires a significant allocation of national revenue, which can limit discretionary spending on new initiatives if fiscal planning is not carefully executed.

Looking ahead, Côte d’Ivoire must balance economic ambitions with repayment obligations on IMF credit. Continued implementation of structural reforms, revenue diversification beyond cocoa and oil, and prudent fiscal management will be essential to prevent debt from becoming a long-term economic burden. If well-managed, the IMF debt can stabilize the economy, support continued infrastructure development, and enhance social welfare programs, positioning Côte d’Ivoire for sustainable growth amid regional and global economic uncertainties.

1. Egypt

Egypt’s IMF debt of $6.13 billion as of January 2026 reflects a combination of long-term fiscal pressures, structural economic challenges, and reliance on external financing to support growth and stability. Over the past decade, Egypt has faced recurring budget deficits driven by public sector expansion, energy subsidies, infrastructure investments, and social welfare programs. Global economic shocks, including fluctuating oil and gas prices and regional trade disruptions, have exacerbated revenue shortfalls. These conditions necessitated IMF borrowing to maintain fiscal balance, stabilize the currency, and ensure continuity in essential public services.

The IMF credit has been crucial for Egypt’s macroeconomic stabilization. Funds are deployed to cover budget gaps, support foreign exchange reserves, and stabilize the Egyptian pound. The IMF’s programs are conditional, requiring reforms such as subsidy rationalization, improved tax collection, controlled public expenditure, and enhanced debt management. These measures aim to ensure that borrowed funds are efficiently utilized, fiscal sustainability is reinforced, and investor confidence is maintained. The structured approach also helps the government navigate economic volatility while implementing long-term development strategies.

Beyond stabilization, a significant portion of Egypt’s IMF borrowing is directed toward development priorities. Investments include expanding energy infrastructure, modernizing transport networks, and strengthening healthcare and education systems. Social programs, particularly those targeting low-income households, benefit from IMF-backed funding, supporting inclusive growth and poverty reduction. However, servicing the $6.13 billion debt requires substantial allocation of government revenue, which can limit discretionary spending on new projects if not carefully managed. Effective fiscal planning is therefore critical to ensure that borrowing supports both immediate needs and long-term development objectives.

Looking forward, Egypt faces the challenge of balancing economic growth with repayment obligations on its IMF debt. Continued implementation of structural reforms, diversification of revenue sources beyond traditional sectors, and prudent fiscal management will be essential. If managed effectively, the IMF credit can stabilize public finances, support strategic infrastructure projects, and strengthen social programs, while positioning Egypt to maintain economic resilience amid regional and global uncertainties.

Across the ten African countries with the highest IMF debt at the start of 2026, a clear pattern emerges: reliance on external financing is closely linked to fiscal deficits, infrastructure and social spending, and exposure to commodity and external shocks. IMF credit has been critical for stabilizing economies, maintaining foreign reserves, and supporting essential public services, while also funding strategic development initiatives such as energy, transport, and social programs. High debt levels highlight the importance of fiscal discipline, structural reforms, and revenue diversification to prevent repayment pressures from constraining growth. Looking ahead, careful management of IMF obligations combined with effective reforms can help these countries stabilize their economies, enhance investor confidence, and support long-term sustainable development in 2026 and beyond.