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List of 10 African Countries with Largest Loans from IMF

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The International Monetary Fund, IMF, is a body that offers financial support to countries around the world whenever they are in economic crisis. It is under the United Nations and has been a very important player in financial sustainability of countries in terms of offering loans. However, these loans by IMF do have varied effects on the borrowing countries especially where the money is not properly utilized.

Most of African countries are having weak and still developing economies leading to dependence on IMF as a last resort in boosting them. This is done so as to enable them attract investors who in turn help in economic growth. According to the IMF website, here are the top ten African countries with highest amount of loans from the IMF as of 6th December, 2023;

  • Egypt – $11,968,321,674
  • Angola – $3,153,816,667
  • South Africa – $2,669,800,000
  • Côte d’Ivoire – $2,117,559,620
  • Kenya – $2,058,982,100
  • Nigeria – $1,840,875,000
  • Ghana – $1,644,377,000
  • Morocco – $1,499,800,000
  • Democratic Republic of Congo – $1,294,500,000
  • Tunisia – $1,259,139,338

 

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