Which African Country Owes the IMF the Most? Egypt Tops the List

Egypt remained Africa’s largest borrower from the International Monetary Fund (IMF) in July 2026, underscoring the continued dependence of several of the continent’s largest economies on multilateral financial support as governments grapple with debt burdens, inflationary pressures and external financing constraints.

Latest IMF credit outstanding data show Egypt held approximately 6.79 billion Special Drawing Rights (SDRs) in outstanding obligations to the Fund, maintaining a sizeable lead over other African economies receiving IMF assistance.

Côte d’Ivoire ranked second with 4.14 billion SDRs, reflecting its continued access to IMF financing to support economic reforms and fiscal management. Kenya followed in third place with 2.85 billion SDRs, while Ghana placed fourth with 2.73 billion SDRs, highlighting the scale of support underpinning the country’s ongoing economic recovery programme.

The Democratic Republic of the Congo, Angola, Ethiopia, Tanzania, Zambia and Cameroon completed the list of the continent’s ten largest IMF borrowers.

The rankings illustrate the pivotal role the IMF continues to play in providing balance-of-payments support to African economies facing elevated financing needs, currency pressures and debt sustainability challenges. While Fund programmes are intended to restore macroeconomic stability and strengthen investor confidence, they also leave governments with significant repayment obligations that can constrain fiscal flexibility over the medium term.

For Ghana, the latest figures reflect the continued implementation of its IMF-supported reform programme, which has been central to restoring fiscal discipline, rebuilding international reserves and restructuring public debt following the country’s economic crisis.

Economists note that IMF financing remains an important policy tool during periods of financial distress. However, they caution that long-term economic resilience will ultimately depend on sustained domestic revenue mobilisation, stronger export competitiveness and prudent debt management to reduce reliance on external official financing.

The latest IMF data reinforce a broader trend across Africa, where multilateral lending continues to serve as a critical source of financial support even as governments seek to balance economic recovery with the imperative of restoring debt sustainability.