As several African nations continue to grapple with economic instability, many have turned to the International Monetary Fund (IMF) for financial assistance, resulting in significant debt obligations.
These loans, while aimed at stabilizing economies, often come with strict conditions that can hinder long-term development.
The latest data, updated on December 23, 2024, reveals the African countries with the largest outstanding IMF credit.
Egypt tops the list with a staggering $9.3 billion, far surpassing other nations. Kenya follows with $3.02 billion, while Angola follows closely with $2.9 billion. Ivory Coast has risen to fourth position with $2.75 billion, overtaking Ghana, which is now in fifth place with $2.51 billion.
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Other nations on the list include the Democratic Republic of the Congo (DRC) with $1.6 billion, Ethiopia with $1.31 billion and South Africa with $1.14 billion.
Cameroon is in ninth place with $1.13 billion, and Morocco joins the top 10 with $1.1 billion, replacing Senegal, which has dropped out of the list, Business Insider Africa reported.
Reliance on IMF loans has raised concerns about the long-term implications for these economies.
High levels of debt often force governments to redirect significant resources from development projects to debt repayment, limiting their ability to invest in critical areas such as infrastructure, education and healthcare.
Furthermore, the restrictive economic reforms linked to these loans, known as Structural Adjustment Programs (SAPs), have been criticized for exacerbating socioeconomic inequalities.
As African nations remain vulnerable to external shocks, such as commodity price fluctuations and global financial crises, rising debt burdens underscore the need for more sustainable financial solutions.
The IMF's role in the region remains the subject of intense debate, and questions remain about whether its assistance helps or hinders long-term economic stability.
See the list below:
1. Egypt
2. Kenya
3.Angola
4. Ivory Coast
5. Ghana
6. Democratic Republic of the Congo
7. Ethiopia
8. South Africa
9. Cameroon
10. Morocco
READ MORE FROM: NIGERIAN TRIBUNE