The International Monetary Fund (IMF) has long played a crucial role in supporting African countries facing fiscal stress, liquidity shortages, and balance-of-payments challenges.

While IMF loans often provide short-term relief, they also come with long-term risks, including limited policy flexibility and recurring debt cycles.

As of September 2025, Nigeria is no longer among the IMF’s African debtors, but 10 other countries remain heavily indebted.

Zambia: Debt extension amid struggles

Zambia continues to depend on IMF financing to stabilise its economy.

The country’s $1.7 billion Extended Credit Facility, which began in 2022, was recently extended by three months to January 2026. So far, $1.55 billion has been disbursed, but reforms remain slow, raising concerns about sustainability.

Uganda: Seeking another bailout

Uganda’s reliance on IMF funds continues as it negotiates a new Extended Credit Facility just a year after the last one expired.

With public debt surpassing 52% of GDP, the government sees IMF support as critical, especially with elections looming in 2026. This highlights the risk of falling into a cycle of repeated borrowing.

Egypt: $7.184 billion

Egypt tops the list, reflecting its deep reliance on IMF support to stabilise reserves, tackle inflation, and manage subsidies.

Côte d’Ivoire: $3.04 billion

The West African economy is the second-highest debtor, with loans tied to reforms in energy and infrastructure.

Kenya: $3.02 billion

Kenya’s debt reflects efforts to support its currency, service external loans, and plug budget deficits.

Ghana: $2.69 billion

After defaulting on Eurobond payments in 2022, Ghana turned heavily to the IMF, making it one of the top borrowers.

Angola: $2.66 billion

Angola’s dependence is linked to fluctuating oil revenues and the need to stabilise public finances.

Democratic Republic of Congo (DRC): $1.59 billion

The DRC owes over $1.5 billion, tied to programmes aimed at improving governance and resource management.

Tanzania: $1.33 billion

Tanzania continues to lean on IMF funds to expand infrastructure and address fiscal pressures.

Cameroon: $1.24 billion

Cameroon’s debt reflects support for its budget and structural reforms, including fiscal consolidation.

Zambia: $1.13 billion

Despite repeated IMF support, Zambia still owes over $1 billion, underlining the difficulty of breaking the cycle.

Uganda: $870 million

Though not as high as others, Uganda’s repeated requests for loans highlight the risks of chronic dependence.

What Nigeria’s exit means

Nigeria’s exit from the IMF debtor list marks a rare win for Africa’s biggest economy, signalling improved fiscal discipline and resilience in its forex market.

However, the experience of countries like Zambia and Uganda shows the risks of falling back into cycles of borrowing.

For many African nations, the challenge remains the same: how to balance short-term relief from IMF loans with the need for long-term, home-grown solutions to fiscal and economic challenges.