Egypt leads African nations in outstanding IMF debt

Recent International Monetary Fund (IMF) records indicate that Egypt holds the highest outstanding IMF debt among African nations. As of August 2026, Egypt’s outstanding credit reached SDR 7.86 billion. This figure rose following a recent disbursement of approximately $1.8 billion, facilitated by the IMF Executive Board completing reviews under Egypt’s Extended Fund Facility and Resilience and Sustainability Facility.

Other African nations with significant IMF credit include Côte d’Ivoire, which ranks second with SDR 4.14 billion. Ghana and Kenya also report high outstanding balances, with SDR 2.99 billion and SDR 2.85 billion respectively.

High levels of IMF debt, denominated in Special Drawing Rights (SDRs), can create fiscal vulnerabilities for governments. When local currencies depreciate, the cost of servicing this debt increases. While IMF financing can provide essential stability and help avoid more severe economic crises, high indebtedness combined with weak growth and low foreign exchange reserves can limit a government's ability to fund development priorities such as healthcare, education, and infrastructure.