Continental Africa
African sovereigns owe the IMF $38.6bn, roughly 31.5% of the Fund's global credit outstanding
IMF credit data reported in the week to 27 July shows African nations collectively owing approximately $38.6 billion as of mid-July 2026, accounting for roughly 31.5% of the Fund's global outstanding credit of $122.7 billion. Egypt holds the largest exposure at approximately $9.43 billion under an Extended Fund Facility approved in December 2022 and scheduled to conclude in September 2026, with the Fund revising Egypt's GDP growth forecast upward to 4.6% for FY2026/27 on reform progress. Côte d'Ivoire ranks second at $5.80 billion, having completed its EFF and ECF programmes in June 2026 with a final disbursement of $832.8 million, while Kenya ranks third at $2.85 billion following the collapse of its multi-year programme in early 2025. Notably absent from the debtor list are Nigeria, Botswana, Mozambique, Algeria, South Africa, and Zimbabwe — a group whose circumstances range from resource-revenue sufficiency to inability to access Fund conditionality at all.
