In this article, we will look at the 20 countries most in debt to the IMF. If you want to skip our detailed analysis, you can go directly to the 5 Countries Most in Debt to the IMF.
Africa: One of the Most Indebted Regions
Most of the highly indebted countries to the International Monetary Fund (IMF) belong to the African region. According to a report by the African Development Bank, Africa’s real GDP growth fell to 3.2% in 2023 from 4.1% in 2022 due to multiple economic shocks. The economic shocks hindering the growth momentum of the African economy include long-term implications and geoeconomic fragmentation after the pandemic, the Russia-Ukraine conflict, and the recent geopolitical uncertainty in the Middle East. These external factors, coupled with the internal political instability and tight monetary and fiscal policies, resulted in slower growth rates than anticipated. However, despite the receding average growth in 2023, 15 African countries, including the Democratic Republic of Congo, Mauritius, Rwanda, Côte d’Ivoire, and Ethiopia, remained resilient with an economic expansion of more than 5%. If you want to read more about African countries, you can look at the 15 Most Powerful Countries in Africa in 2024 and the 35 Poorest Countries in Africa Based on 2023 GDP Per Capita.
Looking ahead, the region’s economy is expected to remain resilient, with the growth projections rising to 3.8% in 2024. Moreover, Africa remains the second fastest-growing region, second only to Asia, and it exceeded the global growth average of 3% in 2023. The African Development Bank expects Africa to represent 11 of the 20 fastest-growing economies in 2024.
Key Players in the African Economy
Some of the players leading the African Economy include MTN Group Limited (JSE:MTN), Vodacom Group Limited (JSE:VOD), and Standard Bank Group Limited (JSE:SBK).
MTN Group Limited (JSE:MTN) is a leading multinational telecommunications company headquartered in South Africa. The company offers mobile communication and related services, including data analytics, FinTech, cloud services, domain management, and Internet of Things services to individuals and businesses across three continents. MTN Group Limited (JSE:MTN) holds mobile licenses in 21 countries and is a leading internet provider in 13 Middle Eastern and African countries. On February 29, MTN Group Limited (JSE:MTN) announced its partnership with Mastercard to enhance the FinTech ecosystem in Africa across 13 markets. The partnership is set to launch a virtual prepaid card for MTN Group Limited’s (JSE:MTN) mobile money users, giving them access to over 100 global access points. Moreover, it will empower merchants to accept card payments, thereby enhancing the mobile money ecosystem of the continent.
Vodacom Group Limited (JSE:VOD) is a leading cellular network in South Africa and a subsidiary of Vodafone Group plc (NASDAQ:VOD). The company delivers services to individual customers and businesses, including voice, cellular data, messaging and internet connectivity, Internet of Things, and cloud management. Vodacom Group Limited (JSE:VOD) also offers and manages financial services through its M-Pesa service. On March 7, Vodacom Group Limited (JSE:VOD) announced its partnership with Microsoft Corporation’s (NASDAQ:MSFT) South African unit to enhance digital skills for in-demand jobs in the region. Vodacom Group Limited (JSE:VOD) and Microsoft South Africa have collaborated to provide free digital training courses through the Mzansi Digital Learning platform. The partnership is a strategic move to reduce the 44% unemployment rate in South Africa. The training courses will range from business essentials to artificial intelligence, including courses on business in a digital world of Generative AI, entrepreneurship, and cybersecurity.
Standard Bank Group Limited (JSE:SBK) is a banking and financial services company based in Johannesburg, South Africa, with its operations running internationally. The range of financial services provided by Standard Bank Group Limited (JSE:SBK) includes digital banking, transactional accounts, personal and business cash flow solutions, financial lending for buying and building homes, foreign exchange services, and employer value banking. The firm was founded in 1862 and provides services to governments, large corporate businesses, financial institutions, and other international partners.
Despite most African countries being highly indebted to the IMF, the economy remains on an upward trajectory for 2024, with the abovementioned companies leading the market. With this context, let’s look at the 20 countries most in debt to the IMF.
Our Methodology
To compile the list of 20 countries most in debt to the IMF, we used the International Monetary Fund’s (IMF) data on Total IMF Outstanding Credit. We took the latest debt data for each country, which is accurate to March 21, 2024, and ranked the countries in ascending order of the outstanding debt. We have also included the country’s current GDP data from the World Bank, as of 2022.
20 Countries Most in Debt to IMF
20. Tunisia
Total Outstanding Debt to IMF: $1.14 billion
Current GDP (2022): $46.3 billion
Ranking 20th on our list is Tunisia. It is a Northern African country with an outstanding debt of $1,142,584,631 to the IMF. The country had a current GDP of $46.3 billion in 2022.
19. Sri Lanka
Total Outstanding Debt to IMF: $1.17 billion
Current GDP (2022): $74.4 billion
Sri Lanka ranks 19th on our list of countries most in debt to the IMF. It is a South Asian island country with a GDP of $74.4 billion in 2022. The outstanding debt of Sri Lanka to the IMF amounts to $1,166,812,512.
18. Senegal
Total Outstanding Debt to IMF: $1.20 billion
Current GDP (2022): $27.68 billion
Senegal is situated in the southernmost part of Africa and is surrounded by the continents of Africa, Europe, and America. It ranks 18th on our list of 20 countries most in debt to the IMF, with an outstanding debt of $1,197,281,250. Moreover, the country’s current GDP was $27.68 billion in 2022.
17. Morocco
Total Outstanding Debt to IMF: $1.34 billion
Current GDP (2022): $130.91 billion
Morocco is a North African country bordering the Atlantic and Mediterranean oceans. The country ranks 17th on our list with an outstanding debt of $1,344,250,000 to the IMF. Moreover, according to the World Bank’s data, Morocco had a GDP of $130.91 billion in 2022.
16. Bangladesh
Total Outstanding Debt to IMF: $1.35 billion
Current GDP (2022): $460.2 billion
Bangladesh is a South Asian country that ranks 16th on our list of countries most in debt to the IMF. Despite repaying $6,820,020 in March, the country still has an outstanding debt of $1,353,626,550 to the IMF. Moreover, Bangladesh had a current GDP of $460.2 billion in 2022.
15. Democratic Republic of Congo
Total Outstanding Debt to IMF: $1.45 billion
Current GDP (2022): $64.72 billion
The Democratic Republic of Congo is a Central African country. It had a GDP of $64.72 billion in 2022. Democratic Republic of Congo owes $1,446,800,000 to the IMF and ranks 15th on our list.
14. Jordan
Total Outstanding Debt to IMF: $1.50 billion
Current GDP (2022): $48.65 billion
Jordan is a Middle Eastern country situated on the west bank of the Jordon River. The country is categorized by ancient monuments and sea site resorts. Jordan ranks 14th on our list of countries most in debt to the IMF, with an outstanding debt of $1,496,577,667. Jordan had a current GDP of $48.65 billion in 2022.
13. Nigeria
Total Outstanding Debt to IMF: $1.53 billion
Current GDP (2022): $472.62 billion
Nigeria is a West African country famous for its natural landmarks and wildlife resorts. It ranks 13th on our list of countries most in debt to the IMF, with an outstanding debt of $1,534,062,500. Nigeria has a current GDP of $472.62 billion in 2022.
12. Costa Rica
Total Outstanding Debt to IMF: $1.68 billion
Current GDP (2022): $69.24 billion
Costa Rica is a Central American country on the coastline of the Caribbean and the Pacific Sea. The country had a current GDP of $69.24 billion in 2022. Despite repaying $46,175,000 to the IMF in March, it still has an outstanding debt of $1,677,710,000.
11. Cote d’Ivoire
Total Outstanding Debt to IMF: $1.99 billion
Current GDP (2022): $70.02 billion
Cote d’Ivoire is a West African country with beach resorts and rainforests. It ranks 11th on our list of countries most in debt to the IMF and has an outstanding debt of $1,994,585,704. The country had a current GDP of $70.02 billion in 2022.
10. Ghana
Total Outstanding Debt to IMF: $2.07 billion
Current GDP (2022): $73.77 billion
Ghana is 10th on our list of countries most in debt to the IMF. It is a West African country with a GDP of $73.77 billion in 2022. Despite repaying $14,944,500 in March, Ghana still has an outstanding debt of $2,072,530,000 to the IMF.
9. South Africa
Total Outstanding Debt to IMF: $2.29 billion
Current GDP (2022): $405.27 billion
South Africa is situated on the southernmost tip of the African continent. The country had a current GDP of $405.27 billion in 2022 and has an outstanding debt of $2,288,400,000 to the lender of last resort, the IMF.
8. Kenya
Total Outstanding Debt to IMF: $2.57 billion
Current GDP (2022): $113.42 billion
Kenya is an East African country on the coastline of the Indian Ocean. It had a current GDP of $113.42 billion in 2022. The country has an outstanding debt of $2,566,263,300 to the IMF.
7. Angola
Total Outstanding Debt to IMF: $3.08 billion
Current GDP (2022): $106.78 billion
Angola is a Southwestern African country. It had a current GDP of $106.78 billion in 2022. Angola ranks 7th on our list of countries most in debt to the IMF, with an outstanding debt of $3,079,316,668.
6. Colombia
Total Outstanding Debt to IMF: $3.28 billion
Current GDP (2022): $29.5 billion
Colombia ranks 6th on our list of countries most in debt to the IMF. It is situated in the northwestern part of South America and had a current GDP of $29.5 billion in 2022. Colombia repaid $468,750,000 to the IMF in March; however, it still has an outstanding debt of $3,281,250,000.
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