Top 10 African countries with the lowest debt to the IMF at the end of 2024

For governments dealing with economic difficulties, the International Monetary Fund (IMF) is often a go-to source for stabilizing economies and spurring growth. Nonetheless, keeping their IMF debt low benefits African countries strategically.

Business Insider Africa presents the top 10 African countries with the lowest debt to the IMF at the end of 2024.
This list is courtesy of data from the International Monetary Fund.
Lesotho ranks number 1 on the list.

A low level of IMF debt allows African governments to maintain greater control over their economic policies.

IMF loans often come with conditions that require limiting government spending, which can negatively impact public services.

African countries with minimal or no IMF debt provide a compelling example of prudent budgetary control and successful economic strategy.

Said countries that have less IMF debt have more fiscal independence. Infrastructure, healthcare, and education are prioritized over debt repayment, which takes up a significant portion of national budgets.

Countries with low debt levels are better positioned to weather external economic shocks. Whether it’s a global financial crisis, fluctuating commodity prices, or natural disasters.

Low debt ensures adequate reserves to stabilize the economy, flexibility to implement counter-cyclical measures like stimulus spending, and resilience against market fluctuations and creditor demands.

Additionally, low IMF debt enhances a country’s reputation in international financial markets, leading to: better credit ratings, lower borrowing costs for future development projects, and increased investor confidence, attracting more foreign direct investment (FDI).

With that said, here are the ten African countries demonstrating their dedication to fiscal restraint and economic autonomy by having the lowest total amount of IMF financing outstanding at the end of 2024.

This list was last updated on the 27th of December 2024.