Just in July alone, the International Monetary Fund (IMF) is reported to be looking into the disbursements of loans to Egypt and Ethiopia, raising new worries about Africa's growing reliance on IMF financing.

1. Business Insider Africa presents the top 10 African countries with the highest debt to the IMF in July 2025.
2. This list is courtesy of data from the IMF’s website.
3. Egypt ranks number 1 on the list.

While these financial aids are frequently portrayed as lifelines for weak countries, the long-term consequences of high IMF debt are raising concerns across the continent.

Egypt got $1.2 billion after completing the fourth assessment of its $8 billion loan program, increasing the total amount disbursed to $3.5 billion.

However, the IMF cautioned that Egypt is under "high sovereign stress," with external debt expected to climb from $162.7 billion in 2024/25 to more than $202 billion by the end of the decade.

Similarly, Ethiopia received $262 million following a successful third program review, although its financial situation remains fragile.

The government is discussing a $8.4 billion restructuring with official creditors under the G20's Common Framework while also preparing to repay a $1 billion Eurobond.

The combined burden of IMF loans and commercial debt is straining national budgets and impeding growth projects.

On July 8, the IMF published a new analytical note on "How to Stabilize Africa’s Debt", emphasizing that debt stabilization typically hinges on stronger institutions, growth-friendly fiscal reforms, and IMF-supported macro stability.

Senegal offers a warning story. Disbursements were halted after officials acknowledged to underreporting debt, and the percentage was revised from 74% to over 100% of GDP. S&P downgraded the country, while IMF assistance remains stalled until a realistic recovery plan.

These instances highlight a larger issue: while IMF loans can help prevent economic crises, they frequently come with stringent conditions, austerity measures, and little freedom for domestic development goals.

Without proper management, governments risk being locked in a cycle of borrowing and repaying, hurting economic and public trust.

Having highlighted these facts, here are the African countries with the largest debts to the IMF in July 2025, as per the IMF’s database.

Compared to the list last month, IMF credits for Egypt, Cote d'Ivoire, Ghana, DRC, Ethiopia, and Tanzania increased, while the rest reduced.

Top 10 African countries with the highest IMF debt in July 2025

Rank Country Total IMF Credit Outstanding as of 07/21/2025

1. Egypt 7,422,862,519
2. Cote d'Ivoire 3,104,687,108
3. Kenya 3,022,009,900

4 Angola 2,721,883,340

5. Ghana 2,707,198,500

6. DRC 1,952,850,000

7. Ethiopia 1,593,683,500

8. Tanzania 1,335,730,000

9. Cameroon 1,150,920,000

10. Senegal 992,936,112 (Business Insider Africa)