Industry-specific and extensively researched technical data (partially from exclusive partnerships). However, after three to five years, IMF’s study found that individuals start cutting back on expenses to make way for debt repayments. This causes an increase in unemployment, a decline in demand, and an overall drag on growth. With that said, here are the 10 African countries with the largest debt to the IMF, according to the IMF’s website. The primary and most impactful advantage of having minimal or no outstanding debt to the IMF is the profound leverage, flexibility, and much-needed breathing room it affords these African nations. Egypt tops the list with a staggering $8.6 billion, far exceeding other nations.
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- Compared to the list last month, the countries with the top 10 lowest IMF credits on the continent this month largely remained the same.
- The debt-to-GDP ratio is the ratio between a country’s government debt and its gross domestic product (GDP).
- Instead of utilizing a sizable chunk of national budgets to pay off debt, th direct funds toward infrastructure, healthcare, and education.
- The combination of economic recession, high unemployment rates, and the need for austerity measures to restore fiscal balance has led to Greece’s elevated debt levels.
- Eritrea’s debt burden primarily comprises external debts owed to bilateral and multilateral creditors.
In an era when many African countries are saddled by increasing foreign debt, having a low debt to the International Monetary Fund (IMF) is a notable achievement. The G20 is an international organization whose permanent members are 19 countries and the European Union. Data for the European Union has been excluded due to overlap with G20 members France, Germany, and Italy.
- Financial independence from organizations like the IMF is more than just a mark of distinction in a time when instability across the world is commonplace; it is a weapon for strategic growth and resilience.
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- The country’s low ratio is primarily a result of its status as a global financial hub, with a thriving offshore banking and financial services sector.
High debt, economic dependence, and social unrest due to harsh austerity measures. The International Monetary Fund (IMF) plays a central role in supporting countries facing economic distress, particularly in Africa. Many governments turn to the IMF as a last resort to stabilize their economies, attract foreign investment, and implement structural reforms. This independence is extremely useful in today’s economic context, when governments must respond quickly to local challenges such as inflation, currency volatility, and rising food costs. 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 in Q4 of 2024. Moreover, these nations are less likely to be subject to the strict requirements that are frequently attached to IMF loans, including structural adjustment plans (SAPs) that call for austerity measures.
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Every other country retained about the same level of debt it had last month. With that said, here are the African countries with the lowest debt to the International Monetary Fund in March 2025, as seen on the IMF’s website. If a channel is inactive and has not uploaded or posted posts for 6 months or more, YouTube reserves the right to remove its monetization. We’ll get back to you with a decision once your channel is reviewed (typically in about 1 month). Check your eligibility for the expanded YouTube Partner countries with lowest debt Program.
The debt to GDP ratio can serve as a metric for evaluating a country’s fiscal health and its level of debt sustainability. The correlation between an African country’s debt levels and the International Monetary Fund (IMF) is still one of the most important indicators of economic stability on the continent. Again, the figures above are just the average personal debts.
The list is arranged from the country with the highest average personal debt to the country with the lowest personal debt. The data below shows how each country fares when it comes to household or personal debts in the year 2020. The data is from the Organization for Economic Co-Operative and Development (OECD). Venezuela holds the second highest debt to GDP ratio at 241%. The country’s economic crisis, marked by hyperinflation, political instability, and declining oil revenues, has significantly contributed to its escalating debt.
Debt to GDP Ratio by Country
With that said, here are 10 African countries with the lowest debt to the IMF according to the IMF’s website. Without the immediate pressure of IMF obligations, these countries are better positioned to navigate the complexities of global finance on their terms. To stabilize their economies, meet urgent financial needs, and restore investor confidence during crises. Compared to last month’s list, the 10 countries retained thier spots, with no real significant change in figures. With that said, here are the African countries with the lowest debt to the International Monetary Fund in April 2025, as seen on the IMF’s website. Low IMF debt gives African nations more legitimacy, independence, and flexibility.
The country’s relatively low ratio is influenced by its status as a lower-income nation with limited access to international capital markets. According to the International Monetary Fund (IMF), increasing debts can have a short-term boost and a long-term drag on a country’s economy. The increasing personal debt encourages individuals to spend more on different things, including houses, vehicles, and other commodities. As a result, the demand for products increases, promoting job openings. Singapore has the seventh highest debt to GDP ratio at 160%.
The International Monetary Fund is a global financial institution that provides loans and advice to countries in economic distress. As of May 5, 2025, the IMF has released updated data showing the African countries with the highest and lowest outstanding debts. While their debt are not the IMF alone, the report underscores the importance of maintaining low levels of debt, as all four countries listed also currently have very complex economic realities. The country’s low ratio can be attributed to its vast natural gas reserves and state-controlled economy. These countries focus investments in areas essential to long-term growth and development, avoiding many of the problems that come with excessive borrowing. Compared to the list of the 10 countries with the lowest debt to the IMF last month, the following countries including Eswatini, and Equatorial Guinea, saw a slight reduction in their debt load in March.
The country’s high ratio can be attributed to external debt incurred from loans and financial assistance. Political instability, armed conflicts, and economic challenges have hindered Sudan’s ability to manage and reduce its debt burden. The ten countries with the highest debt to GDP ratio are Japan, Venezuela, Greece, Sudan, Lebanon, Eritrea, Singapore, Libya, Italy, and Bhutan. Greece’s ratio is 193%, while Sudan and Lebanon have ratios of 182% and 172%, respectively.
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High debts may be influenced by many factors, including the cost of living, mortgage, property loans, auto loans, credit cards, and more. Azerbaijan has the tenth lowest debt to GDP ratio at 18.20%. The country’s low ratio is primarily a result of its oil-rich economy and prudent debt management. Azerbaijan has utilized its oil revenues effectively and focused on diversifying its economy, which has allowed it to keep its debt levels comparatively low. The country’s ratio surged due to a combination of factors, including a significant increase in public spending, a decline in economic growth, and political instability.