10 African Countries With the Lowest IMF Debt in September 2025

However, nations that sustain modest amounts of IMF debt and instead depend on internal reforms and varied economic plans tend to be the healthiest.

It is clear from recent IMF evaluations of Lesotho and Mali, conducted over the last couple of weeks, that IMF loans can contribute to broader economic objectives.

In its 2025 Article IV consultation, the IMF underlined Lesotho’s robust fiscal situation.

The government of the small Southern African nation achieved a budget surplus, aided by royalties and regional payments, allowing it to lessen its reliance on substantial external borrowing.

Growth has slowed, from 2.2% to a projected 1.4%, due to external shocks and uncertainties in the textile industry, but solid fiscal management has kept Lesotho’s debt stable.

Lesotho’s reduced reliance on IMF finance allows it to focus on investing transitory windfalls in infrastructure, social programmes, and economic diversification without being restricted by rigorous IMF repayment timeframes or reform requirements.

In the case of Mali, the IMF concluded its 2025 Article IV consultation, highlighting key issues including food insecurity, power outages, and security challenges.

Following its exit from ECOWAS, Mali confronts major economic issues, including food hardship, continuous energy shortages, and political uncertainty.

Nonetheless, in its most recent Article IV report, the IMF noted that the country’s debt exposure to the Fund is largely limited.

This gives Mali considerable leeway in handling domestic problems without the additional burden of big IMF repayments or conditionality-driven reforms.

Lower IMF debt is significant in this setting, when an important gold mine has ceased operations and the government is establishing a new mining legislation.