Africa’s debt to the IMF rises to $23.3bn

Africa’s debt to the IMF rises to $23.3bn

Africa’s total debt to the IMF amounts to the tune of SDR 17.68 billion ($23.3bn).

This is according to the Fund’s Quarterly Finances for July-ending 2023.

Ghana’s outstanding loan of SDR 1.689bn ($2.227bn) to the IMF, forms 9.55% of the Continent’s total debt to the Bretton Wood Institution.

Ghana retained its position in Africa as the most indebted country to the International Monetary Fund as the country’s loan to the Fund shot up by 35.3% in the second quarter of 2023.

The Democratic Republic of Congo and Kenya also maintained their 2nd and 3rd positions respectively in Africa with the largest outstanding loans to the Fund as of 31st July 2023.

Whilst, DR Congo owed the IMF SDR 1.142 billion ($1.51bn), Kenya was indebted to the Fund to the tune of SDR 1.008 ($1.33bn).

Sudan and Uganda also maintained their 4th and 5th respectively with their exposure to the Fund estimated at SDR 992 million ($1.31bn) and SDR 812 million ($1.07bn).

The rest of Africa was indebted to the tune of SDR 11.32 billion ($14.9bn) to the IMF.