Nigeria Missing as Report Shows Top African Countries With Highest IMF Loans in 2023

Nigeria Missing as Report Shows Top African Countries With Highest IMF Loans in 2023

  • About five countries in Africa have already received varying amounts of loans from the International Monetary Fund (IMF) in 2023
  • The countries got the credit facilities after the executive board of the IMF ratified them
  • Leading the pack is Ghana, with about $3 billion in loans, with the first disbursement of $600 million already doled out

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Various African countries have benefitted from the International Monetary Fund (IMF)'s credit facilities after its executive board approved some loans

Many African countries have requested IMF loans or are presently being assessed by the organisation for various loan requests.

IMF Loand, Ghana, Cameroon, Cote d'Ivoire
President of the International Monetary Fund (IMF), Kristalina Georgieva. Credit: Future Publishing / Contributor
Source: Getty Images

Below are countries in Africa that have already secured loan facilities from the IMF

Cameroon: $420 Million:

BusinessInsider reports that the country received the funds in March this year after the IMF completed a review of the three-year arrangements under the Extended Fund Facility, which was approved in July 2021.

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Côte d’Ivoire: $2.5 billion

The board of the International Monetary Fund approved a 40-month arrangement for the West African country under the Extended Fund Facility and Extended Credit Facility to the tune of $3.5 billion.

Ghana: $600 million

The International Monetary Fund, on May 17, 2023, authorised a 36-month arrangement under the Extended Credit Facility to the tune of $3 billion.

The embattled West African country was approved to release the first loan tranche.

Central African Republic: $15.2 Million

On April 17, 2023, the IMF’s Executive Board authorized a 38-month Extended Credit Facility agreement with the Central African Republic to the tune of $1.4 million, and the board also approved the immediate release of $15.2 million to the country.

South Sudan: $114.8 Million

The war-torn African country received a reprieve from the IMF after its Executive Board approved for immediate disbursement of $114.8 million under the Food Shock Window of the Rapid Credit Facility on March 1, 2023, to assist it with the balance of payment needs resulting from food insecurity.

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The list of African countries with highest debt to China, amount, and what the debts are used for reported that Macau is the only country in the world that is debt-free, according to the International Monetary Fund (IMF).

The world’s most significant economies rank among the 20 countries with the highest external debts.

According to a Daily Trust report, they are the US, Russia, United Kingdom, France, Germany, Japan, and China.


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