Egypt remains Africa's biggest borrower from the International Monetary Fund (IMF), with outstanding credit of about SDR 7.86 billion, equivalent to $10.76 billion or approximately ₦14.30 trillion, as of September 15, 2026.
The latest IMF figures show that the top 10 African countries collectively owed about SDR 28.62 billion, equivalent to roughly $39.17 billion or ₦52.06 trillion. Across all African countries, outstanding IMF credit stood at about SDR 39.9 billion, or approximately $54.62 billion (₦72.57 trillion).
The IMF's September 15 SDR exchange rate was about $1.36895 per SDR, while the September 15 official naira-dollar rate was approximately ₦1,328.65/$, putting one SDR at about ₦1,818.85.
Ranking of Africa's Top 10 IMF Debtors
According to the IMF's financial database, the ranking of African countries with the largest outstanding IMF credit as of September 15, 2026, is as follows:
- Egypt: SDR 7.86 billion ($10.76 billion / ₦14.30 trillion)
- Côte d'Ivoire: SDR 4.14 billion ($5.67 billion / ₦7.53 trillion)
- Ghana: SDR 2.99 billion ($4.09 billion / ₦5.44 trillion)
- Kenya: SDR 2.85 billion ($3.90 billion / ₦5.18 trillion)
- DR Congo: SDR 2.43 billion ($3.33 billion / ₦4.42 trillion)
- Angola: SDR 2.23 billion ($3.05 billion / ₦4.06 trillion)
- Ethiopia: SDR 2.09 billion ($2.86 billion / ₦3.80 trillion)
- Tanzania: SDR 1.66 billion ($2.27 billion / ₦3.02 trillion)
- Zambia: SDR 1.27 billion ($1.74 billion / ₦2.31 trillion)
- Cameroon: SDR 1.10 billion ($1.51 billion / ₦2.00 trillion)
Egypt's Dominance and Ghana's Repayment
Egypt's outstanding IMF credit remained around SDR 7.86 billion during the period, making it the continent's largest borrower. The country's IMF financing is linked mainly to its Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF) arrangements. IMF data show Egypt had SDR 7.86 billion outstanding at the end of August, following additional financing under its programme.
Côte d'Ivoire ranks second with SDR 4.14 billion, worth about ₦7.53 trillion, while Ghana is third with SDR 2.99 billion, equivalent to about ₦5.44 trillion. Ghana's balance declined slightly after the country repaid about SDR 6.64 million during the first half of September, according to the figures cited in the latest data.
Kenya ranks fourth with SDR 2.85 billion, or about ₦5.18 trillion. Nigeria, despite being Africa's largest economy, does not feature among the continent's 10 biggest holders of outstanding IMF credit in the September ranking.
DRC, Angola, and Ethiopia's IMF Exposure
The Democratic Republic of the Congo (DRC) ranks fifth with SDR 2.43 billion, equivalent to about ₦4.42 trillion. The IMF has supported the DRC through its Extended Credit Facility and Resilience and Sustainability Facility. The Fund's June 2026 review unlocked about $348.5 million in additional financing, bringing total ECF disbursements to about $1.03 billion.
Angola follows with SDR 2.23 billion, worth about ₦4.06 trillion. Its IMF exposure is largely associated with financing through the Fund's General Resources Account, while the country's economic outlook remains closely linked to oil production and revenues.
Ethiopia ranks seventh with SDR 2.09 billion, equivalent to about ₦3.80 trillion. Its IMF-backed programme supports the country's broader economic reform agenda, including efforts to address macroeconomic imbalances and improve debt sustainability. IMF officials said in July 2026 that Ethiopia had recorded stronger-than-expected macroeconomic outcomes, although external shocks remained a risk.
Tanzania, Zambia, and Cameroon Complete the List
Tanzania ranks eighth with SDR 1.66 billion, worth approximately ₦3.02 trillion. The country has been implementing reforms under IMF-supported ECF and RSF programmes.
Zambia occupies ninth place with SDR 1.27 billion, equivalent to about ₦2.31 trillion. Its IMF programme has focused on fiscal reforms and restoring debt sustainability amid its wider external-debt restructuring process.
Cameroon completes the top 10 with SDR 1.10 billion, worth approximately ₦2.00 trillion. Its outstanding IMF credit includes financing under the General Resources Account, Poverty Reduction and Growth Trust and Resilience and Sustainability Trust. The IMF's financial database provides country-level data on outstanding credit, arrangements, SDR holdings and transactions with the Fund.
