ADDIS ABABA — October 2025. The International Monetary Fund (IMF) has released its latest list of Africa’s most indebted nations, placing Ethiopia seventh with outstanding obligations totaling $1.59 billion.

At the top of the list is Egypt, burdened with about $6.89 billion in IMF debt, followed by Côte d’Ivoire and Kenya, each owing around $3 billion. Other countries on the top ten list include Angola, Ghana, the Democratic Republic of the Congo, Tanzania, Cameroon, and Zambia.

While IMF loans are often viewed as a critical source of financial support, the Fund’s latest data underscores a deepening debt challenge across much of the continent. Economists warn that mounting obligations are constraining fiscal space and undermining long-term growth prospects.

In several African nations, IMF-supported programs have required governments to cut subsidies, raise taxes, and reduce public spending, measures that—while aimed at stabilizing economies—have had significant social repercussions.

As inflation accelerates and domestic currencies weaken, repaying IMF loans has become increasingly difficult. Analysts note that the rising cost of debt servicing is forcing many governments to divert scarce national revenues away from health, education, and infrastructure toward interest payments.

With debt vulnerabilities deepening, policymakers across Africa are facing renewed pressure to restructure public finances and negotiate more sustainable terms with international lenders to prevent a broader fiscal crisis.