Africa-Press – Malawi. The total debt of African countries to the International Monetary Fund amounts to $38.6 billion, representing 31.5% of total global debt, according to Kristalina Georgieva, the managing director of the International Monetary Fund.
Egypt leads the continent with debts owed to the International Monetary Fund totaling $6.86 billion under the extended fund facility program. Kenya ranks third with debts of $2.85 billion after the collapse of its multi-year program with the International Monetary Fund in early 2025.
Georgieva described the continent as “the future” and “the next source of global growth.” She urged African governments to reduce their reliance on debt financing, attract more global capital flows, and enhance economic integration within the framework of the African Continental Free Trade Area.
She added, “It is worth noting that an increasing number of African countries have achieved significant milestones by fully repaying their debts to the International Monetary Fund, demonstrating a shift towards improving public financial conditions.” She emphasized the importance of discipline, debt consolidation, and reducing dependence on external financing during the summit.
She noted that countries not listed among debtor nations include Nigeria, Libya, Eritrea, Botswana, Mozambique, Algeria, Mauritius, South Africa, Zimbabwe, and Eswatini.
She added, “The circumstances of these countries vary, but factors such as fiscal policies, political considerations, and access to alternative income sources have contributed to their ability to operate without relying on International Monetary Fund financing.”
According to the managing director, the wealth of natural resources has been an important source of government revenues, while other countries have maintained conditions that kept them outside the purview of International Monetary Fund lending and the associated economic reform conditions.
