By 
Kenya has emerged as one of Africa’s top borrowers from the International Monetary Fund (IMF) in 2024, ranking second with a debt of US$3.02 billion, according to the IMF Global Debt Database (GDD).
The report underscores Kenya’s reliance on IMF financing to address fiscal challenges, implement structural reforms, and support economic stabilization.
According to a report by Tuku news, the debt had played a crucial role in advancing revenue collection initiatives, reducing fiscal deficits, and undertaking key economic reforms.
Egypt leads the continent as the largest IMF borrower, with a debt of US$9.45 billion, followed by Kenya. Angola ranks third with $2.99 billion, while Ghana and Côte d’Ivoire follow with $2.25 billion and $2.19 billion, respectively.
Despite the support provided by IMF loans, Kenya’s escalating debt levels have sparked concerns over the country’s long-term economic sustainability.
Policymakers are now faced with the challenge of balancing immediate fiscal needs with reducing debt vulnerabilities.
During a recent visit to Nairobi, IMF Deputy Managing Director, Nigel Clarke, cautioned Kenya against taking on additional loans without a robust fiscal strategy.
“Kenya must implement a comprehensive fiscal strategy to reduce debt vulnerabilities while continuing to support economic growth and stability,” Clarke said.
Top African IMF Borrowers in 2024
1. Egypt: $9.45 billion
2. Kenya: $3.02 billion
3. Angola: $2.99 billion
4. Ghana: $2.25 billion
5. Côte d’Ivoire: $2.19 billion
6. Democratic Republic of Congo: $1.6 billion
7. Ethiopia: $1.31 billion
8. South Africa: $1.14 billion
9. Cameroon: $1.13 billion
10. Senegal: $1.11 billion
As African countries continue to rely on external financing to fund development projects and address economic crises, the IMF debt burden highlights the urgent need for fiscal discipline and sustainable growth strategies across the continent.
WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.
Comments