The country with the greatest outstanding debt to the International Monetary Fund is Ghana, which is ranked first in Africa. As of the end of July 2022, the country’s outstanding loans were anticipated to be worth 1.31 billion SDRs, or roughly $1.69 billion, according to the Fund’s Quarterly Finances.
9% of all the African nations that are owing to the IMF are represented by the country’s outstanding loans.
Additionally, it equates to 178% of its share or quota of funds borrowed from the Fund.
This does not, however, include the Covid-19 assistance, which the nation received from the IMF in the amount of more than $1.2 billion to help combat the pandemic and aid in economic recovery.
Concessional lending is the term used to describe the nation’s exposure to the Bretton Woods institution through loans. Low-interest financing is offered via a concessional loan.
The country’s estimated external debt as of June this year was $28.1 billion, with the vast majority of the loans being commercial.
Sudan and the Democratic Republic of the Congo, which each have the greatest outstanding loans of SDR 990 million and SDR 992 million, are ranked second and third in Africa, respectively.
