Kenya Among Top 10 IMF Borrowers Globally

Ezra Manyibe | 1 week ago
Collage image of President William Ruto and a chart of countries most in debt to the International Monetary Fund (IMF). |Photo| Courtesy|

Kenya is among the most indebted countries to the International Monetary Fund (IMF), the latest report shows.

As of April 2024, the IMF was owed a whopping US$149 billion by 90 countries. The top 10 debtors account for about 68.8 per cent of the total balance according to a report by FDI Intelligence.

South American nation Argentina tops the list with an outstanding debt of US$32 billion. Over the last six decades, Buenos Aires has been bailed out over 20 times by the IMF.

Kenya ranks 8th on the list with US$3 billion in debt. The country's Gross Domestic Product (GDP) in 2024 has been reported at US$104 billion - the IMF debt accounts for about 2.8 per cent of GDP.

Angola is the 7th most indebted country to the IMF globally and the 1st in Africa. The Southern African country owes US$ 3 billion, constituting 3.2 per cent of the country's US$92 billion GDP.

Kenya is 2nd in Africa ahead of Ghana (3rd) which owes US$2 billion - 2.6 per cent of its US$75.2 billion GDP and Ivory Coast (4th) with a debt of US$2 billion constituting 2.3 per cent of the West African country's US$86.9 billion GDP.

The four African countries round off the IMF's top 10 largest debtors.

Ukraine is the only European country on the list. Its woes have been attributed to the conflict with Russia - which claimed to have collapsed a third of Ukraine's economy. The Eastern European country owes the IMF US$9 billion.

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