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African countries are turning increasingly to the International Monetary Fund (IMF) for financing support, receiving nearly US$69 billion since 2020 as debt burdens soar and cheaper funding alternatives remain scarce.
A market commentary by Access Bank Group notes that about 20 African nations — including Benin, Ghana, and Egypt — were currently engaged in IMF programmes, with more countries expected to seek new agreements, extensions, or augmentations.
Malawi, Kenya, and Mozambique, which previously abandoned their IMF arrangements after failing to meet programme targets, were reported to be back in talks for new financing.
Uganda and Senegal were also reportedly pursuing fresh agreements, while Zambia was negotiating a one-year extension to its current programme.
Despite public resistance to austerity measures — with protests recorded in countries such as Angola and Kenya — the commentary highlighted growing cooperation between African governments and the IMF, which was increasingly seen as a crucial partner for liquidity support and concessional financing amid fiscal stress.
According to the United Nations, Africa’s external debt now exceeds US$650 billion, with servicing costs projected to reach nearly US$90 billion this year.
“The IMF’s focus on structural reforms could drive fiscal discipline, governance improvements, and economic diversification,” Access Bank stated, cautioning that outcomes will depend heavily on countries’ political will and implementation capacity.
Analysts warned that while IMF support remains a vital lifeline, African nations must carefully balance austerity-driven reforms with social stability, prioritising sustainable debt management, inclusive growth, and flexible financing to secure long-term economic resilience.
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