10 African countries with the lowest debt as of February 2026

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As several African economies continue to grapple with fiscal pressures, exchange rate volatility, and rising debt servicing costs, fresh data from the International Monetary Fund (IMF) show that some countries on the continent currently carry relatively low levels of outstanding credit to the Fund.

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The figures, updated as of February 20, 2026, come at a time when conversations around debt sustainability have intensified. In February, Zambia formally requested a fresh IMF programme after completing its previous Extended Credit Facility, which disbursed about $1.7 billion following a protracted debt restructuring process.

According to officials in Lusaka, the new programme is expected to support ongoing economic reforms, strengthen fiscal discipline, and help the country build buffers ahead of national elections. Zambia’s experience has been cited as an example of how IMF-backed programmes can unlock additional funding and improve policy credibility.

At the same time, global conversations on debt relief are evolving. During the second Italy–Africa conference in Addis Ababa, Italian Prime Minister Giorgia Meloni proposed a climate-linked debt suspension mechanism that would allow African countries hit by major natural disasters to temporarily defer repayments without increasing their debt stock.

These developments highlight a broader shift in how African governments are approaching multilateral debt balancing reform commitments, fiscal consolidation, and social spending priorities.

Against this backdrop, below are the 10 African countries with the lowest total IMF credit outstanding as of February 20, 2026, based on data published on the IMF website.

Lesotho – $10.49 million

The Kingdom of Lesotho has the lowest outstanding IMF credit among African countries listed, at approximately $10.49 million. The modest exposure reflects limited current borrowing relative to peers on the continent.

Namibia – $23.89 million

Namibia follows with about $23.89 million in IMF credit outstanding. While the country has faced fiscal pressures in recent years, its direct exposure to the Fund remains comparatively low.

Comoros – $26.12 million

The island nation of Comoros has $26.12 million in outstanding IMF credit. Small island economies often rely on concessional financing, particularly in response to climate and external shocks.

Djibouti – $28.62 million

Djibouti’s IMF credit stands at $28.62 million. The country’s strategic location in the Horn of Africa has attracted infrastructure investment, but its current IMF obligations remain limited relative to larger borrowers.

São Tomé and Príncipe – $31.36 million

São Tomé and Príncipe records $31.36 million in credit outstanding. As a small island developing state, it continues to depend on external financial support to stabilise public finances.

Equatorial Guinea – $37.24 million

With $37.24 million in IMF credit, Equatorial Guinea ranks sixth on the list. The oil-producing nation has experienced revenue volatility linked to global energy prices.

Guinea-Bissau – $53.90 million

Guinea-Bissau has $53.90 million in outstanding IMF credit. The country has previously worked with the Fund on economic reform programmes aimed at improving fiscal governance.

Cabo Verde – $81.89 million

Cabo Verde’s exposure stands at $81.89 million. Like other island economies, it remains vulnerable to tourism shocks and climate-related risks.

Burundi – $100.10 million

Burundi records $100.10 million in IMF credit outstanding. The country continues to face structural economic challenges and relies on external support to stabilise its macroeconomic framework.

Seychelles – $103.76 million

Seychelles rounds out the list with $103.76 million in IMF credit. Despite being a relatively high-income African country, it has previously accessed IMF facilities to cushion the impact of external shocks, including disruptions to tourism.

As debt sustainability remains a central issue for many African governments, IMF engagement, whether through lending, policy advice, or innovative proposals such as climate-linked relief, is likely to remain part of the continent’s fiscal landscape in 2026 and beyond.