For many African nations facing economic challenges, loans from the International Monetary Fund (IMF) serve as a critical support mechanism. Yet, countries that maintain low levels of IMF debt—relying instead on domestic reforms and diversified strategies—often exhibit stronger economic health and greater policy flexibility.
Recent IMF Article IV consultations for Lesotho and Mali, completed in recent weeks, illustrate how IMF lending can align with broader goals while keeping debt exposure minimal. In Lesotho, the IMF praised the country’s strong fiscal position in its 2025 review. The Southern African nation’s government posted a budget surplus, fueled by mining royalties and payments from the Southern African Customs Union, reducing the need for heavy external borrowing.
Although growth is projected to ease to 1.4% from 2.2% due to external pressures and textile sector volatility, prudent fiscal policies have stabilized overall debt. This limited IMF reliance enables Lesotho to channel short-term gains into infrastructure, social services, and diversification efforts, free from stringent repayment schedules or conditional reforms.
For Mali, the IMF’s 2025 Article IV consultation spotlighted persistent hurdles like food insecurity, frequent power outages, and security threats. Post-ECOWAS withdrawal, Mali grapples with food shortages, energy deficits, and political instability. Still, the IMF report emphasized Mali’s constrained debt to the Fund, offering room to address internal priorities without the weight of large repayments or imposed reforms. In a context of a major gold mine closure and new mining regulations, this fiscal space allows for more tailored domestic adjustments and redirection of funds toward urgent needs like security and welfare.
Below is the list of the 10 African countries with the lowest outstanding IMF debt in September 2025, based on the IMF’s database. These nations demonstrate the advantages of fiscal discipline, including enhanced autonomy and resilience.
