African nations are increasingly seeking financial support from the International Monetary Fund as rising debt and limited financing alternatives drive demand for concessional lending, according to a spokesperson cited by Bloomberg News. Since 2020, the IMF has disbursed nearly 69 billion US dollars to the continent and expects to continue extending credit.

Africa’s external debt has climbed above 650 billion US dollars, with servicing costs nearing 90 billion US dollars in 2024, according to the United Nations. High borrowing costs and constrained access to capital markets have left many governments reliant on IMF programmes to stabilise public finances.

Around 20 African countries currently have programmes with the fund, including Egypt, Benin, and Ghana. Others, such as Malawi, Kenya, and Mozambique, are returning to talks after earlier failures to meet programme targets, while Uganda and Senegal are pursuing new agreements, and Zambia is negotiating an extension.

Public discontent over IMF-linked reforms remains visible. Angola saw protests in July over fuel-subsidy cuts, while Kenya faced unrest last year after tax increases. Still, analysts say cooperation between African governments and the IMF has strengthened. Zaynab Hoosen, senior Africa analyst at Pangea-Risk, said reforms to IMF governance, including greater African representation on its executive board, have improved perceptions of legitimacy.

For many governments, IMF engagement is less about preference than necessity. Jacques Nel, head of Africa macro at Oxford Economics, said that even as global liquidity improves, countries burdened with expensive debt face higher risk premiums from investors. He added that heavy reliance on domestic borrowing has also constrained private credit, deepening fiscal challenges.