Kenya is the second-largest debtor to the International Monetary Fund (IMF) in Africa, with outstanding credit reaching $3.02 billion as of June 26, 2025.
- •The East African nation trails only Egypt ($7.5 billion) in IMF credit exposure, according to the Fund’s latest data.
- •This development underscores Kenya’s ongoing reliance on multilateral financial support to stabilize its macroeconomic environment, manage external debt obligations, and navigate a challenging fiscal landscape.
- •The IMF-supported program, which began in April 2021, was launched under a blended Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangement.
By October 2024, Kenya had unlocked approximately $606 million through the seventh and eighth IMF reviews.
- •$486 million came from ECF/EFF tranches, and
- •$120 million was disbursed under the Resilience and Sustainability Facility (RSF) targeting climate-focused reforms.
Disbursements stalled in early 2025 due to nationwide protests over IMF-backed tax hikes. As a result, the Finance Bill 2024 was withdrawn amid intense public opposition. Kenya then decided to voluntarily forgo its ninth and final IMF program review, leaving a planned $800 million disbursement undrawn.
Nevertheless, the National Treasury has confirmed that the country has formally applied for a new IMF-supported program to roll over the remaining funds. IMF staff missions are currently on the ground, conducting macroeconomic assessments. If successful, this new agreement could unlock fresh concessional financing and bolster Kenya’s credit profile.
Africa’s Top IMF Debtors: Kenya in Context
Kenya’s $3.02 billion IMF debt places it ahead of several other African economies. The top five IMF debtors in Africa as of June 2025 are:
- •Egypt – $7.50 billion
- •Kenya – $3.02 billion
- •Angola – $2.75 billion
- •Côte d’Ivoire – $2.55 billion
- •Ghana – $2.45 billion
These rankings clearly reflect the heightened fiscal pressure and economic vulnerabilities facing many African nations. Many are grappling with tightening global liquidity, high interest rates, and significant currency depreciation.
Global Ranking: Top 10 IMF Borrowers
On a global scale, Kenya ranks sixth among the world’s largest IMF borrowers. The full list includes:
- •Argentina – $40.26 billion
- •Ukraine – $10.43 billion
- •Egypt – $7.50 billion
- •Pakistan – $6.81 billion
- •Ecuador – $6.23 billion
- •Kenya – $3.02 billion
- •Bangladesh – $2.92 billion
- •Angola – $2.75 billion
- •Côte d’Ivoire – $2.55 billion
- •Ghana – $2.45 billion
Looking ahead, the outcome of ongoing negotiations will be crucial to Kenya’s 2025/26 fiscal strategy. The government is targeting a gradual reduction in the fiscal deficit, improved tax compliance, and strengthened public financial management. Any new program will likely include performance benchmarks related to governance, state-owned enterprise reform, and debt transparency.
Ultimately, Kenya’s IMF journey illustrates a broader trend among emerging markets: increased reliance on concessional lending to address external shocks, while balancing domestic political realities. With nearly $800 million still on the table, the stakes remain high for both Nairobi and the IMF as they chart the next phase of economic cooperation.
