Between Q1 2023 and Q1 2025, South Africa reduced IMF debt by over 75%, with full repayment possible at the rate of SDR 381.4 million quarterly by the end of 2025

Key Takeaways:

  • South Africa’s outstanding debt to the International Monetary Fund (IMF) decreased from SDR 3.05 billion in March 2023 to SDR 762.8 million by March 2025.
  • The debt level remained unchanged at SDR 3.05 billion through the first three quarters of 2023.
  • Starting in December 2023, South Africa began making consistent quarterly repayments of SDR 381.4 million.
  • This trend demonstrates steady progress in debt reduction and a strengthened commitment to fiscal discipline.
  • The country is potentially on track for full repayment of its debt by the end of 2025.

Over two years, South Africa has steadily reduced its outstanding debt to the International Monetary Fund (IMF). Beginning with an outstanding balance of SDR 3.05 billion in March 2023, the country maintained this level throughout the first three quarters of that year.

However, from December 2023 onward, South Africa began making regular quarterly repayments of SDR 381.4 million. By March 2025, the country’s IMF debt had fallen to SDR 762.8 million, representing a reduction of more than 75%.

Source:

International Monetary Fund (IMF)

Period:

2023-2025
HTML code to embed chart
Want a bespoke report?
Reach out
Tags
Related Insights

While Angola's debt service-to-GDP hits 68%, Algeria’s is 0.1%, showing huge variety in debt burdens
  • Angola and Ethiopia account for the highest debt service-to-GDP ratios in Africa, both exceeding 67%.
  • East Africa dominates the high debt-servicing bracket, with five countries among the top ten most burdened.
  • Algeria has the lowest debt service-to-GDP ratio on the continent at just 0.10%.
  • There’s a wide gap between the top and bottom debt service burdens, reflecting divergent fiscal paths across Africa.
  • Low debt servicing doesn’t automatically mean economic strength—it may reflect limited borrowing capacity.

While many other African nations face a high debt burden, Algeria's already low debt keeps falling to a projected 0.09% in 2025
  • Algeria’s debt service per GDP dropped from 0.77% in 2009 to a projected 0.09% in 2025.
  • The country’s debt service per GDP declined at a -11.9% CAGR from 2009–2025.
  • A high of 0.73% occurred in 2012 before the consistent decline resumed.
  • By 2015, the country's debt service fell to 0.27%, showing progress in reduction.
  • The lowest point is forecast for 2025, at 0.09% of GDP.
  • Algeria’s debt burden is among the lowest in Africa, contrasting with the rising trend in many other nations.
  • This low debt service level allows for greater fiscal flexibility in public spending and investment.

Nigeria's debt service per GDP increased from 0.7% in 2015 to 10.2% in 2024, with 2025 forecasted to reach 15.1%
  • Nigeria's debt service per GDP rose from 0.9% in 2009 to a projected 15.1% in 2025.
  • Overall CAGR from 2009 to 2025 is 17.8%.
  • President Muhammadu Buhari’s tenure saw the fastest growth (29.1% CAGR).
  • Under President Goodluck Jonathan, growth was slower (6.5% CAGR).
  • President Bola Ahmed Tinubu’s term so far shows a 27.6% CAGR.

Angola's debt burden reached a new peak in 2024, with its debt service hitting 68.3% of GDP
  • Debt service in Angola hit 68.3% of GDP in 2024.
  • Even with a projected fall to 67.7% in 2025, the debt burden remains high.
  • Between 2009 and 2025, the debt service ratio grew at a CAGR of 11.2%.
  • The ratio stayed below 15% from 2009 to 2014 before surging to 41.9% in 2016.
  • Angola has faced multiple spikes above 50% since 2019, showing recurring debt strain.
  • The sharp drop to 31.2% in 2022 was short-lived, followed by a steep increase.

POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form

A product of Techpoint Africa. All rights reserved