Mozambique Pays Off Entire IMF Debt as Kenya’s Borrowing Hits New Record — A Tale of Two African Economies in 2026

Mozambique clears its entire $701 million outstanding debt to the International Monetary Fund, becoming the only country among 85 indebted nations with a zero balance.

The early repayment, confirmed by Standard Bank, canceled a planned IMF mission in August and is expected to reduce the country’s foreign exchange reserves from $4.15 billion to around $3.5 billion.

Kenya’s debt to the International Monetary Fund (IMF) has hit a record high of approximately KES 462 billion (over 3 billion USD) by late 2025. This debt grew over fivefold since 2015, largely driven by post-2021 pandemic recovery programs and budget support.

As of 2026, Kenya is among the top 10 African countries with the highest IMF debt.