Mbabane- Eswatini remains one of Africa’s least indebted countries to the International Monetary Fund
(IMF), with outstanding credit of just E 318, 04 million (US$19.6 million) as of June 2026, according to
the latest IMF debt data.
The figure stands in sharp contrast to several countries that owe billions of dollars to the global lender.
Argentina tops the list with approximately US$60.17 billion in outstanding IMF credit, followed by
Ukraine (US$15.48 billion), Egypt (US$10.67 billion), Pakistan (US$10.50 billion), Ecuador (US$10.08
billion), Côte d’Ivoire (US$5.19 billion), Kenya (US$4.22 billion), Bangladesh (US$4.16 billion), Ghana
(US$3.95 billion) and Angola (US$3.51 billion).
The relatively small amount owed by Eswatini places the country among a select group of nations that
have avoided heavy dependence on IMF financing, a development that provides greater flexibility in
managing public finances.
Unlike countries carrying large IMF debt burdens, Eswatini faces limited repayment obligations to the
Fund and is not subject to extensive IMF-supported economic reform programmes that often
accompany large-scale borrowing.
This gives the government more room to determine its own fiscal policies without the stringent
conditions typically attached to IMF rescue packages. Such conditions often include expenditure cuts,
tax increases and reforms aimed at restoring fiscal stability.
For businesses and investors, low IMF debt can be viewed as a positive signal of macroeconomic
stability. It suggests the country has not required significant emergency financial assistance to address
balance-of-payments challenges and remains relatively insulated from the fiscal pressures associated
with large IMF loan repayments.
However, Eswatini continues to face structural economic challenges, including slow economic growth,
high unemployment and dependence on revenues from the Southern African Customs Union (SACU).
Government also carries debt obligations from domestic and regional borrowing, meaning overall public
debt sustainability remains an important issue.
The country’s narrow economic base and reliance on a few export sectors leave it vulnerable to external
shocks, including changes in global commodity prices and regional economic performance.
Nevertheless, the June 2026 IMF figures suggest that Eswatini is in a comparatively stronger position
than many developing economies when it comes to obligations owed directly to the Fund.
As several African countries continue to grapple with mounting IMF debts and the policy conditions that
accompany them, Eswatini’s modest US$19.6 million exposure provides a measure of fiscal
independence.
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