Recent involvement among African governments, foreign lenders, and global partners highlights the potential benefits of well-structured IMF programs for the continent.
- Zambia has requested a new IMF program in 2026 to support its ongoing economic reforms and budget stability.
- The country previously completed an Extended Credit Facility that provided $1.7 billion after a lengthy debt restructuring.
- IMF support has proven beneficial for Zambia by enabling access to additional funds and boosting economic policy credibility.
- Italy has proposed a climate-linked debt suspension mechanism to allow African nations hit by natural disasters to defer repayments.
Two instances, Zambia’s request for a new IMF program and an Italian proposal for climate-linked debt relief, demonstrate how strategic support may help governments manage debt while achieving stability and resilience.
Zambia, one of Africa’s most indebted nations, formally sought a new IMF program in February 2026. Officials want to obtain a staff-level agreement by May.
This happened right after the Southern African country finished its last Extended Credit Facility, which paid out about $1.7 billion to help the government after a really long debt restructuring process.
The new program, subject to board approval, is meant to assist Lusaka in continuing local economic reforms, maintaining budgetary stability, and developing buffers ahead of the national elections.
The advantages of IMF participation are not theoretical for Zambia.
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The IMF-supported agreement enabled the nation to unlock around $190 million, enhancing macroeconomic stability and policy credibility in the face of external and internal shocks.
Beyond particular nation projects, the global financial system is developing in ways that may help Africa.
Italian Prime Minister Giorgia Meloni suggested a debt suspension mechanism linked to major climatic disasters during the second Italy-Africa conference in Addis Ababa in February 2026.
As seen on Reuters, this idea, part of Italy’s larger bilateral development cooperation program, would allow African countries stricken by severe climatic shocks to temporarily defer loan repayments, giving budgetary space without adding to their debt load.
This combination of targeted IMF loans and creative debt solutions can help African nations rebuild their economic underpinnings while safeguarding social expenditure and government services.
IMF programs, when combined with local reforms, can help countries manage short-term challenges and achieve more stable, growth-oriented fiscal structures.
With that said, here are the African countries with the lowest debts to the International Monetary Fund, per data from its website.
