Africa: Indebted Africa Returns to the International Monetary Fund

analysis

Despite - or is it perhaps because of - increasing volumes of Chinese financing to Africa, that oft-reviled old banker, the International Monetary Fund (IMF), is making a comeback to the continent.

In 2014, before the surge in Chinese finance after the 2015 Forum on China-Africa Cooperation (FOCAC) summit, 15 African countries had IMF loans, worth a total of US$5.39 billion. Today it's 20 countries with loans totalling US$15.4bn. And more debt-stricken countries like Angola, Zimbabwe, Mozambique and the Republic of the Congo are knocking at the IMF's door.

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