External debt restructuring: IMF pushes for flexibility in negotiations under G20 framework

The report also notes significant external debt repayments looming on the horizon, with $5.9 billion in Eurobonds due in 2024 and a further $6.2 billion in 2025.

IMF officials acknowledged the challenges these repayments pose, particularly for countries like Kenya, Nigeria, and South Africa.

While Kenya has accessed the markets to alleviate some pressure, Nigeria and South Africa are also considering Eurobond issuance.

Luc Eyraud, the IMF Division Chief of the African Department, stated, “It’s mostly concentrated in three countries: Kenya, Nigeria, and South Africa

Kenya has re-accessed the markets, so it’s moved a little bit of pressure when you have to face debt repayments

Nigeria is also considering a Eurobond

South Africa is a bit of a different case because they have a very large domestic market, so their liquidity problems in terms of debt repayments are less severe than in other countries.”