IMF Debtors: Argentina, Egypt, and Ukraine Top the List
With Argentina, Egypt, and Ukraine leading the way, no country owes more money to the International Monetary Fund (IMF) than these three nations, according to recent data provided by fDi Intelligence. The total global debt to the IMF stood at $149 billion as of April 2, 2024, equivalent to 112.9 billion Special Drawing Rights (SDRs), marking an increase following various rescue plans implemented for struggling economies.
While 94 countries are indebted to the IMF, the top 10 debtors still account for more than two-thirds (68.8%) of this debt. Argentina tops the list with an outstanding debt of $42.9 billion, having benefited from substantial loans in 2018 and 2022 to address its economic challenges. Under President Javier Milei, an ambitious reform program has been implemented, praised by the IMF, which approved an immediate loan of $4.7 billion in February.
Egypt, facing growing economic pressures, has benefited from several agreements with the IMF, including a $3 billion loan in December 2022 to address the impacts of the Ukraine war and other internal challenges. Significant amounts have also been allocated to help stabilize its economy after the 2011 revolution and the effects of the pandemic.
Ukraine is also a major borrower from the IMF, with an outstanding debt of nearly $12 billion, a significant portion of which was mobilized to support its economy in the face of Russian invasion.
Pakistan, Ecuador, and Colombia are also among the top IMF debtors, reflecting a trend where several developing economies have had to resort to external loans to address structural and conjunctural challenges. For some countries, such as those in sub-Saharan Africa, the IMF has highlighted the risks associated with a potential decline in Chinese demand, warning against negative impacts on economic growth in the region.
