IMF Debt List: Which Countries Owe The IMF The Most In 2025 And Why It Matters | World News

Washington: Argentina, Ukraine and Egypt top the list of countries borrowing the most from the International Monetary Fund (IMF) in 2025, accounting for almost half of the total debt of $162 billion. This came to light at the IMF and World Bank meeting in Washington DC, attended by financial delegates and central bankers from around the world.

The talks, which will end on Saturday, will focus on the impact of these debts on global economic stability, debt management and strategies to support countries facing serious financial crises. The IMF warns of financial distress due to US trade tariffs and increasing protectionism.

Known as the “lender of last resort,” the IMF steps in when countries face serious financial crises. It provides assistance when normal borrowing channels cannot be used. The loans come with strict conditions and are often followed by austerity measures. These measures can increase social and economic difficulties, making loans a double-edged sword.

What is the IMF and How Does It Finance Itself?

The IMF was founded in 1944 at the Bretton Woods Conference in New Hampshire, USA. It was created to stabilize the post-war global economy. Headquartered in Washington, DC, the company has grown from 44 founding members to 191 today. The IMF works with the United Nations and other organizations to support global financial stability.

Provides policy advice, short-term financial assistance and capacity building. Any country can join if approved by existing members. Countries pay quotas according to the size of their economies. Rich countries contribute more. Quota contributions determine borrowing limits and voting power.

The IMF’s total lending capacity is approximately $1 trillion. It attracts funds from member countries. Rich and stable economies act as creditors. They earn interest on their contributions. In 2024, approximately 50 creditor countries received approximately $5 billion in interest.

Which countries owe the most to the IMF?

Debt is denominated in Special Drawing Rights (SDRs), which are denominated in five currencies: US dollar, euro, pound sterling, Chinese renminbi and Japanese yen. SDRs are not a currency. Countries can exchange them for these currencies. As of October 15, one SDR equals $1.36.

The IMF has the highest total loan debt ever. Eighty-six countries owe 118.9 billion SDRs, or approximately $162 billion. The three countries owe almost half of the total debt. The debt of the top 10 is 73 percent.

Argentina is the country with the most debt (41.8 billion SDR, or approximately $57 billion). Ukraine has a debt of SDR 10.4 billion, or approximately $14 billion. Egypt has a debt of 6.9 billion SDR, or approximately 9 billion dollars.

Why Is Argentina So Much In Debt?

Argentina is the IMF’s largest debtor. Its debt exceeds that of Ukraine, Egypt, Pakistan, Ecuador, Ivory Coast, Kenya and Bangladesh combined.

In April, the IMF approved its 23rd program for Argentina. The program includes a $20 billion rescue package. It was designed to stimulate the economy. Argentina has repeatedly borrowed from the IMF. The IMF received the largest bailout package in its history.

The country provided loans worth $57 billion in 2018. This was the largest in the IMF’s history. The loan addressed financial imbalances. A currency crisis and double-digit inflation followed.

In October 2025, the Donald Trump administration announced a $20 billion financial support package to Argentina. The package stabilizes the economy ahead of the October 26 midterm elections. This includes a $20 billion currency swap with Argentina’s central bank. US dollars are exchanged for pesos. This strengthens foreign exchange reserves.

Why Does Ukraine Debt More Than $14 Billion to the IMF?

Following Russia’s invasion in February 2022, Ukraine’s economy collapsed. Foreign debt is more than twice the pre-war level. Total state-guaranteed debt reached $152 billion as of April. More than 70 percent ($108.4 billion) consists of external liabilities.

In March 2023, the IMF approved a four-year Extended Fund Facility (EFF) worth $15.5 billion. The plan is part of an international support package. The package stabilizes the Ukrainian economy. It supports civil spending and debt service. Ukraine’s military expenditures are high.

As of October 2025, Kiev has received $10.6 billion of the $15.5 billion planned for 2023-2027 under the EFF.

Why Does Egypt Have the Third Most Debtors?

Egypt is constantly borrowing to stabilize its economy. Debt and budget deficits are high. Foreign exchange reserves are low. Inflation is high.

In 2016, the IMF approved EFF programs worth $11.9 billion. He touched on long-standing economic problems after the 2011 uprising. The IMF aimed to correct the overvalued currency, slow growth, unemployment and inflation. Measures included flexible exchange rates, tax increases, subsidies and wage cuts.

In March 2025, the IMF approved $1.2 billion for Egypt. This follows the fourth review of the $8 billion reform programme. Cairo reported that inflation fell by almost half in February. The reforms helped stabilize the economy.

Which Countries Are Most Indebted by GDP?

IMF loans are billions of dollars. They usually remain a small fraction of total debt and GDP. The countries with the highest IMF debt relative to GDP were Suriname (13 percent), Central African Republic (9.4 percent), Argentina (8.3 percent), Barbados (7.4 percent) and Gambia (6.95 percent).