Using data from the International Monetary Fund on Total IMF Credit Outstanding, the 10 countries most in debt to the IMF are listed here, with Argentina and Egypt topping the list.
The International Monetary Fund (IMF), which was founded in 1944, offers financial assistance and policy recommendations to nations to promote stability, productivity, and employment prospects.
To handle economic crises, stabilize their currencies, carry out structural reforms, and ease balance of payments issues, nations apply for loans from the IMF.
Bruno Venditti of Visual Capitalist has created a graphic that illustrates the top 10 nations with the most debt to the fund.
Methodology
Using data from the International Monetary Fund on Total IMF Credit Outstanding, this ranking is based on the most recent debt figures for each country, accurate as of April 29, 2024.
Argentina Tops the Rank
The amount of Argentina’s debt to the IMF is 5.3% of its GDP. The nation possesses more than $32 billion in total.
A prominent exporter of grains and a G20 member, the nation’s debt problems began in the late 1890s when it went into default due to obligations incurred on the modernization of Buenos Aires, the country’s capital. The IMF has previously provided more than 20 bailouts throughout the previous 60 years.
Three of the ten most indebted countries are in South America, while five are in Africa.
Ukraine, the only European nation on our list, has depended on outside assistance during the conflict with Russia. One assessment puts the economic damage suffered by Russia’s full-scale invasion of the nation at one-third. The IMF is owed $9 billion by the nation.
The IMF is owed money by nearly 100 countries, totaling $111 billion in outstanding debt. Approximately 69% of these debts are owed by the ten countries listed above.
Last year, GreatGameIndia reported on how Argentina has fallen into the IMF’s debt trap, rejecting its sovereignty. At the moment, Argentina uses nearly all of its foreign exchange profits to settle its external debt.
