Newly released figures from the International Monetary Fund (IMF) show Argentina holds a commanding lead in outstanding credit from the International Monetary Fund, with $40.26 billion owed—nearly four times more than the next country on the list, Ukraine.
Following Argentina and Ukraine are Egypt ($7.5B), Pakistan ($6.78B), and Ecuador ($6.21B), underscoring the growing dependence of countries in economic distress on multilateral financing.
The top five borrowers alone account for over $71 billion in IMF credit outstanding.
Africa’s IMF Exposure: A Mixed Bag
While no African country appears near the top of the list, several—including Kenya ($3.02B), Cote d’Ivoire ($3.1B), Angola ($2.75B), and Ghana ($2.45B)—feature prominently in the lower ranks, reflecting growing fiscal distress across the continent.
Many of these nations are juggling IMF obligations alongside ballooning Eurobond repayments and domestic economic challenges.
Ghana, for instance, is in the early stages of implementing an IMF-supported reform program aimed at restoring fiscal discipline and restructuring external debt, including agreements with bilateral lenders and bondholders.
The West African nation defaulted on most of its external debt in 2022 amid spiraling inflation and a weakening cedi.
A Global Reality Check
The chart is a sobering reminder of the critical role the IMF continues to play in propping up economies during moments of crisis. Yet it also raises fundamental questions about debt sustainability, especially as global interest rates remain elevated and geopolitical risks intensify.
As the world confronts overlapping financial, climate, and security shocks, the IMF’s balance sheet—and its political calculus—may become the next arena of global contestation. For countries on the list, the pressure to stabilize and grow their economies has never been more acute.
The IMF’s data indicates that Egypt’s projected payments are part of a broader trend where nations with heavy debt loads seek to balance growth with fiscal discipline.
This article was written with the assistance of AI
