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Top 15 Countries with the Highest IMF Debt in 2025: A Closer Look
The international financial landscape is constantly evolving, with countries around the world relying on various forms of monetary assistance to stabilize their economies. According to the latest data from the International Monetary Fund (IMF), here are the top 15 nations holding the largest IMF debt as of 2025, measured in Special Drawing Rights (SDRs).
Argentina Leads with the Largest IMF Debt
Argentina stands at the top of this list, owing 31.1 billion SDRs to the IMF. The South American nation has long struggled with economic instability, inflation, and debt management issues. Its significant IMF borrowing reflects ongoing efforts to stabilize its economy amid persistent financial challenges.
Ukraine’s Escalating Debt Burden
Ukraine ranks second, with a debt of 10.9 billion SDRs. The ongoing conflict and geopolitical tension have heightened the need for external financial support. Ukraine’s reliance on international aid emphasizes its fragile fiscal situation as it fights to rebuild and maintain stability.
Egypt Continues to Rely on IMF Assistance
Egypt holds third place, with 8.6 billion SDRs in IMF debt. The North African country has implemented various economic reforms supported by the IMF to unlock growth and attract foreign investment, but its debt levels remain noteworthy amid domestic reforms.
Ecuador’s Strategic Borrowings
With 6.6 billion SDRs, Ecuador has secured substantial IMF funding to address economic resilience and development programs. The nation’s reliance on IMF support highlights ongoing efforts to manage fiscal deficits and promote economic stability.
Pakistan’s Economic Challenges
Pakistan owes 6.2 billion SDRs, reflecting its ongoing economic recovery struggles. External debt pressures combined with domestic economic reforms are crucial for stabilizing Pakistan’s financial future.
Kenya’s Growing IMF Relationship
Kenya’s IMF debt stands at 3.0 billion SDRs, showcasing a strategic partnership aimed at fostering sustainable growth. The country continues to seek support for infrastructural development and economic diversification.
Angola’s Post-Crisis Recovery Efforts
Angola’s IMF debt of 2.8 billion SDRs underscores its efforts to recover from previous economic downturns, primarily driven by oil prices. External assistance helps diversify the economy and stabilize fiscal management.
Côte d’Ivoire’s Development Push
With 2.7 billion SDRs, Côte d’Ivoire leverages IMF support in its journey toward economic development, infrastructure projects, and poverty alleviation efforts across West Africa.
Ghana’s Economic Stabilization
Ghana’s reliance on the IMF, with 2.5 billion SDRs, signals its ongoing efforts to stabilize an economy that’s heavily dependent on commodities like gold and cocoa amidst global market fluctuations.
Bangladesh’s Growth Strategies
Bangladesh has accumulated 2.0 billion SDRs in IMF debt, which supports its ambitious infrastructure and manufacturing sector expansion plans, crucial for maintaining its status as a fast-growing economy.
Costa Rica’s Fiscal Reforms
Costa Rica owes 1.9 billion SDRs, with IMF support helping the nation implement fiscal reforms necessary to address budget deficits and enhance public debt management.
Democratic Republic of Congo’s Challenges
The DRC’s debt stands at 1.8 billion SDRs. The country’s reliance on IMF aid reflects efforts to foster economic stability amid political and social challenges.
Sri Lanka’s Post-Crisis Recovery
Sri Lanka owes 1.5 billion SDRs as it works through economic recovery following its recent debt crisis, seeking to restore investor confidence and stabilize public finances.
Jordan’s Economic Strategies
Similarly, Jordan’s IMF debt also totals 1.5 billion SDRs, strategic support aimed at strengthening its economy amid regional instability and refugee influxes.
Ethiopia’s Developmental Aspirations
Ethiopia’s 1.5 billion SDRs debt highlights its desire to sustain rapid growth and invest in infrastructural projects, securing a better economic future for the nation.
Visualizing the Data
Key Takeaways:
- As of March 31, 2025, the five countries with the highest IMF debt account for over half (57%) of the total IMF credit outstanding, underscoring concentrated financial reliance.
- Countries across different continents – from South America to Africa and Asia – showcase diverse economic challenges and reliance on international support.
- The use of SDRs as a measure emphasizes the multifaceted nature of international debt, as these are valued based on a basket of major global currencies, including the US dollar, euro, Chinese yuan, Japanese yen, and British pound.
As global economies navigate ongoing uncertainties—be it geopolitical tensions, commodity fluctuations, or domestic reforms—the role of IMF lending remains pivotal for many nations striving towards stability and growth.
Source: IMF Data, March 2025
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