Top 25 Countries with the Highest Debt to the IMF

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The Global Debt Landscape: The Top 25 Countries Owing Money to the IMF in 2025

Argentina: Leading the Pack with Over $56 Billion in Debt

Argentina remains the highest debtor to the International Monetary Fund (IMF) in 2025, owing approximately $56.8 billion. The South American nation has long struggled with economic stability, and its hefty debt underscores ongoing challenges such as inflation, currency devaluation, and fiscal deficits. Despite negotiations and restructuring efforts, Argentina’s reliance on IMF aid continues to be a central aspect of its economic strategy.

Ukraine’s Financial Strain: $14.1 Billion Owed

Following closely is Ukraine, with a debt of around $14.1 billion to the IMF. The ongoing conflict and geopolitical tensions have hampered Ukraine’s economic recovery, necessitating external financial aid to stabilize its economy. The IMF’s support aims to bolster Ukraine’s infrastructure, social services, and overall fiscal health amid ongoing challenges.

Economic and Political Turmoil in Egypt: Owes $9.4 Billion

Egypt owes approximately $9.4 billion to the IMF, reflecting long-standing economic reforms paired with external debt accumulation. The North African nation is focusing on infrastructure projects, energy sector development, and social programs, often relying on IMF support to sustain its ambitious growth plans.

Pakistan’s Debt at $8.9 Billion

Pakistan’s debt to the IMF now stands at about $8.9 billion. Political instability, energy shortages, and security concerns impact Pakistan’s economic landscape. Continued IMF programs aim to address macroeconomic stability and encourage foreign investment, but debt levels remain high.

Ecuador’s Position: $8.5 Billion Owed

Ecuador owes roughly $8.5 billion to the IMF. The country has faced fluctuating oil prices and political unrest, which have weakened its economy. IMF support focuses on reducing fiscal deficits and promoting sustainable growth through structural reforms.

Other Notable Debtors in the Top 25

Bangladesh at $3.9 billion continues its rapid economic growth, with IMF aid supporting its industrialization efforts.
Côte d’Ivoire and Kenya each owing about $3.5 billion, highlighting their expanding economies in West and East Africa respectively.
Ghana owes around $3.3 billion, with IMF programs primarily targeting inflation control and currency stabilization.
DR Congo secures $3 billion in IMF support to fund untapped mineral reserves and stabilize its economy amid political turmoil.

Central Americans and the Caribbean

Costa Rica ($2.7 billion) and Sri Lanka ($2.2 billion) are actively managing debts to support post-pandemic recovery efforts.
Ethiopia ($2.1 billion) focuses on infrastructure and social reforms supported by IMF initiatives.
Jordan ($1.9 billion) manages debt with the goal of fostering economic stability in a region often challenged by political and security concerns.

Smaller Debt Holders

Tanzania ($1.8 billion) and Cameroon ($1.6 billion) utilize IMF assistance to foster economic diversification.
Zambia and Morocco with debts of approximately $1.4 billion and $1.3 billion respectively, continue to implement structural reforms.

The Caribbean and Africa’s Emerging Economies

Uganda and Senegal owe about $1.2 billion each, focusing on structural reforms and social programs.
Madagascar ($900 million) and Rwanda ($700 million) are leveraging IMF funds for agricultural development and poverty reduction.

The Smaller End of the Spectrum

Jamaica, Papua New Guinea, and Guinea owe between $500 million and $400 million, with IMF programs tailored toward sustainable development and debt management.

The data highlights a trend of rising debt levels among developing nations, often compounded by geopolitical tensions, commodity price fluctuations, and global economic shifts. As countries navigate these challenges in 2025, strategic partnerships with the IMF continue to be pivotal for economic stabilization and growth.

Source: IMF (SDR converted to USD, Approximate 1 SDR ≈ $1.36 USD)