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Top 25 Countries With the Highest Debt to the IMF in 2025
1. Argentina – $56.8 Billion
Argentina continues to hold the top spot among countries with the largest outstanding debt to the International Monetary Fund (IMF). Despite ongoing negotiations and economic reforms, the nation’s debt surpasses $56 billion. The country struggles with inflation, currency devaluation, and ongoing economic instability, which have contributed to its substantial IMF liabilities.
2. Ukraine – $14.1 Billion
Amid the ongoing crisis in Eastern Europe, Ukraine has accumulated over $14 billion in debt to the IMF. The country’s economy faces compounded challenges due to geopolitical tensions, the aftermath of conflict, and reconstruction efforts that require significant financial support from international lenders.
3. Egypt – $9.4 Billion
Egypt has secured a sizable loan portfolio from the IMF, chiefly to support its economic reforms and stabilize the currency. However, this debt approaches nearly $10 billion, indicating Egypt’s ongoing commitment to IMF-supported programs aimed at fostering economic growth amid regional uncertainties.
4. Pakistan – $8.9 Billion
Pakistan’s economic struggles, including inflation and balance of payments deficits, have resulted in close to $9 billion in IMF debt. The country continues to negotiate new aid packages to stabilize its economy and implement reforms aimed at boosting exports and reducing fiscal deficits.
5. Ecuador – $8.5 Billion
Ecuador’s debt to the IMF exceeds $8.5 billion, reflecting its ongoing efforts to manage national debt levels while trying to stimulate economic recovery. The country faces challenges such as commodity dependency and political stability issues, influencing its ability to settle debts.
6. Bangladesh – $3.9 Billion
Bangladesh maintains one of the largest debts within the South Asian region, amounting to nearly $4 billion. The country has utilized IMF funds to develop infrastructure and strengthen social programs, though debt management remains a critical concern.
7. Côte d’Ivoire – $3.5 Billion
West Africa’s Côte d’Ivoire has approximately $3.5 billion in outstanding debt to the IMF. The nation’s economic recovery and growth initiatives are underpinned by this support, especially in sectors like agriculture and manufacturing.
8. Kenya – $3.5 Billion
Kenya’s IMF debt also totals around $3.5 billion. The nation is working toward fulfilling IMF program requirements to improve fiscal discipline, reduce unemployment, and support infrastructural development.
9. Ghana – $3.3 Billion
Ghana’s debt restructuring efforts are ongoing, with the country owing roughly $3.3 billion to the IMF. Rising debt levels have prompted economic reforms focused on attracting foreign investment and stabilizing the currency.
10. Democratic Republic of the Congo – $3.0 Billion
The DRC’s economic challenges, including political instability and resource management issues, have resulted in its debt reaching $3 billion. IMF support aims to help stabilize this resource-rich country’s economy.
11. Costa Rica – $2.7 Billion
Costa Rica has accumulated about $2.7 billion in IMF debt as it navigates fiscal reforms and seeks to balance environmental conservation with economic growth.
12. Sri Lanka – $2.2 Billion
Sri Lanka’s recent economic crisis has led to considerable IMF borrowing, totaling approximately $2.2 billion. Debt relief and restructuring are central to its recovery plans amid high inflation and currency depreciation.
13. Ethiopia – $2.1 Billion
Ethiopia’s ongoing development projects and economic reforms are partially funded through its $2.1 billion debt to the IMF, with an emphasis on infrastructure and social welfare programs.
14. Jordan – $1.9 Billion
Jordan’s close economic ties with the IMF include around $1.9 billion in debt, which supports the country’s efforts to manage unemployment, refugee influxes, and economic diversification.
15. Tanzania – $1.8 Billion
Tanzania’s IMF debt of roughly $1.8 billion underpins its ambitions for industrialization and poverty reduction through large-scale development projects.
16. Cameroon – $1.6 Billion
Cameroon continues to leverage IMF support, owing nearly $1.6 billion to stabilize its economy amidst internal conflicts and external market pressures.
17. Zambia – $1.4 Billion
Zambia’s substantial IMF debt involves efforts to restructure its economy, address fiscal deficits, and restore investor confidence amid mineral export dependencies.
18. Morocco – $1.3 Billion
Morocco’s ongoing economic reforms, particularly in renewable energy and tourism, are financed through IMF aid, totaling approximately $1.3 billion.
19. Uganda – $1.2 Billion
Uganda’s IMF debt supports initiatives for healthcare, education, and infrastructure, as the country seeks to sustain high economic growth rates.
20. Senegal – $1.2 Billion
Senegal’s debt of about $1.2 billion from the IMF aids in advancing its development plans, including investments in transportation and agriculture.
21. Madagascar – $900 Million
Madagascar’s $900 million IMF debt allows for efforts toward economic stabilization, especially after political unrest and declines in agriculture productivity.
22. Rwanda – $700 Million
Rwanda uses IMF support totaling approximately $700 million for reforms in governance, healthcare, and technology sectors to promote sustainable growth.
23. Jamaica – $600 Million
Jamaica’s IMF debt supports macroeconomic stabilization and efforts to reduce public debt, which remains a challenge post-pandemic.
24. Papua New Guinea – $500 Million
Papua New Guinea borrows around $500 million from the IMF to fund infrastructure projects and diversify its resource-dependent economy.
25. Guinea – $400 Million
Guinea’s IMF debt, approximately $400 million, is part of its broader strategy to stabilize the country after recent upheavals and to boost mining and agriculture sectors.
Note: Data sourced from the IMF, with SDR conversions approximated at 1 SDR ≈ $1.36 USD in 2025. The figures reflect the current economic realities and ongoing negotiations with international lenders.
This ranking illustrates the varied economic challenges facing nations worldwide, highlighting the critical role of the IMF in providing financial support and guidance while emphasizing the importance of sustainable debt management.
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