Mapped: The Countries Most in Debt to the IMF

Mapped: The Countries Most in Debt to the IMF

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Dozens of countries are currently relying on the International Monetary Fund as economic pressures strain public finances.

This map, created by Iswardi Ishak using International Monetary Fund (IMF) data, shows outstanding IMF credit by country as of April 2026.

While borrowing is widespread, a handful of countries account for a disproportionate share—led by Argentina, which stands far ahead of the rest.

The Biggest IMF Borrowers

Argentina isn’t just the largest IMF borrower—it’s in a league of its own, owing nearly four times more than the next-largest country.

With over $60 billion in outstanding credit, Argentina’s total reflects a long cycle of inflation crises, currency instability, and repeated IMF programs stretching back decades.

Below, we break down the global distribution of IMF debt and highlight the largest borrowers.

Rank	Member	IMF Debt (USD, millions)	IMF Debt as share of GDP (%)
1	Argentina	60,176	8.7
2	Ukraine	15,481	6.9
3	Egypt	10,669	2.5
4	Pakistan	10,500	2.6
5	Ecuador	10,082	7.3
6	Côte d’Ivoire	5,189	5.3
7	Kenya	4,216	2.9
8	Bangladesh	4,157	0.8
9	Ghana	3,947	3.3
10	Angola	3,510	2.3
11	Congo (DRC)	3,201	3.5
12	Costa Rica	2,555	2.3
13	Ethiopia	2,541	2.1
14	Sri Lanka	2,537	2.6
15	Jordan	2,371	3.7
16	Tanzania	1,923	2.0
17	Zambia	1,831	4.4
18	Cameroon	1,684	2.6
19	Sudan	1,428	3.2
20	Uganda	1,378	1.9
21	Morocco	1,350	0.7
22	Jamaica	1,278	5.6
23	Papua New Guinea	1,237	3.6
24	Serbia	1,226	1.1
25	Senegal	1,214	3.0
26	Benin	1,163	4.2
27	Moldova	1,016	4.6
28	Madagascar	988	4.7
29	Rwanda	830	4.8
30	Niger	674	2.7
31	Honduras	658	1.6
32	Suriname	620	10.5
33	Chad	610	2.4
34	Barbados	574	6.8
35	Nepal	565	1.2
36	Tunisia	555	0.9
37	Mauritania	543	3.8
38	Mali	520	1.5
39	Gabon	514	2.2
40	Sierra Leone	506	6.1
41	Congo, Republic of	499	3.2
42	Afghanistan	499	2.5
43	Burkina Faso	480	1.5
44	Georgia	466	1.1
45	Togo	432	3.2
46	Guinea	422	1.4
47	Malawi	388	2.1
48	South Sudan	354	6.2
49	Paraguay	334	0.6
50	Central African Republic	299	8.6
51	North Macedonia	278	1.5
52	Liberia	264	4.7
53	El Salvador	248	0.6
54	Myanmar	236	0.3
55	Haiti	221	0.6
56	The Gambia	217	7.8
57	Kosovo	205	1.5
58	Tajikistan	180	0.9
59	Somalia	168	1.2
60	Seychelles	149	6.6
61	Burundi	144	1.8
62	Uzbekistan	119	0.1
63	Cabo Verde	118	3.4
64	Kyrgyzstan	88	0.4
65	Mongolia	82	0.3
66	Guinea-Bissau	81	2.7
67	Armenia	71	0.2
68	Nicaragua	62	0.3
69	Equatorial Guinea	45	0.3
70	Sao Tome & Principe	44	4.5
71	Djibouti	41	0.9
72	Bosnia and Herzegovina	38	0.1
73	Comoros	38	2.1
74	St. Lucia	28	1.1
75	St. Vincent and the Grenadines	27	2.3
76	Maldives	24	0.3
77	Grenada	23	1.6
78	Samoa	21	1.5
79	Albania	21	0.1
80	Tonga	20	2.8
81	Lesotho	15	0.5
82	Dominica	13	1.7
83	Solomon Islands	9	0.5

The next largest borrowers include Ukraine, Egypt, and Pakistan. Meanwhile, dozens of countries owe under $1 billion, particularly across Africa.

Suriname stands out on a relative basis rather than in absolute terms. The South American nation has the highest IMF debt as a share of GDP, reflecting a severe economic crisis in the early 2020s. After years of fiscal mismanagement, declining oil revenues, and mounting external debt, Suriname defaulted on its sovereign obligations in 2020.

This triggered an IMF-supported restructuring program aimed at stabilizing public finances and curbing inflation. The adjustment process has involved significant austerity measures and currency depreciation.

Why Countries Turn to the IMF

Countries typically borrow from the IMF during periods of economic distress. These situations often fall into a few common categories:

• Balance of payments crises: When nations cannot pay for imports or service external debt.
• Currency instability: Sharp devaluations or loss of foreign reserves.
• Fiscal imbalances: Large government deficits and rising public debt.

For example, Argentina has repeatedly sought IMF assistance amid inflation and currency crises, while nations like Sri Lanka and Pakistan have turned to the IMF during severe external debt pressures.

How IMF Debt Works

Unlike traditional loans, IMF financing is denominated in Special Drawing Rights (SDRs), an international reserve asset created by the IMF. SDRs are based on a basket of major currencies:

• U.S. dollar
• Euro
• Chinese yuan
• Japanese yen
• British pound

Countries receive SDR allocations or loans, which can then be exchanged for hard currency. For this dataset, IMF figures were converted into U.S. dollars (roughly $1.44 per SDR).

Africa’s Prominent Role Among Borrowers

Africa stands out not for the size of its IMF loans, but for how widespread they are. The continent has the highest number of borrowing countries, reflecting persistent structural challenges that make external financing a recurring necessity.

This reflects structural challenges such as:

• Commodity dependence
• Limited fiscal capacity
• Exposure to external shocks

Many African nations borrow relatively smaller amounts, but their reliance on IMF support is widespread.

Criticism and Controversy

Despite its role as a financial backstop, the IMF has faced criticism over its policy conditions. Loan programs often require economic reforms, such as austerity measures, that can be politically and socially challenging.

Critics argue these conditions can slow growth or worsen inequality, while supporters say they are necessary for long-term stability.

Learn More on the Voronoi App

Explore related insights on global debt dynamics in this visualization: Africa’s Chinese Debt.

• Source: https://www.visualcapitalist.com/cp/countries-in-debt-to-the-imf/