The IMF is widely seen as a “lender of last resort”, only stepping in when countries face severe financial crises and cannot access usual borrowing channels.
According to Al Jazeera, its provide financial support to the countries but the help often come with strict conditions which can result in austerity measures and deepen social and economic hardships, making the loans a double-edged sword.
Argentina, Ukraine and Egypt top the list of countries borrowing the most from the International Monetary Fund (IMF) the most in 2025, together accounting for nearly half of the total $162 billion owed.
What is the IMF?
Founded in 1944 during World War II at the Bretton Woods Conference in New Hampshire, US, the IMF was established to help stabilise the post-war global economy.
Now based in Washington, DC, it has since grown from 44 founding members to 191 today and works closely with the United Nations and other international organisations to support global financial stability.
Any country can join the IMF if approved by existing members and by paying a quota based on the size of its economy, with wealthier countries contributing more.
When the IMF lends money, it draws on the pooled resources of its member countries. Wealthier and more stable economies often act as creditors, supplying the funds the IMF uses to provide loans. In return, these creditor countries earn interest on their contributions.
In 2024, about 50 creditor nations received approximately $5bn collectively in interest.
Which countries owe the most money to the IMF?
The amount of money owed to the IMF is typically expressed as Special Drawing Rights (SDRs), the IMF’s own unit of account based on a basket of five currencies, the US dollar, euro, pound sterling, the Chinese renminbi and the Japanese yen.
While SDRs are not a currency, countries can exchange them for the currencies mentioned above. As of October 15, one SDR was equivalent to $1.36.
The IMF currently has the highest-ever total credit outstanding.
In total, 86 countries owe the IMF SDR 118.9 billion, roughly equivalent to $162bn.
The three countries that owe the most make up almost half of the total, while the top 10 countries owe 73 percent.
Argentina owes the most to the IMF, with SDR 41.8 billion in outstanding credit, followed by Ukraine with SDR 10.4 billion and Egypt with SDR 6.9 billion.
Top 10 countries with the highest IMF debt in 2025:
1. Argentina ($56.83bn)
2. Ukraine ($14.13bn)
3. Egypt ($9.38bn)
4. Pakistan ($8.96bn)
5. Ecuador ($8.83bn)
6. Ivory Coast ($4.22bn)
7. Kenya ($4.09bn)
8. Bangladesh ($3.97bn)
9. Ghana ($3.63bn)
10. Angola ($3.62bn)
