As of 2025, Argentina, Ukraine, and Egypt are at the forefront of global debt owed to the International Monetary Fund (IMF), collectively representing nearly half of the $162 billion total outstanding loans. This critical financial situation was a focal point during recent IMF and World Bank meetings in Washington, D.C., where international financial experts gathered. Key discussions centered on the ramifications of these substantial debts for global economic stability, the challenges of debt management, and the development of effective support mechanisms for countries facing severe financial crises. The IMF has also issued stern warnings regarding potential financial distress, influenced by factors such as U.S. trade tariffs and increasing global protectionism.
The IMF plays a vital role as a ‘lender of last resort,’ providing financial assistance to nations in extreme economic distress when other credit sources are inaccessible. Nevertheless, these loans are typically contingent upon strict conditions, often requiring austerity measures that can result in considerable economic and social burdens for the populace, making IMF support a double-edged sword.
Established in 1944, the IMF’s mission is to promote international economic stability. It has grown from its initial 44 member states to 191 and works collaboratively with the United Nations. The organization offers policy guidance, short-term financial aid, and capacity development services. Membership requires approval from current members, and financial contributions are based on a country’s economic size, which also determines its borrowing capacity and voting power. The IMF has a substantial lending capacity of approximately $1 trillion, funded by its member countries. Creditor nations, typically wealthier economies, earn interest on these contributions.
On October 15, the IMF reported its highest-ever total credit outstanding at SDR 118.9 billion, equivalent to about $162 billion, owed by 86 countries. Argentina leads the list with SDR 41.8 billion (around $57 billion), followed by Ukraine at SDR 10.4 billion ($14 billion), and Egypt at SDR 6.9 billion ($9 billion). These three nations alone account for almost half of the total debt held by the IMF.
Argentina’s significant borrowing from the IMF is a recurring pattern, with its latest program approved in April being a $20 billion bailout aimed at economic stabilization. Historically, Argentina secured the largest loan in IMF’s history in 2018 ($57 billion) to address fiscal imbalances and a currency crisis. Additional financial support was announced in October 2025 by the U.S. administration, including a $20 billion currency swap to boost Argentina’s foreign currency reserves.
Ukraine’s debt exceeding $14 billion is a direct consequence of the severe economic disruption following the 2022 Russian invasion. Its external debt has more than doubled, reaching $152 billion by April. In March 2023, the IMF approved a $15.5 billion Extended Fund Facility (EFF) over four years, designed to stabilize Ukraine’s economy and support essential civilian spending and debt servicing amid high military costs.
Egypt’s third-highest debt ranking stems from its consistent borrowing to manage economic instability, characterized by high deficits, low foreign currency reserves, and elevated inflation. A 2016 EFF program worth $11.9 billion was approved to address long-standing economic issues. In March 2025, the IMF provided $1.2 billion to Egypt, following a review of an $8 billion reform program, which has reportedly helped stabilize the economy.
While the nominal debt figures are high, the IMF debt’s proportion relative to a country’s overall debt and GDP varies. However, for some nations, this ratio is substantial. Suriname has the highest IMF debt as a percentage of GDP at 13%, followed by the Central African Republic (9.4%), Argentina (8.3%), Barbados (7.4%), and The Gambia (6.95%).