— By Anthony Nwosu | April 2, 2025
As nations across the globe grapple with fiscal imbalances, inflation, and post-pandemic recovery challenges, a new report has spotlighted the top 15 countries most indebted to the International Monetary Fund (IMF), revealing Argentina as the largest debtor with a staggering $31.10 billion obligation.
According to data released by Statisense on April 2, 2025, the list underscores the growing reliance of struggling economies on IMF support amidst global economic instability, currency devaluation, and domestic policy constraints.
Top 5: Heavily Reliant and Highly Indebted
Argentina leads the chart with a monumental $31.10 billion owed to the IMF. The South American giant has long struggled with chronic inflation, currency depreciation, and successive debt restructuring negotiations. The country’s reliance on IMF support intensified in recent years following a series of bailouts and economic reform packages.
Ukraine ranks second with $10.86 billion in IMF debt, a reflection of ongoing war-induced fiscal strain and the high costs of rebuilding critical infrastructure amidst continued geopolitical tension with Russia.
Egypt comes in third with $8.63 billion. The North African nation has faced mounting economic pressure due to dwindling foreign reserves, soaring inflation, and structural reform obligations tied to IMF assistance.
Ecuador ($6.43 billion) and Pakistan ($6.23 billion) round out the top five. Both nations have faced balance of payment crises and have negotiated multiple funding tranches from the IMF to stabilize their fragile economies.
Sub-Saharan African Economies Under the Lens
Several African nations also feature prominently on the list, highlighting the continent’s fiscal vulnerabilities:
- Kenya owes $3.02 billion, reflecting its ongoing battle with public debt servicing and currency devaluation.
- Angola follows closely with $2.84 billion, largely due to oil price shocks and fiscal management challenges.
- Côte d’Ivoire and Ghana carry debts of $2.68 billion and $2.48 billion respectively, with both West African nations embarking on aggressive reform paths to meet IMF conditions and restore investor confidence.
- Democratic Republic of Congo (DRC) and Ethiopia owe $1.79 billion and $1.46 billion respectively, underscoring the IMF’s expanding role in supporting fragile states and post-conflict economies.
Asia and Middle East Also Represented
In South and Southeast Asia, Bangladesh ($2.00 billion) and Sri Lanka ($1.52 billion) have turned to the IMF for lifelines amid economic instability. Sri Lanka, in particular, has undergone a dramatic debt crisis and near default that necessitated urgent multilateral aid.
Jordan ($1.49 billion) and Costa Rica ($1.88 billion) also feature on the list, reflecting the IMF’s global footprint in providing emergency financing and extended credit facilities.
Global Financial Outlook
These figures highlight the continued dependence of economically vulnerable nations on multilateral institutions. As the IMF plays a pivotal role in global financial stability, these debts raise key questions about the sustainability of repayment, the social costs of reform conditions, and the need for broader systemic solutions to prevent perpetual indebtedness.
With many of these countries facing rising debt-to-GDP ratios, high inflation, and social unrest stemming from austerity measures, observers are calling for debt restructuring conversations and innovative financing solutions to ease their burdens and foster inclusive growth.
Source: IMF Data via Statisense
Reporting: Tech and Biz News NG | www.techandbiz.com.ng
