Founded in 1944, the International Monetary Fund supports countries’ economic growth by providing financial assistance and policy guidance to improve stability, productivity and employment.
Countries can borrow from the IMF to address economic crises, stabilize their currencies, implement structural reforms, and alleviate balance of payments difficulties. The rating uses IMF data on total credit owed to the IMF. The most recent debt data for each country, updated as of April 29, 2024, was selected.
Argentina’s debt to the International Monetary Fund is equivalent to 5.3% of the country’s gross domestic product. In total, the South American country has more than $32 billion in credit. As a member of the G20 and a major grain exporter, the country’s history with debt problems dates back to the late 1890s, when it defaulted after taking on debt to modernize the capital, Buenos Aires. It has already been bailed out more than 20 times in the past six decades by the International Monetary Fund.
Five of the ten most indebted countries are located in Africa, while three are located in South America. Ukraine, the only European country on the list, has relied on international support in its conflict with Russia. It is estimated that the large-scale Russian invasion has caused the loss of a third of the country’s economy. The country owes $9 billion to the International Monetary Fund.
In total, nearly 100 countries have debts to the IMF, and these debts together total $111 billion. The countries mentioned above (the top ten) represent about 69% of this debt.
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