Pakistan, Argentina and more: Top 10 countries with the highest IMF debt as of 2025
Authored By Subhadra Srivastava
Published: May 12, 2025, 11:14 IST | Updated: May 12, 2025, 11:14 IST
On 9 May 2025, the IMF Executive Board approved an immediate disbursement of $1 billion (approx. Rs 8,500 crore) to Pakistan. This brings Pakistan’s total receipts under its current Extended Fund Facility (EFF) to $2.1 billion.
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IMF approves $1 billion for Pakistan amid tensions with India
On 9 May 2025, the IMF Executive Board approved an immediate disbursement of $1 billion (approx. Rs 8,500 crore) to Pakistan, despite strong objections to IMF's continuous support to Pakistan from India. This brings Pakistan’s total receipts under its current Extended Fund Facility (EFF) to $2.1 billion.
India voiced sharp criticism of the IMF's support to Pakistan, citing concerns over economic mismanagement and potential misuse of funds for destabilising activities. Here is the list of top 5 biggest debtors of IMF in 2025:
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1. Argentina – $40.26 Billion
Argentina tops the global IMF debtor list, after being burdened with over $40 billion in debt. The country continues to grapple with hyperinflation, devaluation, and a politically volatile atmosphere, prompting repeated IMF interventions.
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2. Ukraine – $10.8 Billion
Ongoing war with Russia has devastated Ukraine’s economy. IMF stepped in with emergency funding to Ukraine to sustain defence, infrastructure, and social services, making Ukraine the second-largest IMF debtor.
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3. Egypt – $8.46 Billion
Egypt’s rising cost of living, weakened currency over time, and budget deficits have necessitated large-scale IMF assistance landing the country in the 3rd position. The country relies on external help to maintain economic stability and social protection.
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4. Ecuador – $6.37 Billion
With an oil-driven economy hit hard by global price shocks, Ecuador turned to the IMF for debt restructuring, anti-inflation measures hence becoming the fourth largest debtor.
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5. Pakistan – $6.10 Billion
The country in a deep financial crisis, Islamabad is swirling in a debt spiral despite multiple IMF lifelines. Pakistan’s financial troubles further deepened after the recent Indo-Pak conflict as India launched Operation Sindoor in retaliation yo Pahalgam terror attack. Since 1958, Pakistan has entered 25 separate loan deals with the IMF, amounting to $44.57 billion, according to IMF data. Out of this amount, close to $28.2 billion has been disbursed, while the country still owes the IMF $8.3 billion. With inflation soaring and foreign reserves at historic lows, Islamabad is now among the top five global IMF debtors.
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India – A contributor, not a debtor
India, however, has no outstanding IMF debt and hasn't borrowed from the IMF since 1993. It has further, repaid all dues by 2000. India is now a major IMF stakeholder, holding 13,114.4 million SDRs and contributing significantly to the global financial stability.
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IMF approves $1 billion for Pakistan amid tensions with India
On 9 May 2025, the IMF Executive Board approved an immediate disbursement of $1 billion (approx. Rs 8,500 crore) to Pakistan, despite strong objections to IMF's continuous support to Pakistan from India. This brings Pakistan’s total receipts under its current Extended Fund Facility (EFF) to $2.1 billion.
India voiced sharp criticism of the IMF's support to Pakistan, citing concerns over economic mismanagement and potential misuse of funds for destabilising activities. Here is the list of top 5 biggest debtors of IMF in 2025:
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1. Argentina – $40.26 Billion
Argentina tops the global IMF debtor list, after being burdened with over $40 billion in debt. The country continues to grapple with hyperinflation, devaluation, and a politically volatile atmosphere, prompting repeated IMF interventions.
10 / 14
2. Ukraine – $10.8 Billion
Ongoing war with Russia has devastated Ukraine’s economy. IMF stepped in with emergency funding to Ukraine to sustain defence, infrastructure, and social services, making Ukraine the second-largest IMF debtor.
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3. Egypt – $8.46 Billion
Egypt’s rising cost of living, weakened currency over time, and budget deficits have necessitated large-scale IMF assistance landing the country in the 3rd position. The country relies on external help to maintain economic stability and social protection.
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4. Ecuador – $6.37 Billion
With an oil-driven economy hit hard by global price shocks, Ecuador turned to the IMF for debt restructuring, anti-inflation measures hence becoming the fourth largest debtor.
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5. Pakistan – $6.10 Billion
The country in a deep financial crisis, Islamabad is swirling in a debt spiral despite multiple IMF lifelines. Pakistan’s financial troubles further deepened after the recent Indo-Pak conflict as India launched Operation Sindoor in retaliation yo Pahalgam terror attack. Since 1958, Pakistan has entered 25 separate loan deals with the IMF, amounting to $44.57 billion, according to IMF data. Out of this amount, close to $28.2 billion has been disbursed, while the country still owes the IMF $8.3 billion. With inflation soaring and foreign reserves at historic lows, Islamabad is now among the top five global IMF debtors.
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India – A contributor, not a debtor
India, however, has no outstanding IMF debt and hasn't borrowed from the IMF since 1993. It has further, repaid all dues by 2000. India is now a major IMF stakeholder, holding 13,114.4 million SDRs and contributing significantly to the global financial stability.
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