Argentina Leads Global List of Nations Owed Largest IMF Debts

According to Visual Capitalist, Argentina carries the largest outstanding debt to the International Monetary Fund, totaling $56.8 billion, which represents roughly 8.2% of its projected 2026 GDP. This amount surpasses the combined obligations of the next six IMF borrowers, underscoring the country’s heavy reliance on external financing. Argentina’s borrowing history features a record $57 billion arrangement in 2018 amid a currency crisis, a further program in 2022, and a $20 billion agreement approved in April 2025 to stabilize its economy.

Under President Javier Milei, the government has pursued fiscal tightening and a flexible exchange rate, with the IMF providing additional support in a May 2026 review. Ukraine ranks second with $14.4 billion, driven by the economic strain of Russia’s 2022 invasion, while Pakistan holds $10.8 billion, reflecting deep structural fiscal issues. The top-ten list also includes Egypt, Ecuador, Côte d’Ivoire, Ghana, Bangladesh, Kenya and the Democratic Republic of Congo, each facing distinct economic pressures.