10 countries with the most IMF debt ( May 2025)

As of 21 May 2025, the total outstanding debt owed by countries to the International Monetary Fund (IMF) stands at an eye-watering $117.9 billion.

While the IMF serves as a critical financial backstop for nations facing economic challenges, the scale of debt held by some countries highlights the deep-rooted financial pressures affecting governments across the globe.

From inflation crises and currency devaluation to structural economic reforms and political instability, the reasons behind IMF borrowing are as diverse as the countries involved.

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Leading the list of the most indebted nations is Argentina, with a staggering $40.2 billion owed to the IMF more than triple the debt of the next country on the list.

Argentina’s longstanding economic volatility, compounded by high inflation and recurring debt defaults, has made it a frequent recipient of IMF assistance.

Following Argentina is Ukraine, which owes $10.8 billion, a reflection of ongoing fiscal stress exacerbated by years of conflict and reconstruction efforts.

In third place is Egypt, with $8.5 billion in IMF credit outstanding, driven by structural reforms and currency pressures.

Interestingly, while many African countries do appear in the top 20, the number one spot is held by a South American nation, highlighting that the continent’s financial woes are not the most severe globally.

On the other end of the spectrum, a handful of countries owe very little or nothing at all to the IMF.

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These include Panama, with no debt, and Vanuatu owing $850,000, Montenegro $7,562,500, Solomon Islands $8,723,183, and Tonga $13,800,000, each holding minimal IMF obligations.

In this article, we break down the ten countries with the highest IMF debt in 2025—and the results may surprise you.

10 countries with the most IMF debt ( May 2025)