The total global outstanding debt owed to the IMF stood at $155bn on March 31 2023, or 115.2bn special drawing rights (SDRs), as its loan portfolio has expanded following a number of recently agreed bailouts for ailing developing economies.

This dollar figure was calculated by using IMF data on the value of a SDR on March 31 2023, which stood at $1.345. The SDR is used as a unit of account by the IMF to assess the value of support it extends to its member countries. 

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Despite there being a total of 93 countries owing it money, the IMF’s top 10 debtors still account for the lion’s share (71.7%) of the outstanding balance.

Argentina is the biggest debtor to the IMF, with a total outstanding debt of $46bn. The country has had a long and troubled relationship with the IMF, with a history of equally spectacular fall-outs and bail-outs. At the turn of the century, the IMF made $88.3bn available to bail out the country’s ailing economy. Despite discontent and political turmoil, then president Néstor Kirchner repaid the entire debt in 2006.

His eventual successor, Mauricio Macri, went to the IMF for a $50bn bailout in 2018 — the biggest rescue in the IMF’s history. However, the country soon found itself in dire straits again, and returned to the IMF in 2022 for another $44bn loan. 

What is an SDR?

special drawing right (SDR) is a basket of international currencies used a unit of account by the IMF to assess the financial support it provides to struggling economies. The value of an SDR is determined daily by the IMF based on the exchange rate between the major currencies – US dollar, Japanese yen, British pound, Euro and Chinese Renminbi – which are included in an SDR basket. SDRs can only be held by member countries of the IMF and certain designated official entities known as "prescribed holders". As of April 28 2023, the IMF had allocated a total of SDR 660.7bn (equivalent to about $935.7bn).

Egypt is the second-largest debtor by amount, with an outstanding balance of $18bn. Its economy deteriorated following the Egyptian revolution in 2011 and falling revenues from the Suez Canal. The government thus sought an IMF deal to unlock $12bn of cash in 2016. The Fund then approved further loans of $2.72bn and $5.2bn to address the impact of Covid-19 in 2020. 

In December 2022, the IMF approved a 46-month loan of $3bn for Egypt, which has been under acute pressure after Russia’s war in Ukraine perpetuated existing pressures on its economy. Egypt and the IMF are yet to agree on a date for an initial review of the loan.

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Ukraine also features among the IMF’s largest debtors with a total outstanding debt of $12.2bn. The Ukraine government first agreed to a $2.2bn IMF loan in 1998. The IMF then agreed to lend Ukraine a further $15.15bn in 2010, but the deal was frozen in 2011 amid the lack of reform efforts, the IMF said in 2012.

In March 2023, the IMF dispersed $2.7bn to Ukraine as part of a $15.6bn loan to support the country’s economy after more than a year since Russia’s invasion. This new loan, which is subject to reforms and part of a $115bn total support package for Ukraine, was the first time the Fund had extended major conventional financing to a country involved in a full-scale war.

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Ecuador is the fourth-largest debtor of the IMF, with a total outstanding debt of $8.2bn. At the end of 2022, Ecuador received about $700m from the IMF, thereby completing a $6.5bn loan program agreed in September 2020. This was the first IMF program completed by Ecuador in more than two decades. 

Pakistan has the fifth-biggest outstanding debt with the IMF, standing at $7.4bn. In August 2022, the IMF extended $1.1bn to the south Asian country as part of a $6.5bn programme agreed back in July 2019. Due to spillovers from the war in Ukraine and domestic challenges, Pakistan has faced an acute balance of payments crisis. The country has asked the IMF for $1.1bn of additional financing to resolve the crisis, but its release has been delayed for months. The IMF has called for further funding assurance before approving the package.

Colombia was the only other Latin American country to make it into the top 10 IMF debtors with outstanding debt of $5bn. The country has a long history with the IMF dating back to the 1950s. In April 2023, the IMF said the country had very strong economic fundamentals and policies, but there was still uncertainty from elevated external risks including from the war in Ukraine and contagion in the international banking sector.

Four sub-Saharan African economies round out the top 10 debtors: Angola, South Africa, Nigeria and Cote d’Ivoire. All four received support to address the Covid-19 pandemic in 2020. The IMF said in April 2023 that persistent global inflation and tighter monetary policies have placed great pressure on the region. No single country has been able to issue a Eurobond – an international bond denominated in a foreign currency – since spring 2022.

Recently agreed IMF support packages include a $3bn bailout for crisis-stricken Sri Lanka and a €2.4bn stand-by arrangement for Serbia. In January, the IMF also approved a $4.7bn package for Bangladesh, which includes $1.4bn under a newly created IMF facility aimed at boosting countries’ resilience and sustainability.

These recently agreed packages are not reflected in their entirety in the overall outstanding debt figures. This is because IMF support is dispersed in instalments subject to reviews of whether countries implement necessary economic reforms.

This is an updated version of an earlier data story about the IMF’s biggest debtors on 6 September 2022.