As of 2025, 93 countries owe the International Monetary Fund (IMF) about $144.9 billion. Some of the countries borrowed to sustain their economies post the COVID-19 pandemic with inflation, currency depreciation, high interest rates, and political instability. Among these countries, some have the biggest debt burdens. This article explores countries with IMF loans.
Argentina
As of July 2025, Argentina is the IMF’s largest borrower, owing north of $40 billion. In April 2025, the financial institution approved a further $20 billion of which the country received $12 billion upfront. Despite this assistance, Argentina is breaking under the weight of hyperinflation and a depreciating currency.
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Ukraine
Ukraine is among the countries with IMF loans and perhaps has no other option than to borrow due to its prolonged war. The IMF has given it about $11 billion to support the provision of essential services and post-war reconstruction.
Egypt
Egypt is another African country with IMF loans. It has an $8.5 billion debt facility, which is packaged as a long-term agreement to cut subsidies and liberalize the economy. The two parties have agreed to combine review phases to allow more time for reform implementation.
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Kenya
Kenya is East Africa’s top IMF borrower with debts of $3.02 billion. The country’s government is utilizing the money to stabilize the currency and implement fiscal reforms. However, there has been wide public discontent as to the terms of the agreement and its impact on the cost of living.
Ghana
In 2023, the IMF approved giving a $3 billion package to Ghana, and the country received $2.3 billion of the money. They are using it to do public sector reform, stabilize the currency, debt restructuring and more. However, Ghanaians are pushing back against cuts in fuel subsidies and social services.
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Ethiopia
In July 2025, Ethiopia received another $262 million under its $3.4 billion Extended Credit Facility. The IMF praised reforms but highlighted the need for external debt restructuring and governance improvements.
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Pakistan
Pakistan remains one of South Asia’s most frequent IMF clients, with approximately $6.9 billion in outstanding loans in 2025. The country is under a new Extended Fund Facility (EFF), following the completion of a short-term Stand-By Arrangement in 2023. IMF-backed reforms have focused on widening the tax net, privatizing state-owned enterprises, and tackling energy sector inefficiencies.
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Sri Lanka
After defaulting in 2022, the IMF approved a $2.9 billion extended fund facility in 2023 with an upfront payment of $1.4 billion to Sri Lanka. The IMF program focuses on reducing corruption, increasing government revenue and ensuring that Sri Lanka’s central bank is independent. However, the impact is yet to trickle down to Sri Lankans who are still reeling from job losses, high food prices, and cuts in social spending.
Final Thoughts
As global interest rates remain high and geopolitical shocks continue, more countries may turn to the IMF. But with public pressure mounting in places like Kenya, Ghana, and Argentina, governments must balance fiscal discipline with economic justice.
The IMF, meanwhile, faces its test: Can it evolve into a more empathetic partner—or will it remain, in the eyes of critics, an enforcer of austerity?
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