Among the countries with the most IMF debt, Argentina ranks first by a wide margin, owing $56.8 billion to the International Monetary Fund (IMF) as of early October 2026. This figure is approximately four times higher than the obligations of second-place Ukraine.
Argentina leads the ranking compiled by Visual Capitalist, which is based on official IMF data.
Top 10 Largest IMF Debtors
Behind Argentina, Ukraine holds the second-largest debt to the fund at $14.4 billion, followed by Pakistan at $10.8 billion, Egypt at $10.6 billion, and Ecuador at $9.4 billion.
The remainder of the top ten includes Côte d’Ivoire with $5.6 billion, Ghana with $4.0 billion, Bangladesh with $3.9 billion, Kenya with $3.8 billion, and the Democratic Republic of the Congo with $3.3 billion.
Debt-to-GDP Ratios
Argentina also ranks near the top when debt is measured relative to economic output. Its IMF obligations equal 8.2% of its projected GDP for 2026. In Ecuador, this ratio stands at 6.8%, while Ukraine’s debt represents 6.4% of its GDP.
Drivers Behind the Debt Burdens
Argentina’s elevated debt burden stems from years of persistent currency crises, high inflation, and restricted access to international financial markets. In April 2025, the country reached an agreement with the IMF on a new $20 billion financing arrangement.
Meanwhile, Ukraine’s borrowing reflects severe pressure on public finances caused by the ongoing war. Pakistan’s IMF-supported programs primarily focus on increasing tax revenues, strengthening foreign exchange reserves, and stabilizing public finances.
