Argentina's debt to the IMF is greater than the total debt of the next six countries combined
Argentina ranks first in terms of the volume of unpaid loans to the International Monetary Fund. Its debt is greater than the total liabilities of the next six largest debtor countries in the ranking combined. Second place is occupied by Ukraine with a debt of 14.4 billion dollars.
Argentina's debt to the IMF is higher than the total debt of the next six countries combined
The Visual Capitalist infographic is based on IMF data from early October 2026. Debt amounts have been converted to US dollars. The ranking shows only outstanding loans to the fund, not the total external debt of the countries.
Following Ukraine, Pakistan ranks next with a debt of $10.8 billion, Egypt with $10.6 billion, and Ecuador with $9.4 billion.
Argentina's large debt is explained by the country's long-standing attraction of funds from the IMF. Currency crises, high inflation, and difficulties in obtaining funds from international capital markets have forced it to repeatedly turn to the fund.
In 2018, amid a currency crisis, a record $57 billion loan program was approved for Argentina. Another major agreement was reached in 2022.
The next program, approved in April 2025, provided $20 billion in financing, including an immediate allocation of $12 billion. The funds were aimed at stabilizing the economy, restoring foreign exchange reserves, and strengthening investor confidence. These amounts represent the sizes of individual programs and cannot be added together to calculate the country's current debt.
Ukraine's borrowing is linked to emergency spending resulting from Russia's full-scale invasion launched in 2022. According to the source, in February 2026, Ukraine agreed on a new $8.1 billion financing program with the IMF. It is intended to help maintain financial stability under war conditions.
In Pakistan, low tax revenues, foreign currency shortages, and energy sector debt are listed among the main problems. The reforms supported by the IMF are aimed at expanding the tax base, replenishing foreign exchange reserves, and restoring the health of public finances.