Countries that Owe the Most Money to the IMF
Argentina’s IMF debt equals 8.2% of GDP and is nearly four times Ukraine’s, reflecting repeated rescue programs since 2018.
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According to IMF data compiled as of September 30, 2026, Argentina maintained its top position in the global debt ranking with a debt of $56.8 billion. Argentina, which alone surpasses the combined debt of the six countries following it, was followed by Ukraine (in the shadow of war), Pakistan, and Egypt.
Argentina has the largest debt to the International Monetary Fund (IMF), by far, at $56.8 billion. It is followed by Ukraine with $14.4 billion, Pakistan with $10.8 billion, Egypt with $10.6 billion, and Ecuador with $9.4 billion. Argentina's debt to the IMF is approximately four times that of Ukraine, which ranks second.
The IMF's 2026 ranking, based on country-by-country credit data, shows that debt is concentrated in a few countries. The debt of the top-ranked country even exceeds the total debt of the next six countries. Here are the amounts and the ratio of debt to economies.
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