Debt Rankings: the ten Nations with the largest IMF debts

Established in the aftermath of the Second World War to regulate global exchange rates, the International Monetary Fund has evolved significantly over time. Today, it serves as a crucial lifeline for countries in need.

The Council on Foreign Relations noted that the International Monetary Fund, commonly referred to as the IMF, has transformed into the “chief steward of the world’s monetary system” but the global institution has a long history of criticism. 

One of the most glaring criticisms of the 190-country institution comes from economist William Easterly, who has praised the IMF but also noted that its interventions in some countries in Africa and Latin America have been too intrusive. 

Today, the IMF works to achieve sustainable growth for all of its 190 member states championing “economic policies that promote financial stability and monetary cooperation,” the IMF notes on its website—adding these “are essential to increase productivity, job creation, and economic well-being.”

Much of the IMF’s current role in the global economy involves helping countries that are in need of financial assistance and it will issue loans to nations. This money comes from the “quota subscriptions” paid by its member states according to BBC News. 

BBC News noted that the IMF is often referred to as the “lender of last resort” and it has been occasionally criticized for imposing harsh conditions on the nations that it lends to, which have included things like forced reductions in borrowing and corporate tax cuts. 

Many countries that have borrowed money from the IMF are still heavily indebted to the group and Visual Capitalist used the IMF’s April 29th ‘Total IMF Credit Outstanding’ data to rank the top ten most countries indebted to the organization. These are those countries. 

IMF Credit Outstanding: $1.940 billion 

IMF Credit Outstanding: $2.055 billion 

IMF Credit Outstanding: $2.566 billion

Photo by engin akyurt on Unsplash

IMF Credit Outstanding: $3.079 billion

PHoto Credit: By abdallahh, CC BY 2.0

IMF Credit Outstanding: $3.281 billion 

Photo by Brian Kyed on Unsplash

IMF Credit Outstanding: $5.826 billion 

Photo Credit: Wiki Commons By wrobell, Own Work, CC BY-SA 3.0

IMF Credit Outstanding: $6.546 billion 

Photo by Hamid Roshaan on Unsplash

IMF Credit Outstanding: $9.004 billion 

IMF Credit Outstanding: $11.27 billion 

IMF Credit Outstanding: $30.98 billion