Countries seek loans from the IMF to address economic crises, stabilize their currencies, implement structural reforms, and alleviate balance of payments difficulties. But there are some who currently have larger debts than others.
According to data from the International Monetary Fund on the total outstanding credit of the IMF on the debts of the countries, among five of the 10 most indebted are in Africa, while three are in South America.
The data also revealed that The list is headed by Argentina, as it is the country with the highest debt, this is equivalent to 5.3% of the country’s GDP and corresponds to more than US$32,000 million. The history of the country’s debt dates back to 1890, when it defaulted after incurring debt to modernize the capital, Buenos Aires.
In second place is Egypt with a debt equivalent to 3.1% of the country’s GDP. And third place goes to Ukraine with a debt of US$9 billion to the IMF. In fact, it is the only European nation among the 10 most indebted countries, as it has depended on international support in the midst of the conflict with Russia.
In Latin America, two more countries are among the ten most indebted to the Issuer. These are Colombia and Ecuador with debts of US$3 billion. For the latter, that is equivalent to 4.9% of the country’s GDP, while for Colombia it corresponds to 0.8%.
Other countries on the list are Angola, Kenya, Ghana and Ivory Coast with debts ranging from US$3,000 to US$2,000. And Pakistan is also added with a debt of US$7,000 to the IMF.
It should be noted that in total, almost 100 countries owe money to the IMF, and the general total of all these debts is US$111 billion. On the other hand, the ten countries mentioned in this list represent around 69% of these debts.
