Ukraine becomes second largest IMF debtor after new tranche

After receiving the fifth tranche of $2.2 billion from the International Monetary Fund under the four-year Extended Fund Facility (EFF) program, Ukraine's debt to the IMF has increased to $13.85 billion.

This puts Ukraine as the second largest debtor to the IMF, according to data on the fund's website.

Argentina remains the largest debtor for many years. In 2018, the country was granted the largest credit line in IMF history at $57 billion. However, it soon found itself in dire straits again and approached the IMF in 2022 for another loan of $44 billion. Today, Argentina's obligations stand at $40.94 billion.

The IMF assessed the macroeconomic plan of Argentina's current president, Javier Milei, who won a convincing victory in the 2023 elections, as "much more ambitious" than previous administrations' reform programs. The IMF Executive Board approved an immediate credit of $4.7 billion.

Egypt had long been the second largest debtor. Currently, its debt to the IMF is $13.59 billion, which is $0.26 billion less than Ukraine's debt.

In total, the three largest IMF borrowers account for nearly half (46%) of all the fund's loans. Overall, 94 countries have outstanding loans with the fund.

The total outstanding debt to the IMF as of July 4, 2024, amounted to $150.44 billion.

Other major debtors include:

→ Ecuador ($8.55 billion),

→ Pakistan ($8.37 billion),

→ Angola ($3.95 billion),

→ Colombia ($3.71 billion),

→ Kenya ($3.39 billion),

→ Ghana ($3.05 billion),

→ Côte d'Ivoire ($3.04 billion),

→ Bangladesh ($2.84 billion),

→ Costa Rica ($2.67 billion).

Among European countries, besides Ukraine, the following have debts to the IMF:

→ Serbia ($1.25 billion),

→ Moldova ($910.40 million),

→ Georgia ($569.89 million),

→ North Macedonia ($361.32 million),

→ Armenia ($294.38 million),

→ Bosnia and Herzegovina ($265.86 million),

→ Albania ($200.34 million),

→ Kosovo ($78.41 million),

→ Montenegro ($39.95 million).

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