The International Monetary Fund (IMF) has disclosed its list of top borrowers as of September 2026, with Argentina leading the pack. The country's outstanding IMF credit stands at SDR 42.55 billion, equivalent to approximately KSh 7.80 trillion. This figure is nearly four times that of Ukraine, the second-largest borrower, which holds SDR 10.94 billion in outstanding credit. Ukraine's substantial borrowing is attributed to the ongoing economic consequences of its conflict with Russia.
The IMF's total credit outstanding reached SDR 124.3 billion, or about $170.6 billion, as of September 8, 2026. A significant 74% of this amount is attributed to just 10 countries. These nations have required substantial stabilisation programmes and balance-of-payments support in recent years. It is essential to note that IMF credit outstanding does not represent a country's total national debt, as countries may have significant debt to domestic lenders, commercial creditors, and other international institutions.
Three African nations feature prominently in the global top 10 list of countries with the biggest outstanding IMF loans. Côte d'Ivoire ranks sixth with SDR 4.14 billion, making it the continent's second-largest IMF borrower. Ghana follows closely in seventh place with SDR 2.99 billion after a repayment of SDR 6.64 million. Kenya ranks ninth with SDR 2.85 billion, equivalent to approximately KSh 521.31 billion. The IMF emphasises fiscal consolidation and revenue mobilisation as central pillars of Kenya's programme.
The concentration of borrowing among a small group of countries reflects the scale of balance-of-payments support and stabilisation programmes required by these economies. Developing countries, in general, are facing mounting debt service pressures. According to economist Daniel Kathali, the rankings not only show who has borrowed the most but also who is most exposed to the policy conditionalities that accompany IMF programmes. These conditions often prioritise fiscal targets, debt sustainability, and creditor repayment over social spending.
Egypt remains Africa's largest IMF borrower in September 2026, with SDR 7.86 billion in outstanding credit. Côte d'Ivoire and Ghana follow in the rankings. Kenya ranks fourth in Africa with SDR 2.85 billion. Africa's total outstanding IMF credit stood at SDR 39.9 billion, slightly lower than the previous month after repayments by several countries, including Ghana and Mauritania.
The top 10 countries with the biggest IMF loans are diverse, with various economic challenges. Pakistan ranks third with SDR 8.03 billion after a repayment of SDR 62.5 million during the period. Ecuador ranks fifth with SDR 7.11 billion. Bangladesh and the Democratic Republic of the Congo also feature in the list. Each country's circumstances and IMF programmes are unique, reflecting their distinct economic conditions and requirements.
The IMF rankings provide valuable insights into countries' financial exposure to the IMF. However, they do not represent a complete ranking of which countries are most indebted overall. As global debt levels reach unprecedented levels, it is essential to monitor these trends and their implications for both developed and developing countries. The IMF's data offers a snapshot of countries' financial situations, highlighting the need for careful economic management and strategic decision-making.
Key points
- Argentina has the largest IMF credit outstanding at SDR 42.55 billion.
- Three African nations, Côte d'Ivoire, Ghana, and Kenya, feature in the global top 10 list.
- The top 10 borrowers account for nearly 74% of all outstanding IMF credit.
