The countries that borrow the most from the IMF…an Arab country in second place

United States – The International Monetary Fund declares that its main goal is to help countries recover from their economic stumbles, and news of its daily activities in countries around the world continues, from providing loan and aid programs and reviews to express evaluations of economies.

However, with the confusion it caused as a result of the economic crises that struck countries following resorting to it, we review in this topic the countries that borrow most from the International Monetary Fund, including Arab countries.

Which countries borrow the most from the International Monetary Fund? A question that is frequently asked by many, and is answered by the official website of the central institution, which is headquartered in Washington, United States of America.

The IMF publishes constantly updated statistics on the volume of loans to all member countries, and its last update was on April 4, at the time of writing this report.

Based on these statistics, we can compile a list of the countries most indebted to the IMF in descending order.

It should be noted that the International Monetary Fund relies in its calculations on what are called “Special Drawing Rights,” which are international reserve assets that are not a currency in themselves, but their value depends on a basket consisting of 5 currencies: the US dollar, the euro, the Chinese renminbi, the Japanese yen, and the British pound sterling.

According to the IMF’s official website, each Special Drawing Right is equivalent to regarding $1,325.

The countries that borrow the most from the International Monetary Fund

Here is the ranking of the 10 most indebted countries from the International Monetary Fund in the world on April 4, 2024, according to statistics published on its official website:

• Argentina: $43 billion.
• Egypt: $14.93 billion.
• Ukraine $12 billion.
• Pakistan: $7.74 billion.
• Ecuador: $7.72 billion.
• Colombia: $4.34 billion.
• Angola $4 billion.
• Kenya: $3.4 billion.
• South Africa $3 billion.
• Ghana: $2.74 billion.

From the right, Director of the International Monetary Fund, Kristalina Georgieva, and to her left, Egyptian Prime Minister Mostafa Madbouly

African countries with the most debt from the International Monetary Fund as of April 4, 2024:

• Egypt: $14.93 billion.
• Angola $4 billion.
• Kenya: $3.4 billion.
• South Africa $3 billion.
• Ghana: $2.74 billion.
• Ivory Coast: $2.64 billion.
• Morocco: $2.1 billion.
• Nigeria $2 billion.
• Democratic Republic of the Congo: $1.9 billion.

The Arab countries most indebted to the International Monetary Fund as of April 4, 2024:

• Egypt: $14.93 billion.
• Morocco: $2.1 billion.
• Jordan: $1.98 billion.
• Tunisia: $1.47 billion.
• Sudan: $1.3 billion.
• Mauritania: $343.27 million.
• Somalia: $95.4 million.
• Djibouti: $42.1 million.
• Comoros: $24 million.
• Yemen: $6.43 million.

Ranking of the most indebted countries compared to GDP

The official website of the International Monetary Fund also published statistics on the ratio of central government debt to gross domestic product for the year 2022, noting that there are some countries for which there are no data, such as Lebanon – whose ratio was mentioned in another World Bank report – Egypt, Syria, and others.

Based on those statistics, this is the ranking of the 10 most indebted countries relative to GDP:

• Japan 214.27%.
• Greece 192.41%.
• Lebanon 179.2%.
• Eritrea 163.77%.
• Italy 140.57%.
• Singapore 135.86%.
• Laos 128.51%.
• Sudan 127.5%.
• Cape Verde 127.41%.
• Barbados 126.83%.

The 10 Arab countries with the highest ratio of central debt to GDP

1. Lebanon 179.2%.
2. Sudan 127.5%.
3. Bahrain 117.59%.
4. Jordan 89:42%.
5. Yemen 73.53%.
6. Morocco 68.79%.
7. Algeria 52.4%.
8. Qatar 45.31%.
9. Iraq 43.3%.
10. Oman 40.15%.

They said regarding the IMF

The “A-Z Quotes” website, which specializes in conveying remarkable statements in various fields, published a report on the most prominent quotes by celebrities regarding the International Monetary Fund, according to the following:

• “The world is governed by institutions that are not democratic, such as the World Bank, the International Monetary Fund, and the World Trade Organization” (the late Portuguese writer José Saramago).
• “The pressure from the IMF is very helpful to me to push for this reform. “In this sense, I think the IMF is very useful for a space community.” (The late South Korean President Kim Dae-jung).
• “The interests of the International Monetary Fund represent the major international interests that currently seem to be rooted and concentrated on Wall Street” (Che Guevara, the late Argentine Marxist activist).
• “Muslim leaders swallow the advice of Western powers and bodies such as the International Monetary Fund and the World Bank, even though they know its bad consequences for their people” (Indonesian Islamic preacher Abu Bakar Ba’asyir).
• “I believe that the International Monetary Fund helped spark the Indonesian crisis” (American economist Jeffrey Sachs).
• “The culture of death is imposed by economic and political interests, the arrogance of power, and corruption. I blame the first world for taking our wealth over many years. I’m talking regarding the superpowers that control the world’s life, especially the World Bank and the International Monetary Fund. They have caused and tolerated the death of our people. These people are responsible for the plunder of the Third World. Silence is also part of oppression.” (Guatemalan human rights activist Rigoberta Menchu).
• “Neoliberal programs in Egypt mean statistical growth as was the case before the Arab Spring. Egypt has been a poster child for the World Bank and the International Monetary Fund in terms of brilliant economic management and great reforms. The only problem is that this has hit most of the population in the gut as wages fall, benefits are wiped out and subsidized food disappears. This coincides with a great centralization of wealth and a great deal of corruption.” (The famous American philosopher Noam Chomsky).
• “The IMF economists were undoubtedly shocked by the abject failure of their prescriptions over the years, and the collapse of the intellectual edifice of economic theory on which they relied.” (The famous American philosopher Noam Chomsky).
• “The International Monetary Fund is an international mafia cartel. “They are like loan sharks of last resort,” said American economic analyst Gerald Cilenti.

Suharto

The Asia Times newspaper, which is based in Hong Kong, published a report on the painful fate of the late Indonesian leader Suharto, whose long era as president of the Asian country was led by the International Monetary Fund.

The English-language newspaper said, “On June 15, 1998, in the midst of the deep Asian financial crisis, the IMF was finally able to twist Suharto’s arm and force him to sign a financial rescue package worth $43 billion.”

She continued, “Just 4 months following that date, this loan effectively contributed to the collapse of the Suharto regime, which lasted 32 years.”

Secret documents revealed that then US President Bill Clinton played a role in convincing Suharto to accept the austerity measures imposed by the International Monetary Fund. This led to a terrible collapse of the Indonesian currency, as the dollar became worth more than 16,000 rupees following it had been touching the level of 2,500.