Debt burden: Top 10 countries with biggest IMF loans in the world in 2026

This story has significance for readers across Kenya and beyond.

- The IMF's total credit outstanding reached SDR 124.36 billion (approximately KSh 21.6 trillion / $166.6 billion) as of August 13, 2026

- Argentina holds the largest share of IMF debt, with four countries alone accounting for more than half of the Fund's entire lending portfolio

- Four African nations feature in the top 10, reflecting the continent's deepening reliance on IMF financing amid persistent economic pressures

Elijah Ntongai is an experienced editor at TUKO.co.ke, with more than four years in financial, business, labour and technology research and reporting. His work provides valuable insights into Kenyan, African, and global trends.

The International Monetary Fund's lending portfolio has hit record levels, with total credit outstanding reaching SDR 124.36 billion (approximately KSh 21.6 trillion / $166.6 billion) as of August 13, 2026.

According to official IMF financial data tracking movements between August 1 and August 13, 2026, Argentina leads all borrowers by a significant margin, carrying outstanding IMF credit of SDR 42.55 billion (KSh 7.4 trillion / $57 billion), a figure that represents more than a third of the Fund's entire lending book.

The country's repeated programme failures and a history of sovereign debt defaults have cemented its status as the IMF's largest debtor.

Its current Extended Fund Facility, approved in 2022, has undergone multiple reviews as the country battles inflation that has exceeded 100% and depleted foreign exchange reserves.

Africa's Growing IMF Debt Burden

Four African nations appear in the global top 10, underscoring the continent's vulnerability to commodity price swings, debt sustainability pressures, and the residual economic damage of the COVID-19 pandemic.

Côte d'Ivoire ranks sixth at SDR 4.14 billion (KSh 538.2 billion / $5.5 billion), followed by Ghana at SDR 2.99 billion (KSh 388.7 billion / $4.0 billion) in seventh.

Kenya occupies ninth place globally with outstanding IMF credit of SDR 2.85 billion (KSh 370.5 billion / $3.8 billion), secured through a 38-month Extended Fund Facility and Extended Credit Facility arrangement approved in April 2021, later supplemented by allocations from the Resilience and Sustainability Facility.

The Democratic Republic of Congo rounds out the top 10 at SDR 2.43 billion (KSh 315.9 billion / $3.2 billion). Bangladesh ranks eighth at SDR 2.87 billion (KSh 373.1 billion / $3.8 billion).

Top 10 Countries by Outstanding IMF Credit

Rank | Country | Outstanding IMF Credit in SDRs | Outstanding IMF Credit in USD/KSh |

1 | Argentina | 42,552,000,000 | $57.0b (KSh 7.37t) |

2 | Ukraine | 10,939,527,507 | $14.6b (KSh 1.89t) |

3 | Pakistan | 8,026,183,342 | $10.7b (KSh 1.38t) |

4 | Egypt | 7,861,227,527 | $10.5b (KSh 1.36t) |

5 | Ecuador | 7,118,100,012 | $9.5b (KSh 1.23t) |

6 | Côte d'Ivoire | 4,143,977,044 | $5.5b (KSh 710.88b) |

7 | Ghana | 2,993,368,500 | $4.0b (KSh 517.00b) |

8 | Bangladesh | 2,868,796,000 | $3.8b (KSh 491.15b) |

9 | Kenya | 2,845,599,901 | $3.8b (KSh 491.15b) |

10 | Democratic Republic of Congo | 2,426,925,004 | $3.2b (KSh 413.60b) |

Source: TUKO.co.ke

Reporting originally appeared via TUKO. Read the full source for additional context.