Several countries continue to carry substantial debt obligations to the International Monetary Fund (IMF). As of the end of January 2026, the latest data show that IMF Credit Outstanding stands at approximately SDR 119.7 billion, equivalent to around US$165 billion. Using an exchange rate assumption of IDR 16,800 per US dollar, this amount equals roughly IDR 2,770 trillion.

Argentina remains the IMF’s largest borrower, with outstanding loans totaling about SDR 41.79 billion, or US$57.7 billion, close to IDR 970 trillion. This figure far exceeds that of other countries, underscoring Argentina’s continued reliance on IMF financing over recent years.

Ukraine ranks second, with total debt of around SDR 10.08 billion, equivalent to US$13.9 billion or approximately IDR 234 trillion. The country is still grappling with a prolonged war with Russia that began in February 2022 and has now entered its fourth year.

Pakistan and Ecuador follow, carrying debt of roughly US$10 billion and US$9–10 billion, respectively, while Egypt remains among the top five borrowers with obligations of about US$8 billion.

Several African nations also feature in the top ten list, including Côte d’Ivoire, Kenya, Ghana, and Angola. Bangladesh adds to the list of Asian countries that continue to depend on IMF financing. This composition highlights that global economic pressures have not fully eased, driven by persistent current account deficits, currency depreciation, and elevated food and energy prices affecting many emerging economies.

It is worth noting that Special Drawing Rights (SDRs) are international reserve assets issued by the IMF, valued based on a basket of major global currencies—the US dollar, euro, Chinese yuan, Japanese yen, and British pound—with specific weightings. The value of the SDR against the US dollar fluctuates in line with global foreign exchange market dynamics.

The IMF provides financial assistance to member countries to support economic stability, stabilize exchange rates, and facilitate structural reforms. For many nations, IMF facilities serve as a critical buffer during periods of economic stress or financial market turbulence.

With total outstanding debt still reaching hundreds of billions of US dollars, ensuring sustainable debt repayment and sound fiscal management remains a major challenge for borrowing countries. At the same time, timely loan repayments are essential for the IMF to maintain its credibility and capacity to support the stability of the global financial system.

Tabel: 10 Negara dengan Utang IMF Terbesar per 30 Januari 2026