international-monetary-fund

The top ten nations with the highest IMF debt include Argentina, Egypt, Ghana, and other nations (LIST)

The top 10 most indebted countries are listed in the International Monetary Fund's data on Total IMF Credit Outstanding, despite the fact that almost 100 countries owe the IMF a total of US$111 billion.

Half of the top slots are taken by Africa, a continent in need.
Using the most recent debt statistics from the IMF, the ranking reveals an unexpected pattern. Africa is home to five of the top ten debtors, illustrating the continent's economic struggles: Egypt ($10,854,130,844), Angola ($3,079,316,668), Kenya ($2,566,263,300), Ghana ($2,042,641,000), and Cote d'Ivoire ($1,940,385,704). In order to address their issues, Ghana and Cote d'Ivoire, two neighbours in West Africa, are presently participating in extended credit facility schemes supported by the IMF.

 

Argentina, a G20 member and significant grain exporter, sits at the top of the list. The South American country's debt is an eye-popping $32 billion, or a substantial 5.3% of its GDP. Argentina has a history of debt problems dating back to the late 1890s, when loans taken out to modernise their capital city resulted in a default. This is not the first time Argentina has dealt with the IMF. Over 20 times in the last 60 years, the IMF has provided financial assistance to Argentina, demonstrating the cyclical nature of their economic difficulties.

The pressure is felt throughout South America

Argentina's problems are not unique to it. The fact that Ecuador and Colombia, two more South American countries, are in the top 10 highlights the region's economic fragility. This pattern emphasises the necessity of diversity and strong economic policy to avoid being overly dependent on outside assistance.

Ukraine is the only exception in Europe.

Naturally, the only European nation on the list is Ukraine, which is struggling with a staggering $9 billion in debt. Their economy has been severely damaged by the ongoing conflict with Russia, with an estimated third of its output lost. The war-torn country relies heavily on funding from the IMF.

The Path to Healing: Resolving Debt Issues

The rating is a sobering reminder of the difficulties many countries face in the global economy. The ultimate objective for these nations is to carry out long-lasting economic reforms and lessen their need on foreign debt, even while the IMF offers crucial assistance.

View the complete list below;

 

Source:Graphic Online

 


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