Which country has taken the highest loan from the IMF? (2024)

Which country has taken the highest loan from the IMF?

No country owes the Fund more money than Argentina, Egypt and Ukraine. The total global outstanding debt owed to the IMF stood at $149bn on April 2 2024, or 112.9bn special drawing rights (SDRs), as its loan portfolio has expanded following a number of recently agreed bailouts for ailing developing economies.

Which country has the highest IMF loan?

Earlier, in terms of loans from the IMF, Argentina ranked first with USD 46 billion, Egypt stood in second place with USD 18 billion, Ukraine came in third with USD 12.2 billion, Ecuador took the fourth spot with USD 8.2 billion, and Pakistan was at fifth position with USD 7.4 billion.

Which country has the highest quota in IMF?

The IMF's largest member is the United States, with a quota (as of April 30, 2016) of SDR 83 billion (about $118 billion), and the smallest member is Tuvalu, with a quota of SDR 2.5 million (about $3.5 million).

Which country has the highest loan from World bank?

India takes the top spot. Its $39.7bn debt towards the WB recorded at the end of 2021 is double that of the next biggest debtor, Indonesia, with $19.6bn. Pakistan and Bangladesh follow with $18.3bn and $17.8bn, respectively, according to WB figures.

Which 10 African countries with the highest debts to the IMF?

Among these Counties are 10 African Countries. These African Countries have the highest debts to the IMF and they Include Egypt, Angola, South Africa, Côte d'Ivoire, Kenya, Nigeria, Ghana, Morocco, Democratic Republic of Congo, Tunisia.

What country has zero debt?

1) Switzerland. It is no surprise to see Switzerland on this list. Switzerland is a country that, in practically all economic and social metrics, is an example to follow. With a population of almost 9 million people, Switzerland has no natural resources of its own, no access to the sea, and virtually no public debt.

Who dominates the IMF?

The Board of Governors is the highest decision-making body of the IMF. It consists of one governor and one alternate governor for each member country. The governor is appointed by the member country and is usually the minister of finance or the head of the central bank.

Who controls the World Bank?

The organizations that make up the World Bank Group are owned by the governments of member nations, which have the ultimate decision-making power within the organizations on all matters, including policy, financial or membership issues.

Who runs the world economy?

Instead, it operates as a network of interconnected nations and entities. Major global economic institutions like the International Monetary Fund (IMF), World Bank, and World Trade Organization (WTO) play influential roles in shaping economic policies.

What countries are not in the IMF?

Apart from Cuba, the other UN states that do not belong to the IMF are Liechtenstein, Monaco and North Korea.

Which country has the highest debt?

At the top is Japan, whose national debt has remained above 100% of its GDP for two decades, reaching 255% in 2023.

Who is the biggest borrower from the World Bank?

Pakistan was the top borrower of the World Bank's International Development Association (IDA) for the fiscal year 2023, receiving $2.305 billion, as per the bank's annual report. Bangladesh and Tanzania took the second and third spots, borrowing $2.3 billion and $2.135 billion respectively.

Which country holds more US debt than any other?

Top Foreign Holders of U.S. Debt

With $1.1 trillion in Treasury holdings, Japan is the largest foreign holder of U.S. debt.

How much is Nigeria owing China?

Recent data, derived from the 2018 PEW. Research Centre and released last year, highlights.

Will the US ever get out of debt?

Economists at the Penn Wharton Budget Model estimate that financial markets cannot sustain more than twenty additional years of deficits. At that point, they argue, no amount of tax increases or spending cuts would suffice to avert a devastating default.

Does USA control the IMF?

Out of the 20 countries that contribute money to the IMF, the US is the one that contributed the most and therefore has the largest share of the votes (17%). That isn't, however, enough to say that the US controls the fund.

Has the US ever borrowed from the IMF?

The United States has borrowed foreign currencies from the IMF on 28 different occasions, more than any other country. We drew about $3 billion of DM and yen in 1978 to help defend the dollar in the exchange markets.

Where does IMF get its money?

IMF funds come from three sources: member quotas, multilateral and bilateral borrowing agreements. Member quotas are the primary source of IMF funding. A member country's quota reflects its size and position in the world economy. Read more on how the IMF regularly reviews quotas.

How much does the president of the World Bank make?

According to the bank's 2021 annual report, Malpass earned $525,000 in net salary that year, and the bank made more than $340,000 in annual contributions to a pension plan and other benefits. After early April, Malpass' contract entitles him to a pension equivalent to 70% of his salary.

How much money does the US give to the World Bank?

The United States has the largest financial commitment to the IBRD, accounting for 16.69% of total IBRD resources. U.S. paid-in capital is $3.5 billion and U.S. callable capital is $47.8 billion.

Does China borrow money from World Bank?

China's central government borrows on their behalf both domestically and abroad. World Bank loans are attractive in this regard, since its interest rates — which are linked to rates in U.S. financial markets — are lower than the lending rates in China.

What is the most developed country in the world?

Switzerland, Norway, and Iceland are the three most developed countries in the world, with an HDI score of 0.96.

Is China's economy bigger than the US?

In 2022, the IMF judged the Chinese economy in PPP terms to be 23% larger than America. At the same time, using PPP data the World Bank estimated the Chinese economy to be 18.8% larger than America. And even the CIA considered the differential in favour of China at 16%.

Who runs the economy in the US?

Perhaps most importantly, the federal government guides the overall pace of economic activity, attempting to maintain steady growth, high levels of employment, and price stability.

Why do some countries hate the IMF?

Since the collapse of fixed exchange rates in 1973, the fund has taken a more active role, especially in developing countries. Some critics say the conditions the IMF attaches to its loans are too harsh and have harmed developing countries.