Pakistan's Leap In IMF Rankings: Set To Become Fourth Largest Debtor

After receiving additional loans of $3 billion in the next nine months from the International Monetary Fund (IMF), Pakistan will become the fourth largest IMF borrower in the world, The Express Tribune reported.

Current Rankings

As of March 31, 2023, Pakistan was ranked fifth on the list of countries with the highest borrowing from the IMF. However, with the additional $3 billion under the standby arrangement, Pakistan will move up to fourth place. Argentina currently ranks first with $46 billion, followed by Egypt with $18 billion, and Ukraine with $12.2 billion.

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Impact of Additional Loans

With loans worth $10.4 billion, Pakistan will overtake Ecuador to become the world's fourth-largest IMF borrower. Despite 93 countries owing money to the IMF, the top 10 debtors, including Pakistan, account for 71.7% of the outstanding balance of $155 billion.

Pakistan’s Position in Asia

Pakistan also holds the distinction of being the largest IMF borrower in the Asian region. Other Asian countries that have borrowed from the IMF, including Sri Lanka, Nepal, Uzbekistan, the Kyrgyz Republic, Armenia, and Mongolia, are far behind Pakistan in terms of taking loans from the global lender.

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Posted In: Macro Economic EventsEconomicsIMFPakistan