Guess Who’s Owing The IMF Most? India & Pakistan’s Ranks Will Surprise You!

The Executive Board of the International Monetary Fund (IMF) on May 9, 2025, approved an immediate disbursement of $1 billion (around Rs 8,500 crore) to Pakistan, bringing total disbursements under the current Extended Fund Facility (EFF) to $2.1 billion.

This development comes even as India raised strong objections to the IMF’s continued financial support to Pakistan, accusing the country of economic mismanagement and potential misuse of funds for terror-related activities.

What’s the Deal? Breakdown of IMF’s EFF to Pakistan
The latest aid is part of a 37-month EFF approved on September 25, 2024, which allows Pakistan to access a total of $7 billion. Alongside this, the IMF Executive Board also greenlit a new arrangement under the Resilience and Sustainability Facility (RSF), giving Pakistan access to an additional $1.4 billion.

The IMF’s backing of Pakistan, however, continues to draw criticism, particularly from India.

India Slams IMF for Bailing Out Pakistan Yet Again
India responded sharply to the new disbursal. Referring to Pakistan as a serial defaulter, Indian authorities questioned the IMF’s rationale for continuing to support a country that has repeatedly failed to meet loan conditions.

New Delhi’s concerns extend beyond economics. It cited “the potential misuse of fungible IMF loans by Pakistan for military aggression and state-sponsored terrorism.”

Pakistan’s IMF Loan Track Record: A Serial Borrower
Since 1958, Pakistan has entered 25 separate loan deals with the IMF, amounting to $44.57 billion, according to IMF data. Out of this, $28.2 billion has been disbursed, while Pakistan still owes the IMF $8.3 billion.
 

Notably, since 2019 alone, the country has entered four IMF programs, underlining its growing reliance on international bailouts.

A 2021 United Nations report even called the Pakistan military the country’s largest conglomerate, noting its deep entrenchment in the civilian economy—including platforms like the Special Investment Facilitation Council.

Read More – Cash-Strapped Pakistan Makes Public Appeal For More Loans

Top 10 Countries with Highest IMF Debt (2025 Edition)
Amid these geopolitical tensions, the IMF’s latest financial report (as of May 8, 2025) ranks the top 10 countries with the highest outstanding IMF debt:

India’s Debt to IMF? Absolutely Zero.
Surprisingly, India doesn’t even feature in the IMF’s top debtor list. In fact, India has not borrowed from the IMF since 1993 and fully repaid all loans by 2000.

Today, India is not a debtor—but a major contributor to the IMF, holding a quota of 13,114.4 million Special Drawing Rights (SDRs), which gives it significant voting power.

Final Word: Debt, Diplomacy, and Dangerous Patterns
As IMF loans continue to pour into Pakistan, India warns of grave global governance issues arising from repeated and seemingly unconditional bailouts. The concern is no longer just financial—it’s geopolitical.

With Pakistan in the top 5 IMF debtors and India standing as a responsible stakeholder, the global spotlight is now firmly fixed on how the IMF balances development aid with accountability.

April Terror Attack and Operation Sindoor: The Escalation
Tensions between India and Pakistan spiked following the April 22 massacre of 26 tourists in Pahalgam, claimed by The Resistance Front (TRF), a terror group linked to Pakistan-based Lashkar-e-Taiba.

India retaliated with Operation Sindoor on May 7, launching precise airstrikes targeting terror camps in Pakistan and Pakistan-occupied Kashmir (PoK). Key militant operatives were neutralised, and multiple launchpads were destroyed.

In response, Pakistan initiated military aggression along the Line of Control, prompting India to carry out a counter-offensive that hit eight Pakistani military bases.

A ceasefire was brokered after US diplomatic intervention. Indian Foreign Secretary Vikram Misri confirmed that the Director General of Military Operations (DGMO) from Pakistan had reached out to India, ending the flare-up—for now.