This perception has grown over time, especially during financial crises and times of tension, like the recent conflict with India, when Pakistan received another loan from the IMF. However, while Pakistan has taken significant help from the IMF, it is not the largest borrower.
According to data from the IMF, more than 60% of all loans given to 91 countries have gone to just five nations. Argentina is at the top of the list, with loans worth 40.3 billion SDRs. SDRs, or Special Drawing Rights, are reserve assets created by the IMF. They are not physical money but are valued based on five major currencies - the US Dollar, Euro, Chinese Renminbi, Japanese Yen, and British Pound.
Pakistan ranks fourth on the IMF's list of top borrowers. It currently owes the IMF 6.9 billion SDRs. Above Pakistan are Argentina in first place, followed by Ukraine with 10.7 billion SDRs and Egypt with 8.2 billion SDRs. Ecuador comes just below Pakistan, owing 6.4 billion SDRs.
This clearly shows that although Pakistan is a major IMF borrower, it is not at the top of the list, as many people assume.
What about India?
India has also borrowed money from the IMF, but in much smaller amounts. It is placed 31st on the list, with a debt of only 1.98 billion SDRs. This is far less than Pakistan's debt, showing a big difference in how much both countries rely on IMF assistance.
In summary, while Pakistan is among the top countries receiving IMF loans, it is not the most dependent. Argentina holds that position. Still, Pakistan's economy remains closely tied to the IMF, and its frequent need for support continues to raise concern and debate.
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