Economy Minister Luis Caputo says the Milei government has a financing plan through end-2027 without returning to international bond markets, while keeping that door open if conditions improve
South America's second-largest economy, Argentina has defaulted on sovereign debt more times than any other G20 member and is now in its 23rd IMF program since the 1950s.
Argentina's official currency, prone to recurrent devaluation crises, now under a managed crawling-band regime backed by a US$20 billion IMF program launched in April 2025.
The repeating pattern in which IMF-backed fiscal consolidation and subsidy cuts in Sub-Saharan Africa, Latin America and South Asia trigger street protests that destabilise governments implementing them.
China's managed currency, issued by the People's Bank of China, is the world's fourth most traded currency and the IMF's fifth SDR basket member, reshaping global reserve and payment flows.
Egypt's pound (EGP) shed more than 70% of its value from 2022 to 2024 through three devaluations before stabilizing near LE 50 per US dollar under IMF supervision.
Africa's second-most-populous country defaulted on its Eurobond in 2023 and is now the most closely watched test of the G20 Common Framework for low-income sovereign debt relief.
Ghana, a West African republic of 34 million, completed a landmark IMF debt restructuring in May 2026 after defaulting on external debt in December 2022.
Japan's national currency, issued by the Bank of Japan, is the world's third most traded currency and the primary vehicle for carry trades that destabilize Asian markets when unwound.
Argentina's libertarian-anarcho-capitalist president since December 2023, Milei is running a radical austerity program that has slashed inflation and redefined Buenos Aires's ties with the IMF and Washington.
East African nation of 56 million at high risk of debt distress, where a Gen Z uprising in 2024 forced Kenya's government to withdraw IMF-linked austerity legislation.
A nuclear-armed South Asian republic of 251 million, Pakistan is the pivot between India, China, Afghanistan, and the Gulf, and one of the world's most acutely distressed sovereign-debt cases.
West African coastal republic regarded as sub-Saharan Africa's most durable democracy, now under fiscal stress from hidden debts and a constitutional power struggle between President Faye and former ally Ousmane Sonko.
Pakistan's two-term Prime Minister since 2022, Sharif governs a nuclear-armed, IMF-dependent state while repositioning Islamabad as a US-Iran ceasefire mediator.
Sri Lanka defaulted on its sovereign debt in April 2022, its worst post-independence economic crisis, and is now three-quarters through a US$3 billion IMF restructuring.
North African republic whose public debt reached 82% of GDP by 2025 after President Kais Saied rejected IMF conditions, making it a sovereign-debt flashpoint watched across the developing world.
The US dollar, issued by the US Federal Reserve, is the world's primary reserve and trading currency, making US monetary policy a global macro driver.
Kenya's fifth president since 2022, facing recurring Gen Z protests over fiscal austerity, an open ICC crimes-against-humanity case, and a debt crisis central to East African politics.
Landlocked Southern African copper producer that became the G20 Common Framework's first African test case, completing sovereign debt restructuring in 2024 after a 2020 Eurobond default.
With debt near 132% of GDP and ~$13bn in undisclosed borrowing, Dakar resists an IMF-pushed restructuring after PM Sonko's ouster
The float climbs toward the crawling-band top while reserves hit a seven-year high, the tension at the heart of the IMF program
Aurangzeb cuts salaried tax rates and scraps the surcharge while holding to the $7bn IMF programme's consolidation targets and a 17.6% higher revenue goal
The Fund unlocks ~$1bn and praises the disinflation, but pins a reserves floor that critics say could reignite inflation in an election year