Banking Khabar / The International Monetary Fund (IMF) is an international financial institution and a specialized agency of the United Nations, headquartered in Washington, D.C. It consists of 191 member countries, and its stated mission is “working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world”. The IMF acts as a lender of last resorts to its members experiencing actual or potential balance of payments crises.

 Nepal officially joined the International Monetary Fund (IMF) on September 6, 1961. Since joining, the IMF has been actively engaged in Nepal, providing financial and technical assistance to promote economic stability, manage balance of payments, support growth, structural reforms, and capacity building, particularly through a 38-month [Extended credit Facility] (approx. Special Drawing Rights (SDR) 282.4 million) approved in 2022 to navigate post-COVID recovery. The IMF actively monitors Nepal’s economy through regular Article IV consultations, supports the Nepal Rastra Bank (NRB) with financial oversight, and provides technical assistance on tax administration, revenue mobilization, and debt management.

Nepal’s IMF Loan Clear and Accurate Explanation

Current Outstanding IMF Debt

As of March 31, 2026, Nepal’s outstanding debt to the International Monetary Fund is approximately SDR 392.31 million, which is roughly USD 520–540 million depending on exchange rates. This figure represents the actual amount Nepal currently owes to the IMF. It is important to understand that this is not the total amount Nepal has ever borrowed, but only what remains unpaid at present after past repayments.

Latest IMF Program (2022–2026 ECF Loan)

Nepal’s most recent borrowing comes under the Extended Credit Facility (ECF) program agreed with the IMF for the period 2022 to 2026. Under this arrangement, a total of SDR 282.4 million was approved. By 2026, Nepal has received almost the full amount, with SDR 282.42 million (around USD 384 million) disbursed. This is currently Nepal’s largest active IMF-supported program, designed to support economic stability, strengthen foreign exchange reserves, and implement financial reforms.

Historical Borrowing from IMF

Since becoming a member of the IMF, Nepal has entered into at least nine different loan arrangements over several decades. These include emergency and concessional loans such as SDR 156.9 million in 2020 during the COVID-19 crisis and SDR 35.65 million in 2015 following the devastating earthquake. In addition, Nepal participated in several IMF-supported programs during the 1980s, 1990s, and 2000s. Most of these earlier loans have already been repaid over time, which is why they are not included in the current outstanding debt figure.

Total IMF Exposure (Broader Perspective)

There are broader ways to understand Nepal’s financial relationship with the IMF. According to available international data, Nepal’s IMF credit stock was around USD 459 million in 2024, reflecting active obligations at that time. Additionally, Nepal’s IMF-related debt is estimated to have peaked at over USD 700 million around 2024, before repayments and adjustments reduced the total. These figures help show the highest level of exposure Nepal has had, even though current debt is lower.

 Final Understanding

Nepal’s borrowing from the IMF has been moderate and carefully managed compared to many other countries. The loans are typically low-interest and concessional, aimed at supporting the economy during crises and maintaining balance of payments stability. Because IMF loans are repaid and renewed over time, there is no single total for “all loans ever taken.” Instead, the most accurate view is to focus on the current outstanding debt, recent programs, and historical borrowing patterns together.

Below is a clear timeline comparison showing which other countries were taking IMF loans around the same periods as Nepal.

1. Around 2015 (Nepal Earthquake Period)

When Nepal received support from the IMF after the 2015 earthquake, many other countries were also under IMF programs due to economic stress.

Other countries that were borrowing around that time include:

• • Greece → Major debt crisis bailout (2015–2018 program)
  • Ukraine → IMF rescue program following political and economic crisis (2014–2016 extended support)
  • Pakistan → Ongoing IMF Extended Fund Facility (2013–2016)
  • Egypt → Preparing for a major IMF reform program (approved in 2016)

2. Around 2020 (COVID-19 Pandemic Shock)

During Nepal’s COVID-related IMF emergency financing, the IMF provided rapid support to dozens of countries.

Countries that also received IMF COVID support include:

• Pakistan → Emergency financing through the Rapid Financing Instrument
• Bangladesh → COVID-related emergency IMF support
• Sri Lanka → Emergency IMF financing during the crisis
• Ghana → IMF COVID emergency funding
• Kenya → Pandemic-related IMF support
• Ethiopia → IMF emergency financing

3. Around 2022–2026 (Nepal’s current ECF program period)

During Nepal’s ongoing Extended Credit Facility (ECF) program (2022-2026), several other countries entered of continued IMF programs due to debt and inflation crisis.

 Countries in similar IMF programs:

• Sri Lanka → Major IMF bailout (2023 program following debt default)
• Pakistan → Large IMF Extended Fund Facility (2023–ongoing)
• Ghana → IMF rescue program (2023)
• Ukraine → Significant IMF support during the war (from 2022 onward)
• Egypt → IMF reform and financing program (2022)

The country that has borrowed the most money from the International Monetary Fund in history is Argentina because Argentina holds the record for:

• Countries with the largest total IMF borrowing over time (cumulative)
• Countries with the highest outstanding IMF debt in modern history
• Countries with the most repeated IMF rescue programs

Reasons Why Argentina borrows so often from IMF 

Argentina has repeated economic problems such as:

• High inflation
• Currency depreciation
• Debt crises
• Budget deficits
• External financing shortages

Because of this, it repeatedly returns to the IMF for stabilization loans.