{"id":1749,"date":"2026-04-15T08:34:54","date_gmt":"2026-04-15T08:34:54","guid":{"rendered":"https:\/\/english.bankingkhabar.com\/?p=1749"},"modified":"2026-04-17T02:27:13","modified_gmt":"2026-04-17T02:27:13","slug":"from-1961-to-today-nepals-evolving-relationship-with-the-imf","status":"publish","type":"post","link":"https:\/\/english.bankingkhabar.com\/?p=1749","title":{"rendered":"From 1961 to Today: Nepal\u2019s Evolving Relationship with the IMF"},"content":{"rendered":"

\"\"<\/a><\/span><\/p>\n

Banking Khabar \/<\/strong> The International Monetary Fund<\/strong>\u00a0(IMF<\/strong>) is an\u00a0international financial institution\u00a0and a\u00a0specialized agency\u00a0of the\u00a0United Nations, headquartered in\u00a0Washington, D.C.\u00a0It consists of 191 member countries, and its stated mission is “working to foster global monetary cooperation, secure financial stability, facilitate\u00a0international 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.<\/span><\/p>\n

\u00a0Nepal officially joined the International Monetary Fund (IMF) on\u00a0September 6, 1961<\/strong>. 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\u00a0Nepal Rastra Bank (NRB)\u00a0with financial oversight, and provides technical assistance on tax administration, revenue mobilization, and debt management.<\/span><\/p>\n

Nepal\u2019s IMF Loan Clear and Accurate Explanation<\/strong><\/span><\/p>\n

Current Outstanding IMF Debt<\/strong><\/span><\/p>\n

As of March 31, 2026, Nepal\u2019s outstanding debt to the International Monetary Fund is approximately SDR 392.31 million<\/strong>, which is roughly USD 520\u2013540 million<\/strong> depending on exchange rates. This figure represents the actual amount Nepal currently owes<\/strong> 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.<\/span><\/p>\n

Latest IMF Program (2022\u20132026 ECF Loan)<\/strong><\/span><\/p>\n

Nepal\u2019s most recent borrowing comes under the Extended Credit Facility (ECF)<\/strong> program agreed with the IMF for the period 2022 to 2026. Under this arrangement, a total of SDR 282.4 million<\/strong> was approved. By 2026, Nepal has received almost the full amount, with SDR 282.42 million (around USD 384 million)<\/strong> disbursed. This is currently Nepal\u2019s largest active IMF-supported program<\/strong>, designed to support economic stability, strengthen foreign exchange reserves, and implement financial reforms.<\/span><\/p>\n

Historical Borrowing from IMF<\/strong><\/span><\/p>\n

Since becoming a member of the IMF, Nepal has entered into at least nine different loan arrangements<\/strong> over several decades. These include emergency and concessional loans such as SDR 156.9 million in 2020<\/strong> during the COVID-19 crisis and SDR 35.65 million in 2015<\/strong> 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<\/strong>, which is why they are not included in the current outstanding debt figure.<\/span><\/p>\n

Total IMF Exposure (Broader Perspective)<\/strong><\/span><\/p>\n

There are broader ways to understand Nepal\u2019s financial relationship with the IMF. According to available international data, Nepal\u2019s IMF credit stock<\/strong> was around USD 459 million in 2024<\/strong>, reflecting active obligations at that time. Additionally, Nepal\u2019s IMF-related debt is estimated to have peaked at over USD 700 million around 2024<\/strong>, before repayments and adjustments reduced the total. These figures help show the highest level of exposure Nepal has had<\/strong>, even though current debt is lower.<\/span><\/p>\n

\u00a0Final Understanding<\/strong><\/span><\/p>\n

Nepal\u2019s 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 \u201call loans ever taken.\u201d Instead, the most accurate view is to focus on the current outstanding debt, recent programs, and historical borrowing patterns together.<\/span><\/p>\n

Below is a clear timeline comparison showing which other countries were taking IMF loans around the same periods as Nepal.<\/span><\/p>\n

1. Around 2015 (Nepal Earthquake Period)<\/span><\/h1>\n

When Nepal received support from the IMF after the 2015 earthquake, many other countries were also under IMF programs due to economic stress.<\/span><\/p>\n

Other countries that were borrowing around that time include:<\/span><\/p>\n

    \n
  • \n
      \n
    • Greece \u2192 Major debt crisis bailout (2015\u20132018 program)<\/span><\/li>\n
    • Ukraine \u2192 IMF rescue program following political and economic crisis (2014\u20132016 extended support)<\/span><\/li>\n
    • Pakistan \u2192 Ongoing IMF Extended Fund Facility (2013\u20132016)<\/span><\/li>\n
    • Egypt \u2192 Preparing for a major IMF reform program (approved in 2016)<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

      2. Around 2020 (COVID-19 Pandemic Shock)<\/span><\/h1>\n

      During Nepal\u2019s COVID-related IMF emergency financing, the IMF provided rapid support to dozens of countries.<\/span><\/p>\n

      Countries that also received IMF COVID support include:<\/span><\/p>\n

        \n
      • Pakistan \u2192 Emergency financing through the Rapid Financing Instrument<\/span><\/li>\n
      • Bangladesh \u2192 COVID-related emergency IMF support<\/span><\/li>\n
      • Sri Lanka \u2192 Emergency IMF financing during the crisis<\/span><\/li>\n
      • Ghana \u2192 IMF COVID emergency funding<\/span><\/li>\n
      • Kenya \u2192 Pandemic-related IMF support<\/span><\/li>\n
      • Ethiopia \u2192 IMF emergency financing<\/span><\/li>\n<\/ul>\n

        3. Around 2022\u20132026 (Nepal\u2019s current ECF program period)<\/span><\/h1>\n

        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.<\/span><\/p>\n

        \u00a0Countries in similar IMF programs:<\/span><\/strong><\/h1>\n
          \n
        • Sri Lanka \u2192 Major IMF bailout (2023 program following debt default)<\/span><\/li>\n
        • Pakistan \u2192 Large IMF Extended Fund Facility (2023\u2013ongoing)<\/span><\/li>\n
        • Ghana \u2192 IMF rescue program (2023)<\/span><\/li>\n
        • Ukraine \u2192 Significant IMF support during the war (from 2022 onward)<\/span><\/li>\n
        • Egypt \u2192 IMF reform and financing program (2022)<\/span><\/li>\n<\/ul>\n

          The country that has borrowed the most money from the International Monetary Fund in history is Argentina because Argentina holds the record for:<\/span><\/p>\n

            \n
          • Countries with the largest total IMF borrowing over time (cumulative)<\/span><\/li>\n
          • Countries with the highest outstanding IMF debt in modern history<\/span><\/li>\n
          • Countries with the most repeated IMF rescue programs<\/span><\/li>\n<\/ul>\n

            Reasons Why Argentina borrows so often from IMF\u00a0<\/strong><\/span><\/p>\n

            Argentina has repeated economic problems such as:<\/span><\/p>\n

              \n
            • High inflation<\/span><\/li>\n
            • Currency depreciation<\/span><\/li>\n
            • Debt crises<\/span><\/li>\n
            • Budget deficits<\/span><\/li>\n
            • External financing shortages<\/span><\/li>\n<\/ul>\n

              Because of this, it repeatedly returns to the IMF for stabilization loans.<\/span><\/p>\n

              \n","protected":false},"excerpt":{"rendered":"

              Banking Khabar \/ The International Monetary Fund\u00a0(IMF) is an\u00a0international financial institution\u00a0and a\u00a0specialized agency\u00a0of the\u00a0United Nations, headquartered in\u00a0Washington, D.C.\u00a0It consists of 191 member countries, and its stated mission is “working to foster global monetary cooperation, secure financial stability, facilitate\u00a0international trade, promote high employment and sustainable economic growth, and reduce poverty around the world”. The IMF acts […]<\/p>\n","protected":false},"author":1,"featured_media":1788,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-1749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner"],"yoast_head":"\nFrom 1961 to Today: Nepal\u2019s Evolving Relationship with the IMF - Bankingkhabar<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/english.bankingkhabar.com\/?p=1749\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"From 1961 to Today: Nepal\u2019s Evolving Relationship with the IMF - Bankingkhabar\" \/>\n<meta property=\"og:description\" content=\"Banking Khabar \/ The International Monetary Fund\u00a0(IMF) is an\u00a0international financial institution\u00a0and a\u00a0specialized agency\u00a0of the\u00a0United Nations, headquartered in\u00a0Washington, D.C.\u00a0It consists of 191 member countries, and its stated mission is “working to foster global monetary cooperation, secure financial stability, facilitate\u00a0international trade, promote high employment and sustainable economic growth, and reduce poverty around the world”. 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