Argentina

Argentina's IMF relationship is among the most complex and turbulent in the fund's history. Argentina has had over 22 IMF programs, more than almost any country. The 2001 default — the largest in history at the time — required a complete debt restructuring. Argentina currently has the largest IMF loan ever, exceeding $43 billion agreed in 2022. This means Argentina's SDR holdings are consistently well below its allocation, as the country continuously draws on and repays IMF resources.

Current Allocation

SDR 3.2B

2026

Current Holdings

SDR 400M

-87.5% vs allocation

IMF Quota Share

0.67%

SDR 3.2B quota

Allocation Growth

+4327%

Since 1970

Initial SDR Allocation

First Allocation Year

1970

Initial SDR Allocation

SDR 72M

Initial Quota Share

1.9%

SDR Allocation & Holdings Over Time

Allocation

Holdings

IMF Quota Share Evolution (%)

Decade-by-Decade SDR Status

Year	Allocation (M SDR)	Holdings (M SDR)	Quota Share	Net Position	Note
1970	72	72	1.9%	+0	—
1981	441	300	1.8%	-141	Military junta era; economic instability
1991	1,009	800	0.96%	-209	Convertibility plan; multiple IMF programs
2001	1,537	200	0.97%	-1,337	2001 default — largest sovereign default in history then
2011	2,117	900	0.67%	-1,217	—
2021	3,187	1,200	0.67%	-1,987	2021 allocation partially used for IMF repayments
2026Current	3,187	400	0.67%	-2,787	Very low holdings; massive ongoing IMF debt ($43B+ program)

2026 — Current SDR Status

Total Allocation

SDR 3,187M

Current Holdings

SDR 400M

IMF Quota (SDR)

SDR 3,187M

Status

▼ Net Borrower (-87.5%)