The main stated goal of the International Monetary Fund (IMF) is to help countries overcome their economic problems and to provide loans and programs to assist them.

The following are the 10 countries borrowing the most from the IMF based on data from July 1:

1. Argentina
2. Ukraine
3. Egypt
4. Ecuador
5. Pakistan
6. Angola
7. Colombia
8. Kenya
9. Cote D’Ivoire
10. Bangladesh

Founded in 1944 and headquartered in Washington, the IMF’s members currently number 190 countries.

The fund specializes in providing loans to member states to address the deficit, and works to stabilize exchange rates.

The IMF requires borrowing countries to consult it about the steps they are taking to improve the situation of their balance of payments.

Egypt & IMF reach agreement worth over US$800 million

The IMF announced on June 8 that it reached a staff level agreement with Egyptian authorities on a set of comprehensive policies and reforms needed to complete the third review under the Extended Fund Facility arrangement.

Subject to approval by the IMF’s Executive Board, Egypt will have access to about US$820 million, an IMF statement said.

The statement comes shortly after a delegation from the fund concluded a two-week visit to Cairo.

“Tight monetary conditions are needed in the short term to reduce inflation. A flexible exchange rate regime remains a cornerstone of the authorities’ macroeconomic program,” the IMF added.

It explained that the stage is set for an acceleration of structural reforms, which will prove essential towards sustainably raising private sector-led growth.