How Large are IMF Packages Compared to Past Crises?

The IMF has already announced tentative loan agreements with Iceland, Hungary, and Ukraine, and it is working with other countries on a similar direction. The Fund is ready to lend $2.1 billion to Iceland, $15.7 billion to Hungary, and $16.5 billion to Ukraine. These numbers are significant: they represent around 11% of GDP for Iceland and Hungary, and 8% of GDP in the case of Ukraine.

How do these numbers compare with those of similar packages in past crises? As the table below shows, Uruguay received a line of credit of 21% of GDP in the 2002 crisis, and Argentina was offered two packages totalling 8% of GDP in 2000 and 10% of GDP in 2003. Turkey was offered two packages of around 7-8% of GDP each in 1999 and 2002. Most other packages were smaller.

The recent numbers do not include financing given by the World Bank, regional development banks, and other multilaterals. For example, the total package just offered to Hungary totals $25.1 billion from the IMF, the World Bank, and the EU -- or 18% of GDP. In the Asian crisis of 1997-98, if other sources of financing are added (including World Bank and Asian Development Bank money), Indonesia was offered $36.1 billion (17% of GDP), Korea, $58.4 billion (13% of GDP), and Thailand $17.2 billion (12% of GDP).