The International Monetary Fund’s financial relationship with low-income countries (LICs) is approaching a historically rare shift. The share of LIC borrowers repaying more to the IMF than they receive in new disbursements reached a historic high in 2026. The exceptional increase in IMF financing during the COVID era was a response to extraordinary financing needs. Like any IMF lending, it must be repaid. As repayments on that exceptional wave of lending come due, aggregate net flows from the Poverty Reduction and Growth Trust (PRGT, the IMF’s main vehicle for providing concessional financing) to LICs are projected to turn negative around 2030. […]