Ukraine has become one of the largest debtors to the IMF in the world: how many billions will it have to repay?

Ukraine ranked second in the world in terms of debt to the International Monetary Fund. As of the end of September 2026, the state debt reached $14.5 billion. Only Argentina owes the Fund more. At the same time, Ukraine will need tens of billions of dollars of external financing next year to cover budget needs.

Ukraine has become one of the largest debtors of the International Monetary Fund (IMF), taking second place in the world ranking in terms of outstanding liabilities.

As of the end of September 2026, Ukraine’s debt to the Fund amounted to 10.69 billion special drawing rights (SDR), or approximately $14.5 billion.

Who owed the IMF the most

According to the data provided, Argentina remains the largest debtor to the IMF. Its liabilities to the Fund amount to $56.9 billion.

The five countries with the largest debt are as follows:

Argentina — $56.9 billion.

Ukraine — $14.5 billion.

Pakistan — $10.8 billion.

Egypt — $10.7 billion.

Ecuador — $9.6 billion.

Thus, Ukraine is the largest debtor to the IMF among European countries.

According to the publication, Ukrainian debt is approximately six times higher than the total debt of other European countries to the Fund.

Why Ukraine continues to depend on international financing

International financial support remains an important component of Ukraine’s budgetary stability in the face of a full-scale war.

Funds from international partners help the state meet budgetary needs, support the functioning of state institutions, and fulfill social obligations.

At the same time, IMF loans, unlike grant aid, form debt obligations that must be serviced and repaid in accordance with the agreed terms.

That is why an important indicator is not only the total amount of debt, but also its repayment schedule, the cost of servicing it, and the ability of the economy to fulfill these obligations.

Over $52 billion: how much Ukraine needs in 2027

The situation is complicated by the significant needs of the state budget in external financing.

According to the government’s data provided in the report, in 2027 Ukraine will need over $52 billion in international financial support.

In addition, the International Monetary Fund previously worsened the forecast for Ukraine’s economic growth for 2026.

This means that the issues of raising funds, the stability of public finances, and the fulfillment of debt obligations will remain important for the country’s economic policy.

Does a large debt mean the threat of default

Second place in the IMF’s global debtors ranking does not in itself mean that Ukraine is on the verge of default.

To assess debt risks, it is necessary to take into account the total public debt, loan repayment terms, financing conditions, budget revenues and the amount of assistance from international partners.

At the same time, significant debt emphasizes how important cooperation with international creditors, attracting grants and restoring economic activity remain for Ukraine.