Ukraine reduced its debt to the IMF but retained second place in the world ranking

Ukraine reduced its debt to the IMF but retained second place in the world ranking
Photo: illustrative, the IMF and Ukraine's financial challenges

Ukraine remains the second largest debtor to the International Monetary Fund in the world, behind only Argentina. As of September 30, 2026, the country's debt to the IMF amounted to 10.69 billion special drawing rights (SDRs), or approximately 14.54 billion US dollars.

This is evidenced by official IMF data on outstanding loans of member states of the Fund.

Argentina remains the largest debtor, owing the IMF 41.97 billion SDRs, or about 57.1 billion US dollars. Ukraine occupies the second position, ahead of Pakistan, Egypt and Ecuador.

The top five largest IMF debtors as of the end of September:

  • Argentina - 57.1 billion US dollars;
  • Ukraine - 14.5 billion US dollars;
  • Pakistan - 10.9 billion US dollars;
  • Egypt - 10.7 billion US dollars;
  • Ecuador - 9.6 billion US dollars.

The amounts in US dollars are calculated at the official SDR exchange rate as of September 30, 2026.

The total amount of outstanding loans of all countries to the IMF was 123.15 billion SDRs. Thus, Ukraine accounts for approximately 8.7% of the Fund's global credit portfolio.

At the same time, in September, Ukraine's debt to the IMF decreased. At the end of August it amounted to 10.88 billion SDRs, and at the end of September - 10.69 billion SDRs. Consequently, over the month the volume of outstanding loans decreased by 185.4 million SDRs, or approximately by 1.7%.

According to the Fund, the main part of Ukrainian debt - about 9.75 billion SDRs - falls on loans under the Extended Fund Facility (EFF). Another approximately 943 million SDRs are obligations under other credit mechanisms, in particular emergency financing.

Ukraine continues cooperation with the IMF under a new four-year EFF program worth 8.1 billion US dollars, approved in February 2026. In July, the Fund completed its first review, opening access to the next tranche of approximately 690 million US dollars.

It should be noted that the published rating reflects only outstanding IMF loans. It does not take into account all of Ukraine's obligations to foreign governments, international financial organizations and private creditors.

Based on materials: IMF - country debts as of 30.09.2026, IMF - dynamics of Ukraine's debt, IMF - official exchange rates

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