Ukraine ranks second in world by debt owed to IMF. INFOGRAPHICS
Ukraine ranks second globally by outstanding debt to the International Monetary Fund (IMF).
This is reported by Visual Capitalist, citing IMF data.
The country’s outstanding debt totals $14.4 billion, primarily due to the extraordinary costs of supporting the economy during the war.
Argentina leads the ranking by a wide margin, owing $56.8 billion (almost four times Ukraine’s figure).
Pakistan ($10.8 billion), Egypt ($10.6 billion) and Ecuador ($9.4 billion) also rank among the IMF’s five largest borrowers.
Ukraine’s wartime borrowing
The increase in Ukraine’s debt to the IMF is linked to the consequences of Russia’s full-scale invasion, infrastructure destruction and significant pressure on the state budget.
In February 2026, Ukraine secured a new $8.1 billion IMF financing programme.
It is part of a broader $136.5 billion international support package aimed at maintaining financial stability and supporting the country’s reconstruction.
Why Argentina leads
Argentina’s outstanding debt exceeds the combined obligations of the Fund’s next six largest borrowers and amounts to 8.2% of the country’s gross domestic product (GDP).
The debt accumulated over decades amid chronic currency crises and high inflation. In 2018, the country secured $57 billion, followed by another $20 billion programme in April 2025.
Pakistan, the third-largest debtor, borrows from the IMF to cover foreign currency shortages and reform its energy sector. In May 2026, the country was allocated another $1.3 billion tranche.
Ukrainian Prime Minister Serhii Koretskyi previously said that Ukraine’s external budget financing needs for 2027 exceed $52 billion, of which more than $32.6 billion (€30 billion) still needs to be secured.
European Union financing
In early October 2026, Ukraine received €2.9 billion from the European Union under the Ukraine Facility programme.
Earlier reports said that the European Commission had submitted a proposal to the Council of the EU to allocate €3 billion to Ukraine as the eighth payment under the Ukraine Facility.
Ukraine and the European Commission also agreed on financing mechanisms for the country’s budgetary and defence needs in 2026. Both sides confirmed the need to adopt the relevant decisions to ensure the timely disbursement of these funds.
In early October, Ukraine received a further €1.2 billion from the European Union under the Ukraine Support Loan programme.
