Ukraine is the world’s second-largest IMF debtor and the largest in Europe

According to an official International Monetary Fund report, as of September 30, 2026, Ukraine owed the Fund 10.69 billion special drawing rights (SDRs) — approximately €12.9 billion — representing 8.7% of all loans issued by the IMF to 83 countries worldwide.

Argentina remains the IMF’s largest debtor in the world, with outstanding obligations of 41.97 billion SDRs (approximately €50.6 billion). The Fund’s five largest borrowers are as follows:

— Argentina — 41.97 billion SDRs (approximately €50.6 billion);
— Ukraine — 10.69 billion SDRs (approximately €12.9 billion);
— Pakistan — 7.99 billion SDRs (approximately €9.6 billion);
— Egypt — 7.86 billion SDRs (approximately €9.5 billion);
— Ecuador — 7.08 billion SDRs (approximately €8.5 billion).

In total, the IMF has extended loans amounting to 123.1 billion SDRs, or approximately €148.6 billion, to 83 countries worldwide.

The average nominal interest rate on IMF loans is 3.72% per annum. However, the Fund charges borrowing countries additional fees — time-based and level-based surcharges — which bring the effective cost of borrowing to 5–7% per annum depending on the size of the tranche and the financing term.

Reuters previously reported that Ukraine had passed key legislation that would help unlock approximately €3.8 billion from the European Union and approximately €1.4 billion from the IMF within the current year.

It was also previously reported that Ukraine’s national debt had reached a historic high, with the European Union being Kyiv’s largest creditor.