Ukraine's position in the borrower ranking
According to an official report by the International Monetary Fund, Ukraine has secured the second place among the organisation's largest debtors in the world. Meanwhile, in the European region, the country remains the leader in the volume of debt owed to the IMF.
Debt volumes and dynamics
As of 30 September 2026, the amount Ukraine owes the Fund stands at 10.69 billion Special Drawing Rights (SDR). In dollar terms, this equates to $14.5 billion. This figure accounts for 8.7% of the total volume of credits extended by the IMF to its 83 member countries.
Top 5 largest IMF debtors
Argentina remains the leader in the ranking, with debt reaching 41.97 billion SDR ($56.9 billion). Here is the full list of the five largest borrowers:
- Argentina — 41.97 billion SDR ($56.9 billion);
- Ukraine — 10.69 billion SDR ($14.5 billion);
- Pakistan — 7.99 billion SDR ($10.8 billion);
- Egypt — 7.86 billion SDR ($10.7 billion);
- Ecuador — 7.08 billion SDR ($9.6 billion).
Loan terms and the real cost of borrowing
The IMF's global loan portfolio totals 123.1 billion SDR, equivalent to $166.96 billion. The average interest rate on such loans is 3.72% per annum.
It is worth noting that the final cost of borrowing may be higher due to additional fees charged by the Fund (temporary surcharge and level charge). Depending on the size of the tranche and the financing period, the real rate can reach 5–7% per annum.
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