Ukraine climbs to top European IMF debtor rank, second worldwide

According to a Visual Capitalist analysis that used IMF figures, Ukraine has risen to the top spot among European countries in terms of unpaid IMF loans, placing it second in the world after Argentina. The Ukrainian debt stands at about 10.69 billion special drawing rights, representing a small percentage of its gross domestic product. Argentina's obligations are larger, at roughly 41.97 billion special drawing rights.

Despite the sizable debt, Ukraine still receives IMF assistance, having recently secured another tranche under the Extended Fund Facility to back economic reforms and financial stability. The overall IMF program for Ukraine totals several billion dollars and runs through 2029. Nonetheless, IMF projections warn that Ukraine's public debt could exceed 110% of GDP in 2026 due to war-related fiscal pressures.