According to the International Monetary Fund (IMF), as of October Argentina has the largest debt to the fund — 56.8 billion dollars (8.2% of GDP), while Ukraine ranked second with a debt of 14.4 billion dollars (6.2% of GDP).
Top five debtors and positions of other countries
Pakistan came in third with 10.8 billion dollars, and Egypt fourth with 10.6 billion dollars. The figures are as of October.
In percentage terms the figures differ: Argentina’s debt equals 8.2% of GDP, while Ukraine’s is 6.2% of GDP. Other countries in the ranking have smaller absolute debt amounts.
Financing of Ukraine under the new Extended Fund Facility (EFF) programme
On 23 July Ukraine received the second tranche of about 690 million dollars from the International Monetary Fund (IMF) under the new four-year Extended Fund Facility (EFF) programme. The total amount of financing received by Ukraine under the new EFF programme is about 2.2 billion US dollars.
The programme was approved by the IMF’s Executive Board on 26 February 2026. The total size of the new EFF programme is 8.1 billion US dollars for 2026–2029.
Growth forecasts and IMF comments
The International Monetary Fund (IMF) has kept its forecast for Ukraine’s economic growth at 3.5% in 2027 after a slowdown to 1.0% in 2026. GDP growth for Ukraine is expected to be 1.0% in 2026 and 3.5% in 2027.
The Managing Director of the International Monetary Fund, Kristalina Georgieva, said that the global economy continues to endure numerous shocks, and growth dynamics are being affected by a negative energy‑supply shock due to the war in the Middle East and by positive demand for artificial intelligence technologies. At the same time, Dragon Capital has downgraded its GDP forecast for Ukraine because of attacks by the Russian Federation (RF).
