Ukraine is under renewed pressure from the International Monetary Fund as it approaches a major repayment deadline, with rising debt obligations raising questions over the sustainability of its wartime financing model.

According to the IMF's public payment schedule, Kyiv must repay $187.6mn to the Fund by February 1 — the largest single payment scheduled for 2026. The looming deadline comes after Ukraine missed a previous payment of approximately $171.9mn in January, highlighting the strain on the country’s finances four years of war.

Ukraine has continued to receive support under a $15.6bn four-year IMF Extended Fund Facility, approved in March 2023, which is part of a broader $122bn international support package involving multilateral institutions and bilateral partners. However, with repayments accelerating and the country’s economy heavily dependent on external aid, concerns are growing over Kyiv’s ability to meet its obligations.

The Kyiv School of Economics (KSE) recently released a note saying Ukraine’s financial position had improved dramatically after the EU agreed on a €90bn EU loan in December that will cover military and budgetary expenditure for the next two years, but Bankova remains strapped for cash as the war is eating up 43% of GDP of government spending a year, according to the most recent estimates.

As of late 2025, Ukraine’s total outstanding debt to the IMF stood at $9.5bn, according to the Fund’s financial data. The repayment schedule intensifies in 2026 and 2027, with payments owed under both post-2022 disbursements and legacy loans dating back to 2014.

The IMF has not publicly commented on the January missed payment, and it remains unclear whether an official grace period has been invoked or whether alternative arrangements are being negotiated. Ukraine’s Ministry of Finance has also not issued a statement on the matter.

IMF disbursements to Ukraine are conditional on quarterly reviews assessing macroeconomic stability, fiscal policy, and anti-corruption reforms. The most recent review in late 2025 concluded positively, unlocking an additional $900mn tranche.

Ukrainian officials have repeatedly called for greater concessional support and for parts of its multilateral debt to be rescheduled or forgiven, arguing that servicing large repayments during wartime diverts critical resources from reconstruction and defence.

In comments to domestic media in December, Ukrainian Finance Minister Serhiy Marchenko said: “We are fulfilling our obligations, but the debt burden is growing and must be addressed through a fair international mechanism.”

The IMF has said it is working with Ukraine to maintain debt sustainability over the medium term, but has not committed to any formal restructuring of its own claims.