Ukraine has begun repayments on loans taken out in the midst of a full-scale war. The first payment under the IMF's Rapid Financing Instrument (RFI) program is SDR 125.7 million (approximately $171 million).
This debt was raised shortly after the Russian invasion in 2022, when the country needed emergency financing to support macro-financial stability. The total amount of funds received at that time was SDR 2 billion ($2.67 billion).
Payments will be made in 16 tranches until October 2027. The first payment, which Ukraine is due to make today, covers about 6% of the total debt under the RFI.
This year, Ukraine faces a serious burden of obligations to the IMF. In total, it needs to pay about $3 billion, of which:
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$2.3 billion — principal amount of debt,
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$0.7 billion — interest payments.
Since the beginning of the year, $1.7 billion has already been paid, but at the same time only $0.4 billion has been received under the new EFF (Extended Fund Facility) program.
In the context of limited budget revenues and increasing defense spending, this poses difficult financial decisions for the government. The issue of restructuring external debt, especially commercial debt, remains relevant, negotiations on which are ongoing.
