Ukraine’s public debt has exceeded UAH 9 trillion: the Finance Ministry explained the increase and named key creditors.
As of December 31, 2025, the total volume of public and publicly guaranteed debt of Ukraine amounted to UAH 9,042.7 billion, or USD 213.3 billion.
This is evidenced by data from the Ministry of Finance of Ukraine.
Over the course of 2025, the debt increased by UAH 2.061 trillion (USD 47.3 billion), representing almost 30% in hryvnia terms and over 28% in dollar terms. The Ministry of Finance attributes this increase to the attraction of long-term concessional financing from international partners to cover budgetary needs under martial law.
The largest sources of funding were loans under the ERA mechanism from G7 countries totaling $37.9 billion, as well as aid from the European Union totaling $12.1 billion. The outstanding balance on EU concessional loans increased by UAH 1.654 trillion over the year.
The Ministry noted that loans under the Ukraine Facility program have a grace period of 11–12 years and can be reimbursed by EU countries. ERA loans will be serviced using revenues from frozen Russian assets and will not create an additional burden on the state budget.
By the end of 2025, approximately 75% of Ukraine’s debt was external. More than half of these liabilities are owed to the European Union, accounting for approximately 40% of total public debt. The share of commercial external debt has decreased to less than 10%.
Domestic government debt accounts for approximately 22% of the total, with government-guaranteed debt accounting for another 3%, the share of which has been decreasing for the fourth year in a row.
The Ministry of Finance also noted that Ukraine managed to significantly improve its debt structure from 2021 to 2025. The average weighted maturity increased from 6.3 years to 13.37 years, and for external debt, to 15.75 years, reducing refinancing risks.
In addition, the cost of borrowing has decreased: the average weighted interest rate on government debt has decreased from 7.2% in 2021 to 4.55% in 2025, and for external debt – from 4.5% to 1.9%.
“Such positive changes significantly reduce refinancing risks and support the sustainability of public finances in the medium term,” the Ministry of Finance concluded.
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