As of the end of April 2025, Ukraine’s total public and state-guaranteed debt reached 7,480.3 billion hryvnias. This is one of the highest figures in the country’s history. In currency equivalent, it is about 180 billion US dollars. Such data was published by the Ministry of Finance of Ukraine.
Public debt is the total amount of a country’s liabilities to creditors. It includes both external and internal loans, as well as guarantees on loans granted to state-owned companies.
By structure, debt is divided into:
Key trends:
During the first four months of 2025, public debt has shown an upward trend. Below are the monthly data:
In dollar terms, the debt increased from $120.09 billion at the end of 2024 to $134.08 billion in April 2025. This is an increase of approximately $14 billion or 11.7% in four months.
According to the Ministry of Finance, the debt structure at the end of April looks like this:
Analysts also note that the rate of debt growth accelerated in March-April, which is associated with the receipt of new tranches of international aid and the issuance of bonds to cover the budget deficit.
Public debt has a direct impact on the economy and the daily lives of citizens. Its level is important for the following reasons:
According to forecasts by international organizations, in particular the Organization for Economic Cooperation and Development (OECD), in 2025 the ratio of Ukraine’s public debt to gross domestic product will exceed 100%. This means that the state owes more than the economy produces in a year.
It is also important that external debt obligations have defined maturity dates. Ukraine has a distribution of payments until 2049, which requires long-term financial planning and stable support from international partners.
Overall, the increase in debt is a result of martial law, large-scale budget expenditures, and the need to attract aid. This data allows citizens to better understand the economic situation and businesses to adapt development strategies.
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