Ukraine’s public debt stays below 100% of GDP at year-end

Ukraine’s public and publicly guaranteed debt remained below the psychological threshold of 100% of gross domestic product at the end of 2025, the Ministry of Finance reported.

Ukraine closed the year with a public debt-to-GDP ratio of 98.4%.

As of December 31, 2025, Ukraine’s total public and publicly guaranteed debt amounted to UAH 9.04 trillion ($213.3 billion), up 29.5% compared with the end of 2024.

The increase was driven mainly by concessional financing from international partners. The largest sources included $37.9 billion in ERA loans from G7 countries and €12.1 billion in financing from the European Union, in equivalent terms.

The Ministry of Finance noted that despite the growth in debt, its quality has improved significantly. The weighted average maturity of Ukraine’s debt increased from 6.3 years in 2021 to 13.37 years in 2025, while the average cost declined from 7.2% to 4.55%, easing pressure on the state budget.

Around 75% of Ukraine’s public debt is external, with more than half owed to the European Union on exceptionally favorable terms. The share of commercial external debt has fallen to below 10%.

• The government forecasts that Ukraine’s public debt could rise to 106% of GDP by the end of 2026. Legal limits on the maximum allowable debt level, set at 60% of GDP, are currently suspended due to Russia’s full-scale invasion of Ukraine.