Ukraine's public debt up 28.5% in dollar terms, grows 29.5% in hryvni in 2025

MOSCOW. Feb 4 (Interfax) - Ukraine's total public debt hit a new all-time high in 2025, growing 28.5%, or by $47.27 billion to $213.33 billion in the U.S. dollar equivalent, and rising 29.5%, or by UAH 9.43 trillion in hryvnia terms, Ukrainian media reported, citing a statement on the Finance Ministry's website.

Direct public debt increased 29.9% to $206.8 billion in dollar terms, or to UAH 8.766 trillion in hryvnia terms, accounting for 96.9% of the country's total public and government-guaranteed debt, it said.

Ukraine's total external debt grew 47.5%, or by $45.51 billion to $160.39 billion in 2025, while total internal debt went up 5.6%, or by UAH 104.1 billion to UAH 1.967 trillion.

Thus, the share of total external debt increased from 72.3% to 75.2% over the year.

The share of euro-denominated liabilities reached 44.76% in 2025 (33.01% as of the end of 2024), the share of liabilities in pounds 0.40% (0.11%), while the share of liabilities in U.S. dollars declined to 22.65% (26.81%), in hryvni to 20.86% (25.33%), in SDR to 8.63% (11.39%), in Canadian dollars to 2.31% (2.83%), and in yen to 0.40% (0.51%), the Finance Ministry said.

According to the ministry, 72.21% of Ukraine's public debt has a fixed interest rest, 10.15% is pegged to the Secured Overnight Financing Rate (SOFR), 8.63% to the International Monetary Fund rate, 3.54% to EURIBOR, 0.38% to SONIA, and 0.10% to TORF.

The rate on another 3.21% of Ukraine's public debt is pegged to the key policy rate set by the National Bank of Ukraine, 1.61% to the Consumer Price Index, and 0.17% to the rate pegged to the Ukrainian index of bank deposit rates.

As reported, Ukraine's public and government-guaranteed debt increased by $22.74 billion to $166.06 billion in 2024.