Ukraine’s total national debt in 2025 has risen to a new historic high: in dollar terms, by $47.27 billion, or 28.5%, to $213.33 billion, and in hryvnia terms, by 2 trillion 61.7 billion hryvnia, or 29.5%, to 9 trillion 42.7 billion hryvnia, according to data on the Ministry of Finance website.
According to the data, direct public debt increased by 29.9% in dollars to $206.8 billion, or to 8 trillion 766.0 billion hryvnia, and accounted for 96.9% of the total public and state-guaranteed debt.
Ukraine’s total external public debt in 2025 increased by 47.5%, or $45.51 billion, to $160.39 billion, while total internal debt increased by 5.6%, or UAH 104.1 billion, to UAH 1 trillion 967.2 billion.
As a result, the share of total external public debt increased over the year to 75.2% from 72.3%.
According to the Ministry of Finance, the share of liabilities in euros at the end of 2025 increased to 44.76% (33.01% at the end of 2024), in British pounds – to 0.40% (0.11%), while in US dollars it decreased to 22.65% (26.81%), in hryvnia – to 20.86% (25.33%), in SDRs – to 8.63% (11.39%), in Canadian dollars – to 2.31% (2.83%), and in yen – to 0.40% (0.51%).
The agency also specified that 72.21% of the national debt has a fixed interest rate, while 10.15% is tied to SOFR, 8.63% to the IMF rate, 3.54% to EURIBOR, 0.38% to SONIA, and 0.10% to TORF.
The rate for another 3.21% of the national debt is tied to the NBU’s discount rate, 1.61% to the consumer price index, and 0.17% to the rate tied to the Ukrainian index of deposit rates for individuals.
As reported, Ukraine’s state and state-guaranteed debt in 2024 increased by $22.74 billion to $166.06 billion.
