Ukraine’s Debt Position as of April 30, 2026
By the end of April 2026, Ukraine’s total state and state-guaranteed debt had climbed to 9,345.5 billion hryvnias, equivalent to €181.2 billion or $212.0 billion. Breaking down the composition, external state debt accounted for 7,082.42 billion hryvnias (€137.3 billion), representing 75.78% of the overall portfolio. Domestic state debt stood at 2,003.73 billion hryvnias (€38.8 billion), making up 21.44% of the total. Meanwhile, state-guaranteed debt reached 259.36 billion hryvnias (€5.0 billion), or 2.78% of the portfolio.
Compared to March, the total debt in hryvnia terms rose by 112.5 billion hryvnias. However, the net debt volume fell by €190 million in euro terms and by $1.3 billion in dollar terms. Over the first four months, state-guaranteed debt decreased by 6.2%, or 17.3 billion hryvnias. Concessional loans from international financial institutions and foreign governments constitute 65.8% of the entire debt stock, with liabilities to the European Union accounting for nearly 39% of the total debt—equivalent to 3,623.0 billion hryvnias (€70.24 billion).
Currency Composition of Debt and Economic Indicators
The currency breakdown of the debt reveals further details. Domestic government bonds, known as OVDP, make up 21.4% of the total. Eurobonds issued on international markets account for 8.8%, while commercial bank lending to the state stands at 3.9%. The weighted average interest rate on debt obligations has dropped to 4.45%, down from 4.51% in January of this year and 4.6% a year earlier. The weighted average maturity of the debt has extended to 13.06 years, compared to 12.1 years during the same period last year.
In terms of currency allocation:
- 44.6% is denominated in euros,
- 22.5% in U.S. dollars,
- 20.6% in hryvnias,
- 9.1% consists of Special Drawing Rights from the International Monetary Fund,
- 3.1% is in other currencies, including the yen, British pound, and Canadian dollar.
During April, 12 cash auctions for OVDP placements were held, bringing in the equivalent of 16.3 billion hryvnias to the state budget. Additionally, a switch auction worth 5.7 billion hryvnias was launched.
As of April 2026, the average nominal salary for a full-time employee in Ukraine reached 30,515 hryvnias. National income levels rose by 0.5% compared to March, indicating a gradual improvement in the country’s economic conditions.
The persistent increase in state debt measured in hryvnias, despite reductions in euro and dollar equivalents, underscores the challenging economic environment Ukraine continues to face.
At the same time, the decline in the weighted average interest rate on debt and the uptick in average wages may signal efforts to stabilize the economy and improve financial conditions for citizens. These developments could shape future government decisions on debt management and broader economic policy.
As Ukraine grapples with its substantial debt, it is essential to consider the broader implications for citizens, particularly in light of the recent report highlighting that the rising personal debt levels among Ukrainians, which have reached 2.32 trillion hryvnias. Understanding the interplay between national and individual debt can provide valuable insights into the country’s economic health and future prospects.