Ukraine's State and Guaranteed Debt as of March 2026
Ukraine's Ministry of Finance has released data on the country's state and state-guaranteed debt for March 2026. As a point of reference, this debt burden has been a key focus for international financial institutions monitoring Ukraine's economic stability. The total debt stands at 9,233.03 billion hryvnias, equivalent to 210.82 billion US dollars. According to the report, external debt makes up the largest portion at 75.37%, or 6,959.18 billion hryvnias.
In March 2026, the debt in hryvnia terms increased by 21.83 billion, but when measured in US dollars, it dropped by 2.36 billion. The weighted average interest rate on debt servicing fell to 4.52%, down from 6.2% a year earlier. Meanwhile, the average debt maturity lengthened to 13.07 years, compared to 11.7 years in February 2025.
Borrowing Structure and Auctions
The borrowing breakdown reveals that domestic state debt accounts for 21.8% of the portfolio, while state-guaranteed obligations make up 2.82%. The currency composition of the debt is as follows:
- Euro-denominated debt: 44.08%
- US dollar-denominated debt: 22.74%
- National currency-denominated debt: 20.94%
A significant 65.4% of the debt consists of concessional loans from international financial organizations and partner country governments.
During March, the Ministry of Finance conducted 11 auctions for domestic government bonds (DGBs), raising over 20.3 billion hryvnias for the budget. These auctions included a switch auction worth 8.37 billion hryvnias. In April, a Memorandum was signed with the Group of Official Creditors, allowing Ukraine to defer state debt payments until the end of February 2030.
In summary, the data from Ukraine's Ministry of Finance highlights shifts in the structure and dynamics of the national debt, reflecting both domestic and external economic challenges the country is facing.
The decline in the weighted average debt servicing rate and the extension of the average repayment period are positive developments. However, the high proportion of external debt and reliance on international creditors remain critical factors for Ukraine's future economic growth.
As Ukraine grapples with its rising state debt, it's also witnessing a surge in personal debt among its citizens, which has now reached 2.32 trillion hryvnias. This alarming trend raises questions about the overall economic health of the country and the effectiveness of recovery measures. For a closer look at the implications of this increase and the challenges faced in debt recovery, see more about the growing burden of individual debt in Ukraine.