As of March 31, 2026
By March 31, 2026, Ukraine’s total state and state-guaranteed debt reached 9.23 trillion hryvnias, equivalent to $210.82 billion. Compared to the previous period, the hryvnia-denominated debt rose by 21.83 billion hryvnias, while its dollar equivalent dropped by $2.36 billion. These figures highlight shifts in the structure and currency composition of the country’s liabilities. For context, Ukraine has been navigating a challenging economic environment amid ongoing conflict, making debt management a critical issue for policymakers.
Debt Breakdown
The debt is distributed as follows:
- State external debt: 6.96 trillion hryvnias ($158.9 billion), accounting for 75.37% of total debt.
- State domestic debt: 2.01 trillion hryvnias ($45.98 billion), or 21.8%.
- State-guaranteed debt: 259.96 billion hryvnias ($5.94 billion), representing 2.82%.
In terms of currency allocation, the euro makes up 44.08% of the debt structure, the dollar 22.74%, the hryvnia 20.94%, Special Drawing Rights 9.12%, and other currencies 3.12%.
As of late March 2026, the weighted average interest rate on state debt stood at 4.52%, a slight decrease from 4.53% in February 2026 and a significant drop from 6.2% in March 2025. The weighted average maturity of the debt was 13.07 years, marginally lower than 13.23 years in February 2026 but higher than 11.7 years in February 2025.
In March 2026, the government held 11 auctions for domestic government bonds (OVDP), raising 20.3 billion hryvnias. One of these was a switch auction that brought in 8.37 billion hryvnias. Concessional loans from international organizations and foreign governments now account for 65.4% of total debt, while domestic government securities represent 21.8%, external securities 9.2%, and commercial bank loans 3.6%.
'Thanks to systematic support from international partners and a prudent debt policy by the government, the Ministry of Finance is reducing the cost of debt servicing, thereby strengthening the state’s financial resilience.' – Ministry of Finance
The rise in the hryvnia-denominated public debt underscores the need for further optimization of debt policy, especially given the decline in the dollar portion of the debt. The strategy of attracting concessional loans and lowering the weighted average interest rate points to positive trends in Ukraine’s financial policy, which could support economic stability amid the challenges the country faces. Continued backing from international partners remains vital for the nation’s long-term fiscal health.
As Ukraine grapples with its increasing debt levels, understanding the broader economic context becomes essential. The IMF's projections for Ukraine's balance of payments stability by 2030 offer valuable insights into the potential pathways for economic recovery and fiscal management. This analysis could shed light on how international support and strategic reforms may influence the country's financial landscape in the coming years.