Debt is growing, but the strategy is to contain risks: what is behind the jump in Ukraine’s public debt in November
29 December 20:05
Ukraine’s public and publicly guaranteed debt increased by USD 7.03 billion in November and reached USD 204.22 billion at the end of the month.
This was reported by the Ministry of Finance of Ukraine. The data was published as of November 30, 2025, "Komersant Ukrainian" reports.
How much has the debt increased?
According to the Ministry of Finance, the total amount of public and publicly guaranteed debt amounted to:
- uAH 8,616.54 billion, or
- 204.22 billion dollars. THE TOTAL AMOUNT OF STATE AND STATE-GUARANTEED DEBT WAS UAH 8,616.54 BILLION, ORUSD 204.22 BILLION.
In just one month, the debt increased by
- by UAH 340.33 billion in hryvnia equivalent;
- by USD 7.03 billion. In foreign currency terms, the debt increased by USD 7.03 billion.
External debt continues to account for the bulk of the debt
External debt continues to account for the bulk of the debt structure:
- external debt – UAH 6,628.59 billion (or USD 157.10 billion), which is equal to 76.93% of the total amount;
- domestic debt – UAH 1,987.95 billion (or USD 47.12 billion), or 23.07%.
The public debt (excluding guaranteed debt) amounted to:
- uAH 8,329.25 billion, or
- 197.41 billion USD. This equals 96.67% of the total amount.
Why the debt is growing
The growth of debt indicators is taking place against the backdrop of a full-scale war, significant budget expenditures on defense and social needs, as well as active attraction of external financing to maintain macrofinancial stability.
At the same time, the government emphasizes that it is working to reduce debt risks. At the end of the year, Ukraine completed a USD 2.6 billion bond exchange as part of a broader debt restructuring process.
What the government plans next
As previously reported, the Medium-Term Public Debt Management Strategy for 2026-2028, approved by the Cabinet of Ministers, has three key priorities
- increasing the share of grants and other non-debt financing;
- reducing the cost of debt service and related risks;
- development of the domestic government bond market.
