Ukraine’s national debt exceeded $192 billion: growth rates are accelerating
29 September 2025 14:57
The growth of public debt is one of the main financial issues for Ukraine in wartime. The government is actively attracting external resources to finance the budget and defense. At the same time, the rate of debt growth in August was much higher than a month earlier. This was reported by the Ministry of Finance, according to "Komersant Ukrainian".
What is known
As of August 31, 2025, Ukraine’s total public and publicly guaranteed debt reached $192.71 billion. This is $6.58 billion more than in July.
In hryvnia equivalent, the debt amounted to UAH 7.95 trillion, which is UAH 177.41 billion more than a month earlier.
External and internal debt
- External debt amounted to USD 145.17 billion. USD 145.17 billion (75.34% of the total).
- Domestic debt amounted to USD 47.54 billion (24% of the total). DOMESTIC DEBT – USD 47.54 BILLION (24.66%).
Thus, three quarters of public liabilities are attributable to external sources of financing.
Dynamics
- In July, the debt increased by $1.29 billion.
- In August, the increase was already $6.58 billion.
This means that the growth rate of the public debt accelerated more than fivefold.
Context
Ukraine continues to attract financing from international partners to cover the budget deficit and military spending. According to the Ministry of Finance, debt service is already competing with social spending: more money is spent on debt payments than on pensions and social spending.
What’s next
Financial experts warn that if the growth of the debt burden continues at this rate, the government will have to negotiate more actively to restructure some of its obligations and look for new sources of budget revenues.
