Financial support or dependence? The national debt is breaking new records
27 May 22:03
In April 2025, Ukraine’s public and publicly guaranteed debt increased significantly – by UAH 352.45 billion or $8.24 billion in foreign currency equivalent. These official figures were released by the Ministry of Finance of Ukraine, "Komersant Ukrainian" reports.
As of the end of the month, the total national debt reached UAH 5.84 trillion, or $146.33 billion. In hryvnia terms, this is one of the largest monthly increases since the start of the full-scale invasion.
The increase in the debt burden is primarily due to the inflow of external financing. In April, Ukraine received significant amounts of assistance from international partners, including the European Union, the IMF, and the United States. These funds were used to support budgetary stability, social payments, defense needs, and to service previously attracted liabilities.
In addition, the Ministry of Finance continued to actively work with domestic borrowings through domestic government bonds. The share of domestic debt also increased, but it was the external segment that was the main driver of the growth.
Despite the increase in total debt, the agency notes that the ratio of public debt to GDP remains under control due to nominal GDP growth, gradual inflation stabilization, and regular foreign exchange support.
However, experts emphasize that despite the importance of international financial assistance, Ukraine needs to prepare for future challenges, including the stage of debt repayment and the transition to independent budget financing.
The scale of borrowing in peacetime would seem critical. But in a full-scale war, this is the price for the survival of the economy and the state as a whole,” economists say.
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