Ukraine’s national debt has reached another historic high of nearly $172B.

According to the Ministry of Finance, Ukraine’s total public (direct and guaranteed) debt increased by 1.56%, or $2.64B, in March, totaling $171.73B compared to the previous month. Direct external debt rose from $118.05B to $120.94B during the month, while direct domestic debt fell in dollar terms from $44.31B to $44.26B. By the end of the reporting month, state-guaranteed debt amounted to $6.753B. Last year, Ukraine’s total public debt grew by 14.27%, or $20.74B, reaching $166.06B.

According to the IMF’s Fiscal Monitor report, as of the conclusion of April 2025, Ukraine’s total state debt will climb to 110% of its gross domestic product (GDP) in 2025, a significant increase from pre-war levels.

Over the past few years, total public debt has changed as follows:

1. 2023 – an increase of 30.4%, or $33.87B, to a record $145.32B
2. 2022 – an increase of 13.66%, or $13.39B, to $111.34B
3. 2021 – an increase of 8.52%, or $7.69B, to $97.95B
4. 2020 – an increase of 6.9%, from $84.4B to $90.3B