Ukraine’s gross foreign debt at the end of 2023 amounted to $161.5B. That is, it increased by almost 25% (+$30.6B). This debt includes the external debt from the government, the central bank, commercial banks, and enterprises, said the head of the Committee on Finance, Danylo Hetmantsev.
According to him, the main factor in the debt growth is the increase in the government’s external debt by 47.1% (+$30.8B), while the external debt of the NBU and banks decreased. Private sector external debt increased slightly – by 2.8%.
At the same time, the debt-to-GDP ratio is significantly lower than at the height of the 2015-2016 financial crisis. At the end of 2023, the NBU estimated it at 90.7% of GDP.
“Risks for the financial system related to gross foreign debt have increased. However, for the third year of a full-scale war, these risks remain under control, as evidenced by the ratio of foreign debt to GDP and international reserves,” Hetmantsev noted.