Ukraine’s foreign debts have grown to 90% of GDP, and the balance of payments deficit has increased despite Western aid.

Ukraine’s gross foreign debt increased by $2.3B in 2022 and amounted to $132B at the end of last year. Concerning the GDP, the amount of debt increased over the year from 64.6% to 89% of its total.

According to the NBU, the public sector’s external debt increased by $12.1B and amounted to $69.1B. The private sector’s external liabilities decreased by $9.8B and amounted to $62.9B. The public administration sector’s external liabilities increased by $14.1B up to $65.3B through net borrowing from international partners ($14.7B) and the IMF ($2.3B).

At the same time, last year the consolidated balance of payments faced a deficit of $2.9B versus a surplus of $487M in 2021. In particular, the shortage of goods and services has significantly expanded due to a significant decrease in exports compared to imports and significant spending by Ukrainians abroad.