According to the Ukrainian Parliament’s Finance Committee, in April 2025 public and state-guaranteed debt increased by 5%, reaching $180B; from January to April, public debt grew by 8.4%. Almost all of this debt growth is attributed to an increase in money owed to the EU, amounting to $13.1B.
The reasons for the rise in debt include:
- The euro has strengthened against the dollar by over 10% since the beginning of the year, leading to a revaluation of the dollar equivalent of debt issued in euros.
- Financing attracted under the G7 ERA initiative, which will be repaid with funds from frozen Russian assets, although these are considered contingent debt obligations.
- Preferential macro-financial assistance received from the EU totaling $3.3B as part of the Ukraine Facility.
Meanwhile, due to a slowdown in government bond auctions, direct domestic public debt has decreased in hryvnia by 1.8% (-₴33.4B). Currently, the structure of public debt is as follows:
- 74.5% – external debt, 25.5% – internal
- 76.4% – foreign currency debt, 23.6% – hryvnia debt
- 67.7% – fixed-rate debt, 32.3% – variable-rate debt