Ukraine's Public Debt in 2025: IMF Issues Forecast

The total public debt of Ukraine is projected to rise to 110% of the country's gross domestic product (GDP) this year.

This is stated in the "Fiscal Monitor" report by the International Monetary Fund.

In 2021, prior to Russia’s full-scale invasion, Ukraine’s public debt stood at 48.9% of national GDP. In 2022, this figure rose to 77.7%.

According to IMF data, the growth of Ukraine’s public debt continued over the next two years: reaching 82.3% of GDP in 2023, and 89.8% in 2024.

Earlier reports indicated that in 2024 alone, the amount of Ukraine's public and government-guaranteed debt increased by UAH 1.46 trillion ($20.7 billion).

This rise was mainly due to an increase in long-term concessional financing from international partners.

In September 2024, the Ministry of Finance announced that Ukraine's public debt decreased by $9 billion following a restructuring.

As of February 28, 2025, Ukraine’s public and government-guaranteed debt amounted to UAH 7,019.5 billion, or $169.1 billion, according to the Ministry of Finance.

Over the year, Ukraine's debt under EU concessional loans increased by UAH 600.5 billion ($11.1 billion), with repayments to be covered by EU member states, the Ministry noted.

As of December 31, 2024, Ukraine's public and government-guaranteed debt was UAH 6.98 trillion, or $166.1 billion.

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