Ukraine maintains a controlled debt dynamic even amid the full-scale war: since the beginning of 2026, the state and state-guaranteed debt has decreased by over EUR 190 million. At the same time, the structure of the debt portfolio remains predominantly concessional and long-term, while the share of state-guaranteed debt continues to decline.
As of April 30, Ukraine’s total state and state-guaranteed debt amounted to UAH 9,345.5 billion (EUR 181.2 billion or $212.0 billion), including:
– State external debt – UAH 7,082.42 billion (75.78%), or EUR 137.3 billion ($160.66 billion);
– State domestic debt – UAH 2,003.73 billion (21,44%), or EUR 38.8 billion ($45.45 billion);
– State-guaranteed debt – UAH 259.36 billion (2.78%), or EUR 5.0 billion ($5.88 billion).
Compared to the figures at the end of March, the volume of state and state-guaranteed debt in UAH equivalent increased by UAH 112.5 billion. Meanwhile, compared to the beginning of the year, the debt decreased by EUR 190 million in EUR equivalent and by $1.3 billion in $equivalent. The growth of the debt in April in UAH terms was primarily driven by the exchange rate revaluation of external liabilities.
State-guaranteed debt continues to decline: during the first four months of 2026, it decreased from UAH 276.7 billion to UAH 259.4 billion (from EUR 5.55 billion to EUR 5.03 billion), representing a drop of UAH 17.3 billion or 6.2%. Its share in the total debt decreased from 3.06% to 2.78%. Specifically, since the beginning of the year, state-guaranteed external debt decreased by UAH 17.64 billion to UAH 194.75 billion, while state-guaranteed domestic debt increased by UAH 0.32 billion to UAH 64.61 billion due to an increase in the volume of portfolio guarantees.
Concessional loans received from international financial institutions and foreign governments dominate the creditor structure of the state and state-guaranteed debt, accounting for 65.8%. The largest share of such liabilities is held by the European Union – UAH 3,623.0 billion (EUR 70.24 billion), or 38.77% of the total debt. The share of government securities issued on the domestic market is 21.4%, on the external market – 8.8%, while loans from commercial banks and other financial institutions account for about 3.9%.
As of the end of April, the weighted average interest rate on the state debt decreased to 4.45%, compared to 4.51% in January and 4.6% in April 2025. At the same time, the weighted average time to maturity was 13.06 years, compared to 13.39 years in January 2026 and 12.1 years in April 2025. Thus, on a year-on-year basis, the debt portfolio became cheaper and longer-term, which reduces debt-servicing costs and mitigates refinancing risks in the medium term.
In the currency structure of the state and state-guaranteed debt, the euro accounts for the largest share – 44.6%, followed by the US dollar (22.5%) and the hryvnia (20.6%). The shares of Special Drawing Rights (SDRs) and other currencies – including British pounds sterling, Canadian dollars, and Japanese yen – stand at 9.1% and 3.1%, respectively.
In April, the Ministry of Finance held 12 auctions for the placement of domestic government bonds, raising UAH 16.3billion equivalent to the state budget. The Ministry of Finance also conducted one switch auction worth UAH 5.7 billion, which helped reduce the short-term burden on the budget and optimize the structure of the domestic debt. (Finance Ministry)