Ukraine’s state debt increased by 5% in April, reaching 180 billion dollars

As of April 30, 2025, Ukraine’s state and state-guaranteed debt amounted to 7,480.3 billion UAH, equivalent to 180 billion USD. 

This was reported by the head of the parliamentary finance committee, Danylo Hetmantsev.

Over the month, the debt increased by 5% in UAH terms (+357.1 billion UAH) and by 4.8% in foreign currency (+8.2 billion USD). 

In the first four months of the year, Ukraine’s debt grew by 7.3% in UAH equivalent and by 8.4% in foreign currency. Almost all of the growth in USD terms is related to obligations to the European Union — 13.1 billion USD.

The main factors for this increase were:

• the strengthening of the euro against the dollar by more than 10% since the beginning of the year, leading to a revaluation of the euro-denominated debt;
• receipt of funds within the framework of the G7 ERA initiative (Extraordinary Revenue Acceleration for Ukraine), including through the ULCM mechanism (EU Loan Cooperation Mechanism). These are conditional debt obligations serviced by profits from frozen Russian assets, rather than the state budget;
• attraction of macro-financial assistance from the EU in the amount of 3.3 billion USD within the Ukraine Facility instrument — a concessional loan for which the interest is paid by the European Union itself.

Meanwhile, due to decreased activity in the domestic borrowing market, the direct state debt in UAH decreased by 1.8% over four months (by 33.4 billion UAH).

The structure of the state debt as of the end of April 2025:

• 74.5% — external debt;
• 25.5% — internal debt;
• 76.4% — foreign currency debt (including foreign currency-denominated government bonds);
• 23.6% — debt in UAH;
• 67.7% — fixed-rate debt;
• 32.3% — variable-rate debt.

According to Hetmantsev, Ukraine has already received about 7 billion USD from the EU and Canada within the ULCM mechanism. He also called on the Ministry of Finance to update the structure of statistical reporting on debt, highlighting the conditional part of obligations under the G7 ERA initiative. In his opinion, this will allow for a more accurate assessment of the debt burden level.