Since the beginning of 2026, Ukraine’s state and state-guaranteed debt has decreased by more than 190 million euros. According to the Ministry of Finance, the country continues to adhere to a controlled debt policy even under the challenging conditions of a full-scale war.
This is reported by Finway
“At the same time, the structure of the debt portfolio remains predominantly concessional and long-term, while the share of guaranteed debt continues to decline.”
Current Structure of Public Debt
As of April 30, 2026, the total amount of Ukraine’s state and state-guaranteed debt was 9.35 trillion UAH (181.2 billion euros or $212 billion). This amount includes:
- state external debt – 7.08 trillion UAH (75.78% of total debt), or 137.3 billion euros ($160.66 billion);
- state internal debt – 2 trillion UAH (21.44%), or 38.8 billion euros ($45.45 billion);
- state-guaranteed debt – 259.36 billion UAH (2.78%), or 5 billion euros ($5.88 billion).
Dynamics of Changes and Structure of Creditors
In UAH equivalent, compared to the end of March 2026, the total debt increased by 112.5 billion UAH. However, in euro and dollar equivalents, there have been corresponding reductions since the beginning of the year: by 190 million euros and by $1.3 billion. The increase in UAH is attributed to exchange rate revaluation differences regarding external obligations.
The state-guaranteed debt continues to decrease: in the first four months of 2026, it reduced from 276.7 billion UAH to 259.4 billion UAH (from 5.55 billion euros to 5.03 billion euros), which is a decrease of 17.3 billion UAH or 6.2%. Its share in the total debt has decreased from 3.06% to 2.78%. At the same time, the guaranteed external debt decreased by 17.64 billion UAH and amounts to 194.75 billion UAH, while the guaranteed internal debt increased by 0.32 billion UAH, reaching 64.61 billion UAH, which is related to an increase in portfolio guarantees.
The main creditors remain international financial organizations and foreign governments — 65.8% of the debt. The largest share belongs to the European Union: 3.62 trillion UAH (70.24 billion euros), which accounts for 38.77% of the total obligations. The share of government securities in the domestic market is 21.4%, in the external market — 8.8%, and loans from commercial banks and financial institutions account for about 3.9%.
Weighted Average Rate and Currency Structure
The weighted average rate of public debt at the end of April 2026 decreased to 4.45% compared to 4.51% in January 2026 and 4.6% in April 2025. The average maturity of the debt is 13.06 years, which is longer than in April 2025 (12.1 years) but slightly shorter than in January 2026 (13.39 years). Thus, the debt portfolio is becoming cheaper to service and more long-term, which helps reduce refinancing risks in the medium term.
The currency structure of the debt is as follows: 44.6% is in euros, 22.5% in US dollars, and 20.6% in UAH. The shares of Special Drawing Rights (SDRs) and other currencies (British pound, Canadian dollar, Japanese yen) are 9.1% and 3.1%, respectively.