In March 2026, the total amount of state and state-guaranteed debt of Ukraine increased by 21.83 billion UAH, but a decrease of 2.36 billion US dollars was recorded in dollar terms.
This is reported by Finway
Debt Dynamics and Currency Factor Impact
Ukraine’s state external debt grew by 28.16 billion UAH during March, reaching 6,959.18 billion UAH (158.9 billion US dollars). At the same time, the domestic debt also increased by 4.27 billion UAH, totaling 2,013.89 billion UAH (45.98 billion US dollars) at the end of the month.
“The decrease in debt in dollar terms while increasing in UAH terms is explained by the impact of the currency factor. Part of the obligations was repaid, which reduced the total volume of debt in foreign currency. At the same time, due to changes in exchange rates at the end of the month, a revaluation of the currency component of the debt occurred, resulting in an increase in its UAH equivalent,” the Ministry of Finance noted.
Structure and Features of the Debt Portfolio
As of March 31, 2026, the total amount of state and state-guaranteed debt was 9,233.03 billion UAH, equivalent to 210.82 billion US dollars. The share of state external debt was 75.37%, domestic debt was 21.8%, and state-guaranteed debt was 2.82%.
The core of the credit portfolio consists of concessional loans from international financial organizations and foreign governments (65.4%). The share of government securities placed in the domestic market is 21.8%, while in the external market it is 9.2%. Loans from commercial banks and other financial institutions account for about 3.6%.
According to the Ministry of Finance, the weighted average interest rate on state debt at the end of March was 4.52% (4.53% in February, 6.2% in March 2025). The weighted average term to maturity was 13.07 years, indicating an extension of debt servicing periods compared to previous periods.
The currency structure of the debt is as follows: the largest share is in euros – 44.08%, followed by US dollars – 22.74%, and UAH – 20.94%. The share of special drawing rights is 9.12%.
In March 2026, the Ministry of Finance of Ukraine conducted 11 auctions for the placement of domestic government bonds, attracting 20.3 billion UAH to the state budget in equivalent. There was also one switch auction exchanging government bonds for 8.37 billion UAH.
In April 2026, Ukraine postponed payments to the G7 countries and the Paris Club for state and state-guaranteed debt. According to the agreed document, payments due from February 2026 were postponed to the end of February 2030 in accordance with the parameters of the IMF program.