Since the beginning of 2026, Ukraine’s state and state-guaranteed debt has decreased by more than €190 million. Despite this, the structure of the debt portfolio remains predominantly concessional and long-term, while the share of guaranteed obligations is gradually decreasing.
This is reported by Finway
Debt Indicators and Structure as of the End of April
In the first four months of 2026, the state-guaranteed debt decreased from UAH 276.7 billion to UAH 259.4 billion (i.e., to €5.03 billion). At the same time, the guaranteed external debt decreased by UAH 17.64 billion and amounts to UAH 194.75 billion, while the guaranteed domestic debt increased by UAH 0.32 billion to UAH 64.61 billion. The growth of domestic debt occurred mainly due to an increase in portfolio guarantees.
As of April 30, 2026, the total amount of Ukraine’s state and state-guaranteed debt was UAH 9,345.5 billion (€181.2 billion or $212 billion). Of this amount, the state external debt accounts for 75.78%, domestic debt for 21.44%, and state-guaranteed debt for 2.78%.
Creditors, Currency Structure, and Auction Results
The creditor structure is dominated by concessional loans from international financial organizations and foreign governments, which account for 65.8% of the debt portfolio. Government securities issued in the domestic market make up 21.4%, in the external market 8.8%, and loans from commercial banks and other financial institutions account for about 3.9%.
The weighted average interest rate on state debt decreased to 4.45% at the end of April, while in January 2026 it was 4.51%, and in April 2025 it was 4.6%. The weighted average maturity of the debt increased to 13.06 years compared to 13.39 years in January 2026 and 12.1 years in April 2025.
“Thus, in annual terms, the debt portfolio has become cheaper and longer in maturity,” emphasized the Ministry of Finance.
In the currency structure, the largest share is held by the euro at 44.6%, followed by the US dollar (22.5%) and the hryvnia (20.6%). The share of Special Drawing Rights (SDRs) is 9.1%, and other currencies — British pounds, Canadian dollars, and Japanese yen — account for 3.1%.
In April of this year, the Ministry of Finance conducted 12 auctions for the placement of domestic government bonds, raising UAH 16.3 billion in equivalent for the budget. One switch auction was also held for UAH 5.7 billion, which helped reduce the short-term burden on the budget and optimize the structure of domestic debt.
In April 2026, Ukraine postponed payments on state and state-guaranteed debt to G7 countries and the Paris Club of creditors. The relevant document provides for the deferral of payments that were due from February 2026 to the end of February 2030 in accordance with the parameters of the IMF program.