As of the end of July 2025, the total amount of state and state-guaranteed debt of Ukraine reached a record 7.77 trillion UAH, equivalent to 186.13 billion USD. According to the Ministry of Finance, in July, the debt increased by 1.3 billion USD.
This is reported by Finway
Debt Dynamics and the Impact of the Hryvnia Exchange Rate
Throughout July 2025, the total amount of state and state-guaranteed debt increased by 76.92 billion UAH, and in dollar terms, by 1.29 billion. Financial analyst Andriy Shevchishin notes that the dynamics of state debt largely depend on the exchange rate, especially for external borrowings. According to him, recently the hryvnia exchange rate has shown a tendency to strengthen, which affects the hryvnia equivalent of the debt.
State Debt and GDP: International Experience
Considering the upcoming planned inflows from international partners, including loan funds, crossing the 100% GDP mark with state debt is only a matter of time. However, experts emphasize that part of the international assistance, although formalized as loans, will actually be serviced by Ukraine’s partners.
“However, considering the planned inflows from our partners, including loan funds, crossing the 100% GDP threshold is just a matter of time. But part of the assistance, although recorded as loan funds, will actually be serviced by partners,” said the expert.
Andriy Shevchishin emphasizes that exceeding the state debt relative to GDP is not a critical verdict for the economy. A similar situation is observed in leading countries of the G20, including Japan, Singapore, Italy, the USA, and France, where state debt exceeds 100% of GDP.