Ukraine’s state and state-guaranteed debt increased by UAH 252 billion ($2.98 billion) in October 2025 and, as of October 31, stood at UAH 8,276.2 billion ($197.2 billion).
This was reported by the Ministry of Finance of Ukraine.
As of October 31, 2025, Ukraine’s external public debt amounted to UAH 6,090.87 billion (73.6%) or $145.12 billion; domestic public debt totaled UAH 1,899.14 billion (22.9%) or $45.25 billion; and state-guaranteed debt was UAH 286.2 billion (3.4%) or $6.8 billion.
In October, the total state and state-guaranteed debt increased by UAH 252 billion ($2.98 billion). The main factor behind this growth was the increase in external public debt, in particular due to concessional financing from international partners. In October, Ukraine received a €4 billion loan from the European Union under the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) initiative. Repayment will come from sources other than the State Budget of Ukraine, including revenues from frozen Russian assets. In addition, Ukraine received $280 million from the World Bank under the SURGE project (“Supporting Reconstruction through Smart Fiscal Governance”) and $30 million under the THRIVE project (“Transforming Health Care through Reform and Investment in Efficiency”). Ukraine also received a €100 million loan from the Council of Europe Development Bank to support the needs of internally displaced persons.
At the same time, state-guaranteed debt decreased in October by UAH 5.6 billion: external state-guaranteed debt fell by UAH 2.76 billion to UAH 208 billion, and internal state-guaranteed debt decreased by UAH 2.87 billion to UAH 78.2 billion.
By creditor type, most of Ukraine’s public debt consists of concessional loans from international financial institutions and foreign governments, accounting for 65.2%. Domestic market securities represent 23.7%, externally issued securities make up 8%, and loans from commercial banks and other financial institutions account for about 3.1%.
From January to October 2025, the Ministry of Finance conducted 137 auctions for the placement of domestic government bonds (OVDP), raising UAH 473.1 billion, as well as one switch auction for UAH 15.5 billion, which helped reduce short-term budgetary pressure. The refinancing rate for market OVDP stands at 112%: 112% in hryvnia, 84% in dollars, and 87% in euros.
