The total state debt of Ukraine reached a new historical high in 2024: in dollar terms, it increased by $22.74 billion, or 14.3%, to $166.06 billion; in hryvnia, it rose by 1 trillion 461.3 billion UAH, or 26.5%, to 6 trillion 980.9 billion UAH, according to data from the Ministry of Finance's website.
According to these figures, the direct state debt grew in dollars by 16.5% - to $159.20 billion, or to 6 trillion 692.4 billion UAH, accounting for 95.9% of the total state and state-guaranteed debt.
The total external state debt of Ukraine increased by 18.1% in 2024, or by $18.38 billion, reaching $114.88 billion, while the total internal debt rose by 16.7%, or by 276.0 billion UAH, to 1 trillion 863.1 billion UAH.
As a result, the share of total external state debt grew over the year from 70.0% to 72.3%.
According to the Ministry of Finance, the share of liabilities in euros at the end of 2024 increased to 33.01%, in US dollars to 26.81%, in SDRs to 11.39%, in Canadian dollars to 2.83%, in British pounds to 0.11%, while in hryvnia it decreased to 25.33%, and in yen to 0.51%.
The department also specified that 65.01% of the state debt has a fixed interest rate, while 11.39% is linked to the IMF rate, 12.66% to SOFR, 3.80% to EURIBOR, 0.51% to TORF, and 0.10% to SONIA.
Another 2.08% of the state debt is tied to the consumer price index, and 4.17% to the NBU's discount rate. This refers to government bonds from the National Bank's portfolio. The most recent of these are the bonds linked to the discount rate, which the NBU purchased as part of the budget financing for 2022.
Lastly, 0.27% of the state debt is linked to the Ukrainian deposit interest rate index used in portfolio guarantee programs.
The Ministry of Finance previously noted that Russia's full-scale invasion of Ukraine in 2022 led to a sharp increase in the state debt-to-GDP ratio - from 43.3% at the end of 2021 to 79.4% at the end of 2023.
As reported, the state and state-guaranteed debt of Ukraine increased by $13.4 billion in 2022 and by $33.9 billion in 2023.
The IMF, as part of the sixth review of the Extended Fund Facility (EFF) program with Ukraine in December last year, improved the forecast for state debt growth due to higher GDP growth and a smaller deficit: to 92.2% of GDP by the end of 2024 and to 104.3% by the end of 2025, whereas in October it estimated these figures at 95.6% of GDP and 106.6% of GDP, respectively.