In September 2025, Ukraine’s state and state-guaranteed debt increased by UAH78.4 billion (or USD 1.63 billion). The Ministry of Finance reported that the growth was primarily due to an increase in external state debt, including concessional financing from the European Union, the World Bank, and partner country governments. Meanwhile, domestic state debt decreased by UAH0.3 billion in September.
As of September 30, 2025, Ukraine’s total state and state-guaranteed debt amounted to UAH8,024.1 billion (or USD 194.2 billion), consisting of:
- External debt: UAH6,063.2 billion (75.6%), or USD 146.8 billion
- Domestic debt: UAH1,960.9 billion (24.4%), or USD 47.5 billion
The Ministry noted that it continues to reduce debt servicing costs and extend the maturity of the debt. As of September 30, 2025, the weighted average interest rate on state debt decreased to 4.86% from 4.95% in the previous month, while the average maturity increased to 12.7 years from 12.64 years in August 2025.
By creditor type, the majority of Ukraine’s state and state-guaranteed debt—64%—consists of concessional loans from international financial organizations and foreign governments. Securities issued on the domestic market account for 23%, external market securities for 8%, and loans from commercial banks and other financial institutions for approximately 5%.
In the first three quarters of 2025, the Ministry of Finance conducted 133 auctions of government bonds (OVDP), raising UAH408.6 billion. The refinancing rate for market OVDP was 112%: 118% in hryvnia, 81% in dollars, and 87% in euros.
