According to the Ministry of Finance, the state and state-guaranteed debt in 2023 increased to a new historical maximum - 5.519 trillion UAH or $145.32 billion. Over the year, the figure in hryvnias increased by 35.4% (1.444 trillion UAH), in foreign currency - by 30.4 % ($33.9 billion).
The biggest impact on the growth of debt in 2023 was the receipt of macro-financial assistance (soft loans) from the EU in the amount of 18 billion euros, which accounted for 55% of the total increase in the national debt in hryvnia equivalent and 61% in foreign currency. Expenditures for servicing the state debt in 2023 amounted to 8.2% of the general fund of the state budget (for comparison, 6.5% in 2022 and 12.4% in 2021).
Thus, during the war, the structure of the state debt objectively deteriorated. You can, of course, be lulled by the fact that a group of creditors of Ukraine from the G7 countries and the Paris Club agreed to stop payments on the debt until 2027. But this is a weak consolation.
The government of Ukraine not only failed to agree on a more decent postponement - at least for 10-15 years, but also on writing off at least 50% of the state debt. Moreover, they could not agree on a reduction in the interest rate. And all this avalanche of debts will fall on the country in 2027.
