In January 2026, the volume of Ukraine’s state and state-guaranteed debt increased by UAH 169.92 billion ($1.67 billion), reaching UAH 9,212.6 billion ($215 billion) as of January 31. This was reported by the Ministry of Finance on March 3.
The state external debt is UAH 6,941.1 billion (75.34%) or USD 162 billion, the internal debt is UAH 1,992.65 billion (21.63%) or USD 46.5 billion, and the state-guaranteed debt is UAH 278.84 billion (3.03%) or USD 6.51 billion.
The increase in debt in January is due to an increase in the state external debt due to the receipt of preferential financing from international partners within the framework of the ERA mechanism and the revaluation of currency obligations due to changes in exchange rates. Servicing and repayment of obligations under the ERA mechanism is expected to be carried out at the expense of future income from frozen Russian assets.
State-guaranteed debt increased by UAH 2.16 billion: external – by UAH 3.73 billion to UAH 216.12 billion, internal decreased by UAH 1.56 billion to UAH 62.73 billion. The predominant share of creditors is preferential loans from international financial organizations and foreign governments (65.9%).
The share of government securities in the domestic market is 22.3%, in the foreign market – 8.9%, and loans from commercial banks and other financial institutions – about 2.8%.
The weighted average rate of government debt decreased to 4.51% compared to 4.55% in December 2025 and 5.0% in January 2025. The weighted average maturity increased to 13.29 years, which makes the debt portfolio cheaper and longer in terms of maturity, reducing the cost of servicing and refinancing risks.
By currency structure, the largest share is accounted for by the euro — 45.15%, followed by the US dollar — 22.45%, the hryvnia — 20.71%, Special Drawing Rights — 8.56%, other currencies (pounds sterling, Canadian dollars, Japanese yen) — 3.13%.
The Ministry of Finance held 14 auctions, attracting UAH 46.1 billion, and one switch auction for UAH 17.36 billion UAH, which allowed to reduce the short-term burden on the budget and optimize the structure of domestic debt.
