Minfin: Ukraine's State Internal Debt Decreased by UAH 15.5 Billion.

Reduction of State Debt but Increase in US Dollars

In February 2025, the amount of state and guaranteed state debt of Ukraine decreased in hryvnia equivalent by UAH 48.48 billion, while in dollar equivalent the debt increased by USD 9.5 million.

According to the Ministry of Finance, as of February 28, 2025, the total volume of state and guaranteed state debt amounted to UAH 7,019.53 billion (USD 169.09 billion), including:

state and guaranteed external debt – UAH 5,106.73 billion (72.75% of the total amount) or USD 123.01 billion;

state and guaranteed internal debt – UAH 1,912.80 billion (27.25%) or USD 46.08 billion.

During the month, the state internal debt decreased by UAH 15.48 billion. In February 2025, there was a redemption of bonds UA4000204150 amounting to over UAH 41 billion. These bonds sought inclusion in the JP Morgan GBI-EM GD index in March 2022 but were not included due to the Russian full-scale war against Ukraine. The Ministry of Finance reduces the volume of borrowings in the domestic market to lower the cost of servicing the state debt, covering financing needs through significant volumes of preferential financing from international partners.

By creditor categories, most of the debt falls on:

• international financial organizations (IFOs) and governments of foreign states – 57.82%;
• domestic market through the sale of government securities – 26.2%;
• external markets through issued securities – 9%;
• other creditors – 6.98%.

The state and guaranteed debt of Ukraine is distributed by currencies as follows:

• US dollars – UAH 1,828.05 billion (26.18%);
• euros – UAH 2,405.88 billion (34.27%);
• hryvnia – UAH 1,755.97 billion (25.02%);
• other currencies (SDRs, pounds sterling, Canadian dollars, Japanese yen) – UAH 1,019.63 billion (14.52%).

In February 2025, the Ministry of Finance held 10 auctions for the placement of domestic government bonds (OVDP), attracting UAH 26.4 billion for state budget financing.