According to the results of 2023, the national debt of Ukraine exceeded UAH 5,5 trillion, having doubled since the beginning of the full-scale war. This was announced by the Chairman of the Verkhovna Rada Committee on Finance, Tax and Customs Policy, Danylo Hetmantsev informed on the Internet with reference to data from the Ministry of Finance.
According to the Ministry of Finance of Ukraine, as of December 31, 2023, the state and state-guaranteed debt reached UAH 5 billion (or USD 519,5 billion in currency equivalent).
In 2023, the national debt of Ukraine increased by 35,4% in hryvnias (+1444 billion UAH), and by 30,4% (+33,9 billion dollars) in the currency equivalent.
Reasons for the increase in the national debt of Ukraine
As Hetmantsev explained, the largest impact on the growth of debt in 2023 was the receipt of 18 billion euros macro-financial assistance (soft loans) from the EU. This led to 55% of the total growth of the state debt in hryvnia and 61% in foreign currency.
On the growth of the national debt of Ukraine as well receiving loans was affected under the programs of the IMF, the World Bank, the EBRD, from the Canadian government.
The lion's share (about 6/7) of the growth of the entire national debt in 2023 was stipulated an increase in foreign debt. The rest (1/7) is at the expense of OVDP.
The People's Deputy reported that the expenses for servicing the state debt in 2023 amounted to 8,2% of the expenses of the general fund of the state budget (against 6,5% in 2022 and 12,4% in 2021).
Since the beginning of the full-scale war, the main increase in the national debt has been caused by external loans from official creditors:
— as of February 28, 2022, the state debt increased by 102% (+2 billion UAH), in currency equivalent - by 789,4% (+56 billion dollars).
— In the debt structure, external state debt increased to 70% (before the war – 60,9%), debt in currency (foreign + currency government bonds) increased to 72,8% (before the war – 65,1%).
