Ukraine's total direct and guaranteed state debt shrank by $4.32 billion in 2015 or 6.2%, reaching $65.49 billion as of December 31, 2015, the Finance Ministry reported on Wednesday on its website.

In hryvnias state debt rose by 42.8% or UAH 470.93 billion, to UAH 1.572 trillion, which is linked to the devaluation of the official hryvnia exchange rate over the period from UAH 21.5275/$1 to UAH 24.00/$1.

The reduction of the debt is related to the restructuring of eurobonds when 20% of the bonds were exchanged to GDP-pegged government warrants conventionally worth $2.916 billion, payments on which in 2021-2040 depend on the pace of Ukraine's GDP growth. The Finance Ministry did not include these liabilities into the state debt, although at present they are listed on the market at 37% of their face value (January 12 – 41.66% of their face value).

The ministry said that total foreign debt in 2015, not taking into account government warrants, grew by 11.9% or $4.62 billion, to $43.43 billion.

In 2015, debt in the foreign currency grew from $43.1 billion to $46 billion, while in hryvnias it fell from $26.7 billion to $19.5 billion. The share of the debt in the U.S. dollars was 44%, hryvnias – 30%, SDRs- 19% and euros – 6%.

The ministry said that the official debt rose from $16.6 billion to $23.2 billion, while commercial debt fell from $53.2 billion to $42.1 billion.