Ukraine's state debt increases by 30.4% in 2023
The total public debt of Ukraine in 2023 increased to a new historical maximum: in dollar terms - by $33.9 billion, or 30.4% - to $145.32 billion, in hryvnia terms - by UAH 1.444 trillion, or 35.4%, up to UAH 5.520 trillion, according to data on the website of the Ministry of Finance.
According to it, direct public debt increased by 34.4% – to $136.59 billion, or up to UAH 5.188 trillion, and amounted to 94% of the total amount of public and state-guaranteed debt.
It is reported that external direct debt last year increased by 49.1%, or $31.20 billion, to $94.79 billion, while internal direct debt increased by 14.2%, or UAH 198 billion, to UAH 1.588 trillion.
Ukraine's total external public debt in 2023 increased by 42.3%, or by $30.23 billion, to $101.70 billion, while the total internal debt increased by 13.3%, or by UAH 194.6 billion, to UAH 1.657 trillion.
As a result, the share of total external public debt increased to 70%.
According to the head of the Verkhovna Rada's financial committee, Danylo Hetmantsev, before the war the share of external public debt was 60.9%. He added that the share of debt in foreign currency has also increased from 65.1% to 72.8% since the start of the war.
According to the Ministry of Finance, the share of liabilities in euros at the end of 2023 increased to 32.32%, while in US dollars it decreased to 26.21%, in hryvnia - to 27.21%, in SDRs - to 11.34%, in Canadian dollars - to 2.26%, and in yen - to 0.65%, while in British pounds it remained at 0.02%.
The agency also clarified that 67.21% of government debt has a fixed interest rate, while 11.34% is tied to the IMF rate, 8.82% to SOFR, 3.83% to EURIBOR, 0.65% to TORF.
The rate for another 2.63% of government debt is tied to the consumer price index, and 5.25% to the NBU key policy rate. The matter concerns government bonds from the National Bank's portfolio. The newest of them were securities linked to the refinancing rate, which the NBU bought as part of emission financing of the budget in 2022.
Finally, 0.25% of government debt has a rate linked to the Ukrainian index of rates on individual deposits used in portfolio guarantee programs.
