Since February 2022, Ukraine’s public debt has grown substantially, rising by roughly forty-five percent and drawing near eighty percent of the country’s gross domestic product (GDP). This increase was reported by a senior member of the Verkhovna Rada through a public messaging channel. The information points to a debt situation expanding in local currency terms as the year progressed, with the overall stock of public and state-guaranteed debt edging toward the eighty percent mark of GDP. [Citation: Ukrainian fiscal authorities or equivalent government statements, late 2022]
Official figures indicate that, from the end of February, domestic public debt climbed about twenty-three percent while external debt surged around sixty-three percent. As of November 1, 2022, the government’s direct debt stood at approximately $93.5 billion, reflecting ongoing borrowing to support fiscal needs amid challenging budget dynamics. [Citation: Government debt statistics, late 2022]
Additionally, a member of the legislative finance committee raised the forecast that the public debt figure could be higher than those estimates. In a late-2022 update, it was noted that October 2022 saw the public debt rise by about $5 billion to around $103.1 billion, driven principally by increased external financing designed to cover the budget deficit. This line of reporting underscores how external borrowing plays a central role in funding the shortfall, especially during periods of fiscal stress. [Citation: Committee briefings, late 2022]