Ukraine’s national debt has risen by 45% since February.
The figure was $93.5 billion as of November 1.
Ukraine’s public debt in hryvnia equivalent has risen by 45% since February and is now approaching 80% of GDP. Yaroslav Zheleznyak, a Verkhovna Rada deputy, announced this on Tuesday.
According to him, the country’s national debt stood at $93.5 billion as of November 1.
The debt in hryvnia equivalent “has increased by 45% (internal – by 23%, external – by 63%) since February,” the deputy wrote in his Telegram channel.
“In general, Ukraine’s state and state-guaranteed debt is approaching 80% of GDP,” Zheleznyak concluded.
Earlier, Daniil Getmantsev, the head of the Verkhovna Rada Committee on Finance, Tax, and Customs Policy, stated that the debt burden is expected to reach 90% of GDP by the end of this year, and up to 100% of GDP the following year. According to the most recent government projections, GDP in 2022 will be 4.73 trillion hryvnia ($128.59 billion).
According to the Verkhovna Rada Committee on Budget Issues, the maximum amount of public debt in 2023 has been increased to 6.42 trillion hryvnia (over $172.7 billion), which is 102.3% of the projected GDP level for next year – more than 6.27 trillion hryvnia (about $169 billion). According to Finance Minister Sergei Marchenko, only one-third of Ukraine’s budget revenue comes from domestic sources this year, with the remaining two-thirds coming from foreign grants and loans.