Ukraine Debt Repayments Reach $160.3 Billion by 2037

For investors and creditors, the key issue is not just the size of the debt load but the country’s ability to refinance and roll over obligations while the economy remains under pressure from the conflict. Ukraine’s officials estimate state debt will rise to 10.146 trillion hryvnias, or $226 billion, by year-end, while the draft 2027 budget already points to a $37 billion deficit and debt climbing to $276 billion.

That makes external support from the European Union and other donors increasingly central to Ukraine’s financing math. European Commission President Ursula von der Leyen said after an EU summit in Brussels that Ukraine’s financial needs will keep rising despite the bloc’s large-scale support already in place.

The repayment profile also matters for markets because it signals a prolonged dependence on official lending rather than a quick return to self-funded borrowing. With the cost of the war still feeding deficits and debt service obligations, Ukraine’s funding needs are likely to remain a recurring issue for European policymakers, bondholders and aid donors over the rest of the decade.