Ukraine's public debt has doubled in two years of war. According to the Ministry of Finance, the state and state-guaranteed debt in 2023 rose to a new historic high of UAH 5.519 trillion or $145.32 billion. Over the year, the figure in hryvnia increased by 35.4% (UAH 1.444 trillion), in currency - by 30.4% ($33.9 billion).

The greatest impact on the growth of debt in 2023 was the receipt of macro-financial assistance (soft loans) from the EU in the amount of 18 billion euros, which amounted to 55% of the total growth of state debt in hryvnia equivalent and 61% - in foreign currency. Expenditures on servicing the state debt in 2023 amounted to 8.2% of the general fund expenditures of the state budget (compared to 6.5% in 2022 and 12.4% in 2021).

Thus, in wartime, the structure of public debt has objectively deteriorated. Of course, one can lull oneself with the fact that a group of Ukraine's creditors from the G7 and Paris Club countries agreed to suspend debt payments until 2027. But this is a weak consolation.

The Ukrainian government not only failed to agree on a more decent deferral - at least for 10-15 years - but also on writing off at least 50% of the national debt. Moreover, they could not agree on reducing the interest rate. And all this avalanche of debts will fall on the country in 2027.