The Medium-Term Public Debt Management Strategy for 2026–2028 Has Been Approved

By Resolution dated 24 December 2025 No. 1716, the Cabinet of Ministers of Ukraine approved the Medium-Term Public Debt Management Strategy for 2026–2028.

According to the Strategy, during the period 2026–2028, debt repayments will amount to an average of UAH 1.19 trillion per year, which is equivalent to approximately 10.4% of the projected annual gross domestic product (GDP).

Dynamics of debt repayment and servicing expenditures:

• 2025 – UAH 1.05 trillion (11.7% of GDP);
• 2026 – UAH 1.17 trillion (11.3% of GDP);
• 2027 – UAH 1.26 trillion (10.5% of GDP);
• 2028 – UAH 1.29 trillion (9.5% of GDP).

On average, over the three-year period, the state will spend around 10% of GDP annually on debt obligations.

According to the Ministry of Finance of Ukraine, approximately 75% of public debt is external, and 77% of total liabilities are denominated in foreign currency. Such a structure creates elevated foreign exchange risks for financial stability in the medium term.

At the same time, the Government notes an improvement in borrowing conditions. Owing to concessional financing, the weighted average cost of public debt declined to 4.9% as of summer 2025, compared to 7.2% prior to the full-scale war.

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