State and state-guaranteed debt of Ukraine as of the end of July 2026: weighted average interest rate decreased to 4.40%

Ukraine continues to maintain controlled debt dynamics. Based on the results of the first seven months of 2026, the weighted average interest rate on the state debt decreased to 4.40%, while the weighted average maturity was 13.06 years. At the same time, over 64% of the debt portfolio consists of concessional financing, and the share of state-guaranteed debt continues to decline.

As of July 31, 2026, the total amount of state and state-guaranteed debt of Ukraine amounted to UAH 9,572.19 billion (EUR 186.68 billion or USD 214.18 billion), including:

• State external debt – UAH 7,299.96 billion (76.26%), or EUR 142.37 billion (USD 163.34 billion);
• State domestic debt – UAH 2,011.10 billion (21.01%), or EUR 39.22 billion (USD 45.00 billion);
• State-guaranteed debt – UAH 261.13 billion (2.73%), or EUR 5.09 billion (USD 5.84 billion).

Compared to the figures at the end of June 2026, the volume of state and state-guaranteed debt increased by UAH 81.31 billion, USD 2.56 billion, and EUR 1.19 billion. The debt growth in July is primarily explained by the receipt of financing from the International Monetary Fund (the liabilities portfolio increased by UAH 24.3 billion), under the IBRD line (an increase of UAH 18.6 billion), as well as the placement of domestic state loan bonds on the domestic market (the domestic government bonds portfolio grew by UAH 31.58 billion in July 2026). Compared to the beginning of the year (December 31, 2025), the state and state-guaranteed debt increased by UAH 529.51 billion, USD 0.85 billion, and EUR 5.31 billion, mainly due to concessional financing from international partners.

State-guaranteed debt continues to shrink: over the seven months of 2026, it decreased from UAH 276.68 billion to UAH 261.13 billion (from EUR 5.55 billion to EUR 5.09 billion), i.e., by UAH 15.55 billion, or 5.6%. Its share in the total debt during this period fell from 3.06% to 2.73%.

In the creditor structure of the state and state-guaranteed debt, concessional loans received from international financial organizations (IFIs) and foreign governments prevail, accounting for about 64.4% of the portfolio. The European Union remains the largest creditor: taking into account the loan under the ERA facility, it accounts for UAH 3,718.08 billion (EUR 72.51 billion), or 38.8% of the total debt.

The share of domestic debt is 21.67% (including guaranteed debt), external state loan bonds (Eurobonds) – about 10.5%, and loans from commercial banks and other foreign financial institutions – about 1.1%. The rest of the portfolio consists of other liabilities.

In the currency structure of the state and state-guaranteed debt as of July 31, 2026, the largest share belongs to the euro – 44.67%, followed by the US dollar – 23.08%, the hryvnia – 20.14%, and SDRs (Special Drawing Rights) – 9.03%. The British pound sterling, Canadian dollar, and Japanese yen collectively account for 3.07%.

As of the end of July 2026, the weighted average interest rate on state debt decreased to 4.40%, compared to 4.51% in January 2026 and 4.91% in July 2025. At the same time, the weighted average maturity of the state debt was 13.06 years, compared to 13.39 years in January 2026 and 12.39 years in July 2025. Thus, the debt portfolio became cheaper and, year-over-year, longer in terms of maturity, which reduces its servicing costs and lowers refinancing risks in the medium term.

In July, the Ministry of Finance held thirteen auctions for the placement of domestic government bonds and a switch auction, resulting in the equivalent of UAH 56.14 billion being attracted to the state budget. This includes a volume of satisfied bids at the domestic government bonds exchange auction (switch auction) in July amounting to UAH 15.2 billion at par value.

Detailed information regarding the status of the state and state-guaranteed debt of Ukraine can be found on the official website of the Ministry of Finance of Ukraine.