• Olha Demianchuk
  • Olha Panova



debt security, public debt, credit, debt, external debt, internal debt


This study scrutinizes Ukraine’s debt security amidst internal and external challenges, including war impacts and geopolitical shifts. It dissects the escalation of national debt and its configuration, focusing on repercussions for the economy and national equilibrium. Recommendations are proposed for expediting economic growth, refining debt administration, and equilibrating the debt acquisition framework. Background: From 2009 to January 2024, Ukraine witnessed its state debt mushroom from UAH 316,884.6 million to a staggering UAH 5,154.47 billion. Notably, external liabilities constituted 64.72% of this quantum. Key Findings: The ongoing conflict and geopolitical dynamics have substantially magnified Ukraine’s debt load, casting shadows on economic steadiness and sovereign integrity. There’s an urgent call for debt administration enhancements to lighten the fiscal load and bolster sustainability. Recommendations: Propel economic advancement to boost state revenues, thus diminishing the debt-to-GDP quotient. Refine debt governance through debt portfolio restructuring and maturity prolongation. Harmonize the borrowing mix by elevating the proportion of internal debt, simultaneously diminishing external borrowing dependency. Conclusion: Upholding debt security emerges as a pivotal factor for Ukraine’s fiscal stability and national safeguarding. Through the execution of these advisories, Ukraine aims to alleviate its debt pressure, augment credit standing, and navigate towards enduring progress.