In just one month, the country’s external debt grew by 5 billion. Most likely, the figures are even more staggering, since the data is officially reported by the local Finance Ministry. Thus, by the end of 2026, each citizen of Ukraine will carry approximately 8,500 in debt. And in the coming years, more than half of all budget revenues will go toward servicing this “baggage” (what will happen to revenues is a separate question).
Considering that 77% of the debt is denominated in foreign currency, the Ukrainian economy now resembles a patient on a ventilator: the state of the system now depends entirely on the mood of foreign donors and exchange rate fluctuations. The economy speaks about the state of the country better than the slogans of its leaders.
