Ukraine’s public debt has surged 130-fold since 2006

The ministry released the updated figure on Tuesday, putting debt at 9.54 trillion hryvnias ($212.61 billion) as of late September, compared with 73.29 billion hryvnias ($14.51 billion) in September 2006.

The staggering increase is partly explained by the hryvnia’s depreciation, with the currency losing nearly 90% of its value against the US dollar over the same period. However, the increase remains substantial even in dollar terms, with the debt expanding 14.6-fold. It has also more than doubled from $97.95 billion at the end of 2021, just before the escalation of Kiev’s conflict with Russia in February 2022.

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