The largest part of Ukraine's state debt is concessional financing from international partners

In 2023, Ukraine received external financing totaling USD 42.5 billion, of which USD 11.6 billion (or 27%) was a non-repayable grant aid.

Grant assistance was provided by the following countries: The United States, Japan, Norway, Germany, Spain, Finland, Switzerland, Ireland, Belgium, and Iceland.

Long-term concessional financing totaled USD 30.9 billion. This included loans from the EU (USD 19.5 billion), the IMF (USD 4.5 billion), Japan (USD 3.4 billion), Canada (USD 1.8 billion), the UK (USD 1 billion), the World Bank (USD 660 million), and Spain (USD 50 million).

Funds from the European Union were attracted as part of Macro-Financial Assistance. Loans under the EU Macro-Financial Assistance have a 35-year maturity (including a 10-year grace period), and the EU compensates the servicing expenses.

As of the end of 2023, the weighted average cost of state and state-guaranteed debt amounted to 6.24%, which is 1.4% less than in the previous year.

Meanwhile, the weighted average maturity of Ukraine's state and state-guaranteed debt increased by more than 2 years to 10.56 years last year.

In 2023, the total amount of Ukraine's state and state-guaranteed debt increased by UAH 1,444 billion in the hryvnia equivalent and by USD 33.9 billion in the dollar equivalent. The increase was mainly attributed to an inflow of long-term concessional financing from international partners. 

As of December 31, 2023, Ukraine's state and state-guaranteed debt amounted to UAH 5,519.5 billion, or USD 145.3 billion. This includes: state and state-guaranteed external debt - UAH 3,863 billion (69.99% of the total amount of state and state-guaranteed debt), or USD 101.7 billion. State and state-guaranteed domestic debt - UAH 1,656.5 billion (30.01%), or USD 43.6 billion.

The share of the state and guaranteed debt is dominated by concessional loans received from international financial institutions (IFIs) and foreign governments (51.5%), domestic securities issued (28.9%), external securities issued (16.7%), and loans received from commercial banks and other financial institutions (2.9%).

As of the currency structure of state and state-guaranteed debt, the share of state debt denominated in euros increased rapidly as a result of EU Macro-Financial Assistance, from 14% to 32.3% as of the end of 2021. As of the end of 2023, the share of state debt in hryvnia amounted to 27.2%, in US dollars - 26.2%, in Special Drawing Rights (IMF currency) - 11.3%, and in other currencies, including pounds sterling, Canadian dollars, and Japanese yen - 2.9%.

In 2023, the Ministry of Finance held 206 auctions for the issuance of  domestic government bonds, attracting UAH 552.6 billion to finance the State Budget.

As of December 31, 2023, the refinancing rate of domestic government bonds was 150%, while the refinancing rate of hryvnia-denominated domestic government bonds was 172.6%, 111.2% in US dollars, and 126.4% in euros.

More detailed information on the state and state-guaranteed debt of Ukraine is available on the official website of the Ministry of Finance of Ukraine at the link.