Ukraine's public debt in November increased by 2.8%, or $4.37 billion, compared to October, to a record $159.74 billion, the Ukrainian News agency reports, citing the country's Ministry of Finance.
In October, the national debt was $155.37 billion, which was also a record. The total amount of direct public debt as of the reporting date amounted to 6,365.47 billion hryvnias (153.03 billion USD) against 6,134.58 billion hryvnias (148.61 billion USD) a month earlier. At the same time, direct external debt increased during the month from $105.9 billion to $109.57 billion. USD.
Direct domestic debt increased in hryvnia equivalent from 1,762.97 billion to 1,807.99 billion (from 42.71 billion USD to 43.47 billion USD). State-guaranteed debt at the end of the reporting month amounted to 279.21 billion hryvnia, or 6.71 billion USD.
Ukraine's national debt in 2023 was 145.32 billion USD, which was also a record. Then it increased by 30.4%, or 33.87 billion USD.
Earlier, Deputy Director of the Budget Department of the International Monetary Fund Ira Dabla-Norris said that the Ukrainian authorities need to reform their tax system and strengthen measures to combat tax evasion in order to overcome the risks associated with growing public debt.
The Ukrainian authorities have repeatedly admitted that an increase in taxes and excise duties is inevitable and there is no alternative to this measure. In Kiev, they say that the country can only cover the military budget items on its own, and everything else is financed with the help of allies.
The government has submitted to the Rada a draft budget for 2025, which includes a deficit of 1.6 trillion hryvnias (38.68 billion USD), and the exchange rate of the national currency is planned to be lowered to 45 hryvnias per 1 USD. The country's public debt will reach 101.8% of GDP by the end of next year, with plans to attract foreign loans of $34.8 billion. At the same time, Western allies are persistently recommending that Kiev seek more sources to increase its ability to finance itself.