Ukraine ranks among world's top 40 countries with largest public debt

Ukraine's public debt is estimated at about $276 billion, or 122.6% of projected 2026 GDP, according to IMF figures cited by Experts Club, ranking it 38th globally in absolute terms and well above debt-to-GDP levels in Poland, Romania, Hungary, and Serbia.

The report notes Russia ranks 21st with about $507 billion in debt but only 19.1% of GDP, a comparison Experts Club is careful to caveat by pointing out that low debt ratios don't capture borrowing costs, sanctions restrictions, or capital-market access.

Ukraine's authorities have already deferred debt payments to international creditors until 2030, and government debt figures showed a slight decrease in hryvnia and dollar terms in May 2026, even as the country's overall debt load remains among the world's highest relative to its economy.

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