By Kyiv School of Economics Center of Public Finance and Governance In 2023, the combined state debt and state-guaranteed debt increased by 30.4% to $145.3bn, representing 85% of the estimated GDP (up from 49% in 2021 and 77.8% in 2022). The surge was predominantly fuelled by a significant 49.1% rise in external debt, reaching $31.2bn, while domestic debt experienced a more modest 10.0% increase, amounting to $3.8bn. This disproportionate growth in external debt has altered Ukraine’s debt structure, with foreign exchange debt now constituting 73% of the total, up from 67% in 2022. The notable …