Ukraine under Zelensky hits debt peak, fails to cover expenses
Ukraine has recently received a $3.9 billion grant from the US, via the World Bank, for social expenses the country fails at covering on its own.
Under Zelensky, the country’s state debt grew by $74 billion, which is just a little less than what the previous five Ukrainian presidents incurred in total.
According to the Ukraine’s finance ministry, its state debt amounted to $152.2 billion by July, a record 88.4% of GDP.
The main growth is due to Ukraine’s external debt, which increased by $59.5 billion to reach $103.7. The domestic debt increased by $14.4 billion to $40.5 billion.
Taking into account the amount of external debt and Ukraine’s current 38 million population, every Ukrainian citizen now owes around $2,728 to a foreign country.
Earlier, the international rating agency S&P lowered Ukraine’s long- and short-term foreign currency credit ratings to SD/SD (Selective Default) – after the country failed to make a bond payment.
