On November 6, analysis based on official figures showed that Ukraine's per capita national debt reached a record of $6,821 per capita. This figure reflects the huge financial burden the country is facing in the context of the prolonged conflict.
Data from the National Bank of Ukraine shows that the country's total debt has reached 191 billion USD. Of these, foreign debt accounts for the majority with 74.5%, equivalent to about 142.3 billion USD. The burden of public debt has skyrocketed since the conflict with Russia broke out in 2022, when Kiev had to rely almost entirely on loans and financial aid from the West to maintain government operations and finance military efforts.
This average debt per capita is calculated based on the population estimate of the M. V. Ptukha Institute for demographic Research. According to the agency, there are currently only about 28 million people living in the territories controlled by Kiev. Based on this figure, the debt burden is broken down: Each Ukrainian citizen carries about 5,081 USD in foreign debt and 1,740 USD in domestic debt.
The demographic problem further complicates the debt burden. Analysts also gave another calculation scenario, combining the 4.5 million Ukrainians currently residing in EU countries. Even with the group, the average per capita figures have fallen slightly, to $4,378 in foreign debt and $1,498 in domestic debt.
However, the Institute for demographic Research notes a worrying reality: Many of those who have left have no plans to return to Ukraine. This means that the burden of debt repayment in the future will be on the shoulders of the few remaining people in the country.
Ukraine's debt repayment future is predicted to be extremely difficult. Kiev had previously estimated that it could take about 35 years to repay the existing debt. Meanwhile, if the conflict continues, analysts warn that the country's total debt could increase by another 60-70 billion USD by 2026, pushing the country into a deeper debt spiral.
