Ukraine's public debt reaches record $155.56B

Ukraine's public debt reached a record $155.56 billion, Ukrainian News reported citing data from the Finance Ministry, Report informs via TASS.

It was noted that the total public debt in September increased by 0.56% in comparison with the previous month. At the end of September, the debt amounted to 6.404 trillion hryvnia ($155.56 billion).

The day before, Assistant Director in the IMF's Fiscal Affairs Department Era 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 the growing public debt.

The Ukrainian authorities have repeatedly acknowledged that raising taxes and excise duties is inevitable and there is no alternative to this measure. Kyiv says that the country can only cover military budget items on its own, while everything else is financed with the help of its allies.

The government has submitted a draft budget for 2025 to the Rada, which includes a deficit of 1.6 trillion hryvnia ($38.68 billion) and plans to lower the national currency rate to 45 hryvnia per dollar.