MOSCOW, April 19. /TASS/. Ukraine’s national debt is in the stratosphere, and at some point, Western states will demand that Kiev return the money now allocated to support it, says Ukrainian ex-Prime Minister (2010-2014) Nikolay Azarov.

"The West has no intention of forgiving the debts of the Kiev regime. In one year, Ukraine’s external debt has reached a record-high $132 billion. […] In absolute figures, by the end of the year, the total state debt may reach a record-high $173 billion (compare that to the current $132 billion). And, although some Western aid comes in the form of grants, the bulk of the money from the US, the EU, other countries and organizations - are loans. And they will have to be paid off eventually!" Azarov said on social media.

He noted that Ukraine’s total debt in relation to its GDP increased from 64.6% to 89% in 2022, and, by the end of this year, it will exceed 100%, meaning "the state will owe more than the entire volume of all goods and services it produces." According to Azarov, Ukraine has never owed so much."

The former prime minister believes that the situation with Ukraine’s budget revenues is unlikely to improve this year, so the debt will only keep growing.

"Currently, the Ukrainian budget is formed based on Western aid, which makes it possible to calculate the debt as 120% of GDP, but, if we look at our revenue alone, then the debt will stand at 300%. Yes, the creditors have given Ukraine a grace period until 2027, but a delay does not mean that the debt can be ignored," Azarov underscored.

Ukraine’s budget for this year has a record-high deficit of $38 billion. Ukrainian President Vladimir Zelensky expressed his hope that the West will help Kiev cover the budget deficit. In April, the European Commission announced that Kiev notified G7 countries that, thanks to financial aid from the International Monetary Fund and the EU, the budget deficit for this year has been covered. According to the Verkhovna Rada financial committee, this year’s budget will see an increase in the state debt limit to $172.7 billion, or 102.3% of Ukraine’s predicted GDP in 2023.