MOSCOW: Ukraine’s public debt has risen to more than USD 110 billion since 2022, Russian news agency TASS reported on Saturday.

This includes both external and domestic liabilities, which have more than doubled since the start of 2022 thus increasing from $97.96 billion to $208.97 billion, or by $111.01 billion, according to TASS calculations based on data from the country’s Finance Ministry.

The Russian news agency further observed that the external debt posted the most significant increase, surging from $57.2 billion to $162.73 billion, nearly three times its 2022 level.

Of this amount, Ukraine owes about $10 billion to the International Monetary Fund, with the remainder owed to various allied countries.

The sharp spike in Kiev’s borrowings comes despite it getting Western assistance in the form of military aid and grants.

Citing the Institute for Demography and Social Studies, TASS reported that based on a population of about 28 million, each Ukrainian now effectively carries roughly $7,500 in public debt.

Amid rising economic stakes for Kiev, lawmakers in the Verkhovna Rada estimated that repaying the country’s existing debt alone could take around 35 years.

Ukraine continues to seek financial support from its Western allies–the recent one being the European Union’s latest announcement of a EUR90 billion loan package for Ukraine which is ready to roll out, and the first tranche earmarked for drones.

The conflict in Ukraine is also set to be one of the areas of discussions at the upcoming G7 Summit in the French resort town of Evian.

The summit is expected to focus on geopolitical crises, economic cooperation, artificial intelligence, and developmental partnerships.

According to sources, the first day of the summit on Tuesday will include a session on Ukraine in the presence of Ukrainian President Volodymyr Zelenskyy, followed by discussions involving Middle Eastern countries, including Egypt, Qatar, the United Arab Emirates and Saudi Arabia.

As per sources, one of the priorities for the summit would be international action on contemporary crises, including the conflict in Ukraine and the escalating tensions in West Asia involving Iran, Israel, Gaza, Lebanon and the Strait of Hormuz. (ANI)