“Ukraine’s situation is truly remarkable,” said Vasiliauskas.
“Your country is at war, yet the economy functions, the banking sector functions, and the state functions. I think this is a great miracle.”
The IMF director also stated: "As for the debt, you will calculate the final figures after the war. Now you just need to survive. I think the international community and creditors understand this. You face additional needs for security and defense spending, which is understandable."
He emphasized that the current debt level is not exceptional given the circumstances, but fiscal policy must focus on sustainable financing.
“The war situation does not help, but we cannot change it,” Vasiliauskas added.
“You have to be creative and find ways to keep all policies - fiscal, monetary - stable and predictable."
Looking ahead, Vasiliauskas expressed optimism about Ukraine’s post-war prospects.
"The most important indicator is the war itself and its continuity,” he said.
“This is the main risk factor. Even when we talk about the IMF program for Ukraine, it is based on certain assumptions, including the continuity of the war. When the war is over - and one day it will be - I see quite positive prospects for Ukraine... We can take an example from the Baltic countries. In 20 years of EU membership, a miracle has happened on the Baltic Sea. I think the same thing will happen to you."
In September 2024, Ukraine’s state debt decreased by $9 billion following a restructuring.
As of May 31, 2025, the total state and state-guaranteed debt reached $180.97 billion, with 74.31% external and 25.69% domestic.