When government debt exceeds 100% of GDP and the legislative limit of 60% is temporarily "frozen" due to war, a borrower's reputation is one of the few tools that really affects the cost of future borrowing. It is in this context that the results of a fresh IIF rating should be read.
What was measured and what was obtained
The Institute of International Finance (IIF) annually evaluates 57 countries with emerging markets based on the quality of investor relations, debt transparency, and ESG data disclosure. Ukraine had not participated in the assessment since 2021 — and returned immediately with a result of 45.2 out of 50 points, entering the top ten.
For comparison: the global average is 37 points, the average among participating countries is 40.5 points. The rating leader, the Philippines, scored 49.3 points. The difference between first place and Ukraine is less than 5 points.
"We intend to continue improving the system of interaction with investors in accordance with IIF recommendations"
Ministry of Finance of Ukraine
Where exactly Ukraine stands out
- Debt transparency: 11 out of 13 points with an average of 9.6 across the sample — meaning Ukraine discloses debt structure in more detail than most countries with comparable credit risk.
- Web communication with investors: The IIF separately highlighted Ukraine as an example of best global practice in this category.
- Proactive communication: The Ministry of Finance identified regular dialogue with creditors as a separate priority — not a reaction to requests, but systematic work.
Debt and trust: what's the logic
According to the NBU's assessment, Ukraine's government debt in 2026 significantly exceeds 100% of GDP and will remain so throughout the entire forecast horizon. In April, Ukraine agreed with official creditors to defer payments until 2030. So the country is simultaneously restructuring its debt — and earning top ratings for transparency regarding that very debt.
This is not a contradiction. Transparency in a crisis situation is a separate signal to the market: the creditor understands that they will receive the full picture of risks, not half-truths. This is precisely why the IMF predicts Ukraine's economic growth to be twice as fast as the eurozone by 2031 — trust in the data is part of this forecast.
The Ministry of Finance's practical approach is clear: the higher the transparency rating now, the lower the risk premium when accessing markets after the war. But this logic only works under one condition — if the level of reporting detail is preserved at the moment when the restructured debt begins to require actual payments after 2030.
