External debt, also called foreign debt, is money a country's residents owe to lenders in other countries: the government, banks, companies and households together. It differs from national debt, which counts only what the government owes, to anyone. The numbers below come from the World Bank's International Debt Statistics, which cover low- and middle-income countries.
How much do developing countries owe abroad?
$9.45 trillion at the end of 2025, 142.1% more than in 2010. The ten largest debtors owe 67.0% of the total, and China alone 24.1%.
Countries with the most external debt
Big emerging economies top the list in dollars. Most of their foreign debt is private: for China, the government and public guarantees make up only $460.2 billion of $2.28 trillion; the rest is owed by banks and companies.
| # | Country | External debt | % of GNI | Debt service, % of exports |
|---|---|---|---|---|
| 1 | China | $2.28 trillion | 11.7% | 9.4% |
| 2 | India | $763.5 billion | 19.5% | 9.8% |
| 3 | Brazil | $659.8 billion | 29.9% | 38.6% |
| 4 | Mexico | $645.0 billion | 36.3% | 9.6% |
| 5 | Turkiye | $572.8 billion | 36.4% | 25.0% |
| 6 | Indonesia | $438.1 billion | 31.1% | 16.6% |
| 7 | Argentina | $261.7 billion | 39.1% | 29.6% |
| 8 | Colombia | $256.0 billion | 56.9% | 45.4% |
| 9 | Ukraine | $250.3 billion | 117.8% | 16.5% |
| 10 | Thailand | $208.9 billion | 37.2% | 2.7% |
Highest external debt to GNI
Dollars favor large economies. Comparing debt with gross national income (GNI), what residents earn in a year, shows who carries the heaviest load: Mozambique (366.4%), Suriname (228.3%), Mongolia (183.4%). Above 100%, a country owes foreigners more than it earns in a full year.
| # | Country | External debt | % of GNI | Debt service, % of exports |
|---|---|---|---|---|
| 1 | Mozambique | $74.4 billion | 366.4% | 47.4% |
| 2 | Suriname | $9.6 billion | 228.3% | 44.1% |
| 3 | Mongolia | $41.3 billion | 183.4% | 25.3% |
| 4 | Senegal | $45.4 billion | 131.4% | 34.1% |
| 5 | Mauritius | $22.5 billion | 126.5% | 5.8% |
| 6 | Ukraine | $250.3 billion | 117.8% | 16.5% |
| 7 | Montenegro | $10.9 billion | 117.5% | 30.4% |
| 8 | Lao PDR | $19.4 billion | 112.3% | 14.7% |
| 9 | Zambia | $28.6 billion | 108.8% | 19.5% |
| 10 | Bhutan | $3.4 billion | 99.4% | 19.5% |
Who spends the most of their exports on debt?
Foreign debt is usually repaid in dollars, and a country earns dollars mainly by exporting. Debt service to exports shows how much of those earnings goes to principal and interest each year. El Salvador paid 79.2% of its export income in 2025, Kazakhstan 64.2%.
| # | Country | External debt | % of GNI | Debt service, % of exports |
|---|---|---|---|---|
| 1 | El Salvador | $27.9 billion | 81.6% | 79.2% |
| 2 | Kazakhstan | $183.1 billion | 64.4% | 64.2% |
| 3 | Jamaica | $15.3 billion | 68.4% | 53.9% |
| 4 | Mozambique | $74.4 billion | 366.4% | 47.4% |
| 5 | Colombia | $256.0 billion | 56.9% | 45.4% |
| 6 | Suriname | $9.6 billion | 228.3% | 44.1% |
| 7 | Brazil | $659.8 billion | 29.9% | 38.6% |
| 8 | Senegal | $45.4 billion | 131.4% | 34.1% |
| 9 | Papua New Guinea | $12.2 billion | 40.6% | 33.8% |
| 10 | Pakistan | $135.1 billion | 33.9% | 32.8% |
External debt vs national debt
- Who owes: external debt counts everyone in the country; national debt counts only the government.
- To whom: external debt is owed only to foreigners; national debt is owed to anyone, mostly to banks, pension funds and savers at home.
- Overlap: government bonds held by foreign investors are in both. In 2025, public and publicly guaranteed debt is 41.0% of the external debt in this dataset.
A country can have a large national debt and little external debt if its government borrows mostly from savers at home, and the other way round. How governments borrow is explained in how national debt works.
What about the United States and other rich countries?
The International Debt Statistics cover only countries that report to the World Bank's Debtor Reporting System, which are low- and middle-income economies. External debt of the United States, the UK, Japan and other high-income countries is published in the Quarterly External Debt Statistics. For their government debt, see the national debt ranking.
What does the national debt cost you?
Pick a country and see your household's share of its government debt grow every second.
Open the debt calculatorSource: World Bank, International Debt Statistics (indicators DT.DOD.DECT.CD, DT.DOD.DPPG.CD, DT.DOD.DECT.GN.ZS, DT.TDS.DECT.EX.ZS), latest year 2025, retrieved 2026-11-12. Debt service is principal and interest actually paid on long-term debt, interest on short-term debt and repayments to the IMF.
Frequently asked questions
What is foreign debt?
Foreign (external) debt is everything a country's residents owe to lenders abroad: the government, banks, companies and households together. It is paid back in money, goods or services, often in foreign currency.
Is external debt the same as national debt?
No. National debt is what the government owes to anyone, at home or abroad. External debt is what the whole country owes to foreigners. Only part of it is public: in 2025, governments and public guarantees account for 41.0% of the external debt of the 120 countries in the World Bank data.
Which country has the most foreign debt?
Among low- and middle-income countries, China owes the most to foreign lenders: $2.28 trillion in 2025. Rich countries are not covered by this dataset; the World Bank publishes their figures separately in the Quarterly External Debt Statistics.
How much do developing countries owe abroad?
Low- and middle-income countries owed $9.45 trillion in external debt at the end of 2025, up from $3.90 trillion in 2010.
Why is foreign debt risky?
Debt owed in a foreign currency cannot be printed at home. If the local currency falls or exports drop, the same debt costs more to repay, and the country has to earn or borrow dollars to keep paying.
