International Debt Report 2023 by World Bank Publications

INTERNATIONAL DEBT REPORT

2023

International Debt Report 2023

© 2023 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW, Washington, DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved 1 2 3 4 26 25 24 23 This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy, completeness, or currency of the data included in this work and does not assume responsibility for any errors, omissions, or discrepancies in the information, or liability with respect to the use of or failure to use the information, methods, processes, or conclusions set forth. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Nothing herein shall constitute or be construed or considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved. Rights and Permissions

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Contents

Foreword

Acknowledgments

Introduction: International Debt Statistics at 50—Past, Present, and Future

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Key Takeaways

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Abbreviations

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PART 1. Overview

Chapter 1. Analyses of External Debt Stocks and Debt Flows as of End-2022 Trends in External Debt Stock, 2012–22 Trends in External Debt Stock of IDA-Eligible Countries, 2012–22 Debt Indicators, 2012–22 Debt Servicing Costs, 2012–22 Trends in External Debt Flows, 2012–22 New Debt Commitments, 2012–22 Notes References

5 8 13 14 19 24 24

Chapter 2. The Macroeconomic and Debt Outlook for 2023 and Beyond Introduction Notes References

25 25 28 29

Chapter 3. Charting Improvement in Public Debt Transparency and the Quality of Debt Reporting Efforts to Improve Debt Transparency Direct and Indirect Disclosure of Public Debt Data Notes Reference

3 3

31 31 32 34 34

Chapter 4. The Debtor Reporting System and the Need for Innovative Approaches to Debt Management Introduction Portfolio Analysis Active Portfolio Management Notes References Chapter 5. The International Debt Statistics Database: A Gold Mine for Researchers Introduction A Wealth of Data Using IDS Arrears Data to Identify Debt Distress Events Note References PART 2. Aggregate and Country Tables

35 35 35 37 39 39

41 41 41 42 44 44 45

All Low- and Middle-Income Countries 47 East Asia and Pacific 48 Europe and Central Asia 49 Latin America and the Caribbean 50 Middle East and North Africa 51 South Asia 52 Sub-Saharan Africa 53 Afghanistan 54 Albania 55 Algeria 56 Angola 57 Argentina 58 Armenia 59 Azerbaijan 60 Bangladesh 61 Belarus 62 Belize 63 Benin 64 Bhutan 65

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Bolivia 66 Bosnia and Herzegovina 67 Botswana 68 Brazil 69 Bulgaria 70 Burkina Faso 71 Burundi 72 Cabo Verde 73 Cambodia 74 Cameroon 75 Central African Republic 76 Chad 77 China 78 Colombia 79 Comoros 80 Congo, Democratic Republic of 81 Congo, Republic of 82 Costa Rica 83 Côte d’Ivoire 84 Djibouti 85 Dominica 86 Dominican Republic 87 Ecuador 88 Egypt, Arab Republic of 89 El Salvador 90 Eritrea 91 Eswatini 92 Ethiopia 93 Fiji 94 Gabon 95 Gambia, The 96 Georgia 97 Ghana 98 Grenada 99 Guatemala 100 Guinea 101 Guinea-Bissau 102 Guyana 103 Haiti 104 Honduras 105 India 106 Indonesia 107 Iran, Islamic Republic of 108 Iraq 109 Jamaica 110 Jordan 111 Kazakhstan 112 Kenya 113 Kosovo 114 Kyrgyz Republic 115 Lao People’s Democratic Republic 116

Lebanon 117 Lesotho 118 Liberia 119 Madagascar 120 Malawi 121 Maldives 122 Mali 123 Mauritania 124 Mauritius 125 Mexico 126 Moldova 127 Mongolia 128 Montenegro 129 Morocco 130 Mozambique 131 Myanmar 132 Nepal 133 Nicaragua 134 Niger 135 Nigeria 136 North Macedonia 137 Pakistan 138 Papua New Guinea 139 Paraguay 140 Peru 141 Philippines 142 Russian Federation 143 Rwanda 144 Samoa 145 São Tomé and Príncipe 146 Senegal 147 Serbia 148 Sierra Leone 149 Solomon Islands 150 Somalia 151 South Africa 152 Sri Lanka 153 St. Lucia 154 St. Vincent and the Grenadines 155 Sudan 156 Suriname 157 Syrian Arab Republic 158 Tajikistan 159 Tanzania 160 Thailand 161 Timor-Leste 162 Togo 163 Tonga 164 Tunisia 165 Türkiye 166 Turkmenistan 167

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Uganda 168 Ukraine 169 Uzbekistan 170 Vanuatu 171 Viet Nam 172 Yemen, Republic of 173 Zambia 174 Zimbabwe 175 APPENDIX

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Data Sources

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Country Groups Regional Groups Income Groups

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Glossary

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BOXES 1.1 1.2 1.3 1.4

1.5 1.6 1.7

Allocation of the IMF’s Special Drawing Rights in 2022 External Debt Data: Concepts, Sources, and Coverage Debt-to-GDP versus Debt-to-GNI Ratios World Bank Income and Lending Classifications Used in International Debt Report 2023 China: The Largest Borrower among Low- and Middle-Income Countries IDA Grants: Contributing to Reducing Debt Vulnerabilities China: Low- and Middle-Income Countries’ Largest Bilateral Creditor

4 7 9

10 15 20 22

FIGURES 1.1

Percent Change in External Debt Stocks of Low- and Middle-Income Countries, 2012–22 1.2 Share of External Debt Stocks of Low- and Middle-Income Countries, 2012–22 B1.1.1 SDR Allocations as a Share of General Government External Debt and International Reserves, by Region, 2022 1.3 Composition of Debt Stock in Low- and Middle-Income Countries, 2012–22

1.4

Creditor Composition of Long-Term Public and Publicly Guaranteed External Debt for IDA-Eligible Countries, 2012–22 6 1.5 External Debt-to-GNI Ratios for Low- and Middle-Income Countries and IDA-Eligible Countries, 2012–22 9 B1.4.1 Number of Low- and Middle-Income Countries and Guyana Covered in International Debt Report 2023, by FY2024 Income and Lending Groups 10 1.6 Change in External Debt Stock and GNI, by Income and Lending Group, 2012–22 11 1.7 Change in External Debt Stock and GNI, by Region, 2012–22 11 1.8 Change in External Debt Stock and Exports, by Income and Lending Group, 2012–22 12 1.9 Total Debt Service and Interest Payments on External Debt for IDA-Eligible Countries, 2012–22 13 1.10 Net Debt Inflows to Low- and Middle-Income Countries, by Maturity, 2012–22 14 B1.5.1 Net Financial Flows to China, 2012–22 15 1.11 Bond Flows to Low- and MiddleIncome Countries (excluding China), by Borrower Type, 2021 vs. 2022 17 1.12 Net Flows to IDA-Eligible Countries, by Region and Creditor Type, 2022 18 1.13 Net Equity Inflows and External Debt Flows to Low- and Middle-Income Countries, 2012–22 18 1.14 Loan Commitments to IDA-Eligible and IBRD-Only Countries, 2012–22 19 B1.6.1 IDA Gross and Net Inflows of Credits and Grants to IDA-Eligible Countries, 2012–22 20 1.15 New Commitments from Multilateral Creditors to IDA-Eligible and IBRD-Only Countries, 2012–22 21 1.16 New Commitments from Bilateral Creditors to IDA-Eligible and IBRD-Only Countries, 2012–22 21 1.17 Percent Share of Loan Commitments to IDA-Eligible Countries, by Creditor Type, 2012–22 22

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B1.7.1 Low- and Middle-Income Countries’ Debt to China, by Region, 2012–22 B1.7.2 Commitments from China to Lowand Middle-Income Countries, by Region 2012–22 2.1 Percent Change in Gross Domestic Product Growth, 2018–24 2.2 Changes in External Debt-to-GNI Ratios, 1970–2022 2.3 Composition of Government Expenditures in Low- and Middle-Income Countries, 2010s vs. 2020s 3.1 Performance and Policy Actions, July 1, 2020, to June 30, 2023

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4.1 22 4.2 23

5.1

5.2

Distribution of Interest Rates on Outstanding External Public Debt across IDA-Only Countries 36 Histogram of Commitment Fees across the Debt Portfolio of Official Loans 37 Risk of External Debt Distress among IDA-Eligible Countries, 2006–23 42 Projected Debt Service Payments and External Default Episodes, Selected Countries, 1970–2021 43

TABLES 1.1 28 1.2 32

External Debt Stock of IDA-Eligible Countries, 2012–22 Net Debt Inflows to Low- and Middle-Income Countries, 2012–22

6 15

Foreword The International Debt Report 2023 arrives at a time of rising fears about unsustainable debt in developing countries. As these countries grapple with an array of destabilizing economic forces, the poorest among them are at increasing risk of tumbling into a debt crisis. Today, one of every four developing countries is effectively priced out of international capital markets. In the past three years alone, the number of sovereign debt defaults in these countries has surged to 18, outstripping the total of the previous two decades. For the poorest countries, debt has become a nearly paralyzing burden: 28 countries eligible to borrow from the World Bank’s International Development Association (IDA) are now at high risk of debt distress. Eleven are in distress. These developments constitute a grave danger to prospects for progress on global development goals. Developing countries today also confront higher energy prices, steeper interest rates, and geopolitical turmoil in key regions of the world. It is a combustible mix— not unlike the conditions 50 years ago that prompted the World Bank to take a crucial step to advance debt transparency across the world. In 1973, having established the Debtor Reporting System (DRS) two decades earlier to monitor the debt of our borrowers, we decided the time had come to use it as a public force for good—to guide sustainable financing to advance development in developing countries. Debt crises tend to recur. The surest way to prevent them is to adopt preemptive policies. But that requires accurate, timely, and comprehensive data. So we began to publish an annual report outlining key trends in the debt of all World Bank borrowers. Today, our International Debt Statistics database has become the most comprehensive publicly available source of comparable cross-country data on the external debt of developing countries. This year marks the debt report’s 50th consecutive year of publication. With this edition, we have expanded its analytical scope. The report now goes beyond strict reporting of the latest debt data. It also features analysis of emerging trends in debt management and debt transparency. International Debt Report 2023 sounds an alarm about the danger confronting low- and middle-income countries—particularly the poorest. In 2022, the latest year for which data are available, low- and middle-income countries paid a record US$443.5 billion to service their external public and publicly guaranteed debt. In a time of pinched government budgets, these payments diverted spending away from health, education, and other critical needs. Debt servicing costs on public and publicly guaranteed debt are projected to grow by 10 percent for all developing countries over the 2023–24 period—and by nearly 40 percent for low-income countries. Countries eligible to borrow from IDA are likely to face a rough ride in the coming years: interest payments on their total external debt stock have quadrupled since 2012, to an all-time high of US$23.6 billion. These payments are consuming an ever-larger share of export revenues, putting some countries just one shock away from a debt crisis. More than a third of this debt involves variable interest rates that could rise suddenly.

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Besides the steeper interest rates that all countries are paying on their debt, the poorest face an additional burden: the accumulated principal, interest, and fees they incurred for the privilege of debt service suspension under the Group of Twenty’s Debt Service Suspension Initiative. The exact costs of that privilege will not be known until the data are reported in 2024. But it is safe to say the costs will not be small—and poor countries will need more global help to ease their debt than they are receiving now. This report makes it clear who has—and who has not—thrown a lifeline to countries struggling to meet key development objectives. As interest rates climbed in advanced economies, private creditors followed the money in 2022: they largely withdrew from developing countries, pulling out US$185 billion more in principal repayments than they disbursed in loans. That marked the first time since 2015 that they have withdrawn more funds than they put into developing countries. The World Bank, along with other multilateral development banks, stepped in to help close the gap. Multilateral creditors provided a record US$115 billion in new financing for developing countries in 2022, nearly half of which came from the World Bank. For many countries— particularly the poorest—multilateral creditors were the primary source of new financing in 2022. Through IDA, the World Bank provided US$16.9 billion more in new financing for these countries than it received in principal repayments—nearly three times the comparable number a decade ago. In addition, the World Bank disbursed US$6.1 billion in grants to these countries, three times the amount in 2012. Over the remainder of this decade, full disclosure of public debt data will remain as critical to sustainable borrowing and rules-based lending practices as it was 50 years ago. Ensuring such transparency is seldom straightforward. It is painstaking work. It demands steady engagement with borrowers, creditors, and academia to identity and close gaps. It calls for building and maintaining debt reporting systems that can stay abreast of the rapidly changing landscape of domestic and international creditors. We hope that reports like this will lead to greater transparency in reporting and will facilitate sharper analytics and improved debt sustainability.

Indermit S. Gill Senior Vice President and Chief Economist The World Bank Group

Acknowledgments This volume was prepared by the World Bank’s Debt Statistics Team of the Development Data Group, led by Evis Rucaj and comprising Parul Agarwal, Ogma Dessirama Bale, Arzu Aytekin Balibek, Kifaye Didem Bayar, Matthew Benjamin, Sylvie Kabaziga Bishweka, Wendy Huang, Chineze Olive Okafor, Malvina Pollock, Rubena Sukaj, Tin Yu To, Rasiel Vellos, and Bedri Zymeri. The work was carried out under the management of Nada Hamadeh and the direction of Haishan Fu. The team was assisted by Nancy Kebe. The overview was prepared by the Debt Statistics Team, with contributions from Sebastian Andreas Horn from the Development Economics Vice Presidency; David Mihalyi and Diego Rivetti with guidance from Frederico Gil Sander from the Macroeconomics, Trade and Investment Global Practice; Xubei Luo from the Development Finance Vice Presidency; and Hayley Marie Pallan and Naotaka Sugawara with guidance from M. Ayhan Kose and Carlos Arteta from the Development Economics Prospects Group. Valuable guidance was provided by Indermit S. Gill, senior vice president and chief economist of the World Bank Group, and Haishan Fu, chief statistician of the World Bank and director of the Development Data Group. Valuable feedback was provided by Brian R. Pinto, former senior advisor at the World Bank. The Development Economics Vice Presidency; Macroeconomics, Trade and Investment Global Practice; Development Finance Vice Presidency; and Development Economics Prospects Group of the World Bank provided helpful feedback on the overview section. The final statistics were reviewed by country economists from the Macroeconomics, Trade and Investment Global Practice. The cover was designed by Parul Agarwal and Bill Pragluski. Mark McClure, Jewel McFadden, and Orlando Mota coordinated the publication and dissemination of this volume. Kristin Milhollin, Joseph Rebello, and Shane Kimo Romig managed the communications surrounding the release. The accompanying International Debt Statistics electronic products were prepared with support from a team led by Sebastian Ariel Dolber, Ramgopal Erabelly, and Kunal Patel, and comprising Yuliyan Nikolaev Bogdanov, Rajesh Kumar Danda, Svetoslava Georgieva Dimitrova, Debora Manandhar, Vijayakumar Juttu Mohan, Gangadhar Simhani, and Tsvetelina Nikolova Stefanova.

Introduction: International Debt Statistics at 50—Past, Present, and Future The International Debt Report 2023 is the 50th edition of the World Bank’s annual publication on external debt along with the International Debt Statistics (IDS) database,1 the most comprehensive and transparent source of verifiable, cross-country comparable external debt data of low- and middle-income countries (LMICs). Much has changed over 50 years. Yet there are many similarities between 1973, the first year the World Bank publicly disseminated the data it collected through its Debtor Reporting System (DRS) on the external debt obligations of its borrowers, and now. Much like this year, 1973 was marked by a challenging global economy with multiple destabilizing forces. The Bretton Woods international monetary system had recently been abandoned. An oil crisis began that generated inflation through higher energy and commodity prices and threw the world economy into recession. Total World Bank lending reached US$3.6 billion that year—higher than any previous year. It achieved a goal set by World Bank President Robert McNamara to double World Bank–provided assistance in 1969–73 over the previous five-year period. Today the world is emerging from a pandemic that shook economies, disrupted international trade, and ignited global inflation. LMICs in particular are struggling with the effects of an ongoing war in Europe, rising energy prices, sharply higher interest rates, and slowing growth. World Bank Group loans, grants, and guarantees have grown to more than US$128 billion and are as critical as ever to the World Bank’s central mission of ending extreme poverty on a livable planet. Fifty years on, however, one challenge remains the same: debt levels and debt servicing costs are rising in many LMICs—fueling fears of impending debt crises. In 1973, the World Bank stood out as an early champion of debt transparency by recognizing that public debt should be publicly disclosed and that debt statistics drawn from the DRS constituted an important public good. The World Bank committed to an annual publication on debt, accompanied by the dissemination of a database that provides comprehensive and timely information on the external debt stocks and flows of LMICs. The World Bank remains steadfast in that commitment today. In fact, the World Bank is now better equipped to disseminate accurate, verifiable, and transparent data about external debt held by LMICs. Over the past 50 years, its annual publication on debt has undergone numerous improvements and name changes. Multiple expansions of DRS reporting requirements have ensured that data collected have kept pace with the ever-changing landscape of international finance for LMICs and continue to meet the evolving needs of policy makers and the broader international community.

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History of the DRS To understand how the International Debt Report arrived at its current form, it is worth reviewing the history of the World Bank’s collection and dissemination of external debt data and how those processes have changed through the years. The World Bank began collecting data on the external debt obligations of its borrowers in the 1950s. Instituted in 1951, the DRS made the provision of detailed, loan-by-loan information of all public and publicly guaranteed long-term external debt a condition of borrowing from the International Bank for Reconstruction and Development. This information was seen as both essential input to the Bank’s macroeconomic analyses and an assurance to its bondholders that the creditworthiness of the countries to which it lent was being closely monitored. The requirement was extended to borrowing from the International Development Association (IDA) when it was established in 1960. By the mid-1960s, the Economics Department of the World Bank was drawing on DRS data to produce regular debt reports and support a burgeoning body of research on debt-related issues. The first major expansion of the DRS reporting requirement came in 1970, when reporting of private nonguaranteed external debt was initiated. This development reflected the emergence in some of the World Bank’s more advanced borrowers of private sector entities that were sufficiently creditworthy to borrow externally without the need for a guarantee from the sovereign or other public entity. The new directive required aggregate reporting of private nonguaranteed debt stocks and flows, grouped by type of financing. Initially, many countries resisted the new requirements on the grounds that these data could not be obtained without the introduction of formal exchange controls, would raise private sector concerns about government interference, and could incentivize misreporting. Nevertheless, private nonguaranteed debt currently constitutes about 45 percent of the total long-term external debt of LMICs, and these data are routinely reported to the DRS.

A Sea Change Initially, the World Bank used the debt data it collected solely for internal purposes. A sea change came in 1973 with the publication of World Debt Tables, which marked the first in an unbroken 50-year series of external debt data publications. Mexico’s announcement in 1982 that it would default on its external debt sparked a debt crisis that swept the globe. Over the ensuing decade, two-thirds of DRS reporting countries were forced to reschedule their external debt, most on multiple occasions. The DRS had begun to collect information on restructured debt service payments in the late 1970s, but the reporting requirement around debt restructuring expanded significantly in the 1980s and thereafter. The additional DRS reporting requirements paralleled the multiplicity of innovations that emerged from the debt restructuring process, including discounted buybacks, collateralized bonds, debt reduction measured in terms of present value, and a range of debt swap mechanisms. The overview section of the World Bank’s annual publication on debt also expanded to include detailed analyses and quantification of each debt restructuring arrangement concluded with official and private creditors, in the process becoming the international community’s recognized reference point for comprehensive and accurate information on debt restructuring.

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The fall of the Berlin wall in 1989 and collapse of the Soviet bloc in 1991 had important ramifications for the world and for the World Bank. In the three-year period 1990–92, 24 East European and former Soviet republics joined the World Bank. Most became borrowers and had to be absorbed into the DRS. During this period, LMICs also began to shift from manual debt recording and reporting systems to computerized debt management platforms. In 1985, only 10 countries reported to the DRS electronically. By 2000, this number had swelled to over half of DRS reporting countries. World Bank staff managing the DRS played a major role both in facilitating the new reporting norms and in ensuring that standards, definitions, and recording principles in the debt management software accorded with international standards and reporting requirements. The 2000s was a decade marked by the delivery of widespread debt reduction for the world’s poorest countries. Endorsement of the enhanced Heavily Indebted Poor Countries (HIPC) Initiative by the boards of the World Bank and the International Monetary Fund in the fall of 1999 accelerated the process launched in 1996 to reduce the debt of the poorest countries to sustainable levels. Since then, 36 eligible countries have reached the HIPC Completion Point and received substantive debt relief through the HIPC Initiative and the Multilateral Debt Relief Initiative established in 2005. Measuring the level of debt relief required, and its impact, was challenged by weak debt management capacity in almost all HIPC-eligible countries and poor or nonexistent recording of prior restructuring arrangements. Meeting the widespread demand both internally and from the international community for an accurate and comprehensive database for all HIPC-eligible countries, reflecting external debt stock and debt service before and after debt relief, was a core priority for the DRS. The decade following the global financial crisis of 2008 was marked by a surge in borrowing by LMICs, fueled by unprecedented low interest rates and the emergence of nontraditional creditors. This surge was accompanied by an array of more complex lending instruments; a sharp increase in contingent debt liabilities associated with nonguaranteed borrowing by state-owned enterprises, public-private partnerships, and special purpose vehicles; and the rising importance of borrowing in domestic debt markets. The focus of the DRS was twofold: first, validation of data reported by borrowers on which the accuracy and comprehensiveness of IDS depend, in order to eliminate data discrepancies and gaps; and second, expansion in the scope of the data set to provide a comprehensive breakdown by sector of borrower. To this end, the DRS drew extensively on the data reported by borrowers to the joint International Monetary Fund–World Bank Quarterly External Debt Statistics and Quarterly Public Sector Debt, managed in parallel with the DRS. It also now maintains a regular dialogue with national debt managers and draws on all available borrower and creditor publications to identify potential data gaps. As a result of these changes and improvements, the debt data the World Bank now disseminates are granular to an extent that earlier users would find unrecognizable. The IDS database stands as the most extensive and transparent source of verifiable, cross-country comparable external debt data of LMICs. Yet much more still needs to be done.

Moving Forward The total debt stock in LMICs has been on an upward trajectory since 2016 and surged in the wake of the COVID-19 pandemic. Over the past decade, debt accumulation in LMICs has

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also outpaced economic growth, raising serious concerns about the ability to service that debt. The situation is more acute in the poorest countries eligible for IDA resources; those countries have accumulated debt at a faster pace than other LMICs. Today, debt servicing burdens remain sizeable in LMICs and are poised to grow. The cost of servicing external debt in 2023–24 is expected to rise significantly from that in the previous two years, and the cost for low-income countries is projected to be much higher still. These projected increases in debt service take place against a backdrop of rising global interest rates and largely unfavorable exchange rate movements. Servicing external debt could, therefore, become increasingly burdensome for many countries in coming years and could crowd out spending on other priorities. As a result, disclosure of public debt data is as critical to sustainable borrowing and lending practices today as it was when the first World Bank report on external debt was published 50 years ago. And, although the DRS and the International Debt Report have improved immeasurably over the years, plans are already laid to make further enhancements. DRS priorities to be implemented over the next two to three years center on reformulating the DRS to fully reflect current borrowing patterns in LMICs and the plethora of new lending instruments, in addition to expanding the reporting requirement to support current data needs. The most important and far-reaching element will be responding to calls to extend the coverage of the DRS reporting requirement to the domestic component of public debt to reflect its increasing importance in LMICs’ overall debt portfolios. Efforts to close data gaps to enhance data quality and coverage remain an ongoing imperative, with a particular emphasis on achieving loan-by-loan coverage of the external obligations of state-owned enterprises in which the government holds a share of 50 percent or more. These obligations may not have an explicit guarantee from the sovereign government, but they nevertheless constitute an implicit contingent liability for the central government. The platform that has long been used to record and disseminate data captured through the DRS is now being replaced with a state-of-the-art cloud-based system to accommodate all the new data requirements, allow for faster and easier electronic transfer of DRS reports from national debt systems, and provide users of the IDS database expanded access and the capability to extract customized reports to support policy making, research, and analysis. Despite the many changes in international borrowing and lending over the past five decades, the priorities and objectives of the DRS remain constant. First and foremost, they are to assist DRS reporters in compiling and disclosing comprehensive, accurate, and timely public debt data. Second, they aim to ensure that the information the World Bank collects and disseminates in the IDS database reflects the current needs of policy makers and the broader international community. Finally, they spearhead the agenda for debt transparency that the World Bank has long recognized as the key to sustainable public borrowing and accountable rules-based lending practices.

Note 1.

For more about the IDS database, see https://www.worldbank.org/en/programs/debt-statistics.

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Key Takeaways Over the past decade, the rise in the external debt stock of low- and middle-income countries (LMICs) has outpaced economic growth, raising concerns about these countries’ ability to service their debt. The situation is especially worrisome in the poorest countries that are eligible for International Development Association (IDA) resources, where external debt stocks have risen at an even faster pace than other LMICs. This decade-long asymmetry between economic growth and debt accumulation has created or exacerbated debt vulnerabilities in many LMICs, and actions to address these vulnerabilities have become increasingly more urgent. Currently, about 60 percent of IDA-eligible countries are assessed at high risk of debt distress or are already in debt distress. Key takeaways from the 2022 data include the following: •

•

External debt stock of LMICs fell in 2022 for the first time since 2015, decreasing by 3.4 percent, to US$9.0 trillion in 2022 from US$9.3 trillion in 2021. The decrease was due to negative debt flows (disbursements minus principal repayments) and the appreciation of the US dollar against other major currencies in which external debt of LMICs is denominated. Long-term and short-term debt stocks fell at much the same pace, with the decline in long-term external debt stocks due primarily to the 5.0 percent decrease in obligations to private creditors. The combined external debt stock of IDA-eligible countries rose 2.7 percent in 2022 to an all-time high of US$1.1 trillion, more than double the 2012 level. Total net debt flows (loan disbursements minus principal repayments) to LMICs turned negative in 2022 for the first time since 2015 to outflows of US$185 billion, a stark contrast to inflows of US$556 billion recorded in 2021. Both short- and long-term debt flows were negative in 2022—US$90.6 billion and US$94.5 billion, respectively—with long-term debt flows at a record low and negative for the first time since the beginning of the millennium. The fall in net long-term debt inflows was due entirely to the US$189 billion outflow from private creditors, reflecting a sharp retrenchment in bond issuance by sovereigns and other public and private sector borrowers. Tighter monetary policy in advanced economies to curb inflation raised borrowing costs, pricing some LMICs out of the markets, and offered investors attractive returns in the US and European bond markets. As a result, there was a net outflow of US$127.1 billion from LMICs to bondholders in 2022, compared to an average annual inflow of $202 billion in 2019–21. The ratio of total external debt stock to gross national income (GNI) for LMICs declined by 2 percentage points in 2022, to 24 percent. This decline resulted from an increase in the US dollar value of LMICs’ combined GNI, which rose 5.8 percent in 2022, to US$37.4 trillion, a rebound in economic growth and a 3.4 percent fall in external debt stock. Over the past decade, low-income countries accumulated external debt at a faster rate than middle-income countries. The debt stock of low-income countries increased by 109 percent from 2012 to 2022, whereas GNI rose 33 percent. In contrast, in middle-income countries external debt stock rose 58 percent, only moderately more than GNI, which increased by 51 percent. In IDA-eligible countries, external debt stock accumulation significantly

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outpaced GNI growth from 2012–22, increasing 134 percent compared to a 53 percent rise in GNI over the same period. New external loan commitments plummeted in 2022 and recorded the largest decline in a decade. New commitments to public and publicly guaranteed sector entities fell in 2022 for a second consecutive year, decreasing 23 percent to US$372 billion to their lowest level since 2011. The principal driver was the 33 percent fall in new commitments from private creditors to US$218 billion, their lowest level since 2011, with the decline from bondholders the most drastic. New bonds issuance by LMICs in international markets dropped to US$114 billion, less than half the level of issuance in 2021, and new bond issuance by IDA-eligible countries fell by more than three-quarters to US$3.1 billion. An important exception was new commitments by multilateral creditors, which rose 1.5 percent in 2022 to US$115.6 billion. Multilateral creditors continued to step up and partly offset the decline in lending from private creditors. New commitments from the World Bank (International Bank for Reconstruction and Development and IDA) rose a further 1.3 percent in 2022, to US$53.5 billion, equivalent to 46 percent of new commitments by all multilateral institutions and an all-time high. For many countries, including most of the world’s poorest, multilateral lenders were the primary source of new external financing in 2022. Public and publicly guaranteed (PPG) debt service payments by LMICs (including the International Monetary Fund) totaled US$443.5 billion in 2022, the highest level in history, and are forecast to continue to grow. Debt service on PPG external debt alone is expected to rise 10 percent in 2023–24 from the previous two years. This increase takes place during a time of rising interest rates and largely unfavorable exchange rate movements, which exacerbated the fiscal burden of external debt service payments. As a result, servicing external debt could become increasingly burdensome for many LMICs and could crowd out spending on other priorities.

In addition to the release of the 2022 external debt data in the newly updated online International Debt Statistics database, this edition of the International Debt Report • •

•

• •

Provides analysis of the debt situation of LMICs and rising debt vulnerabilities against the backdrop of global monetary and fiscal tightening; Presents forward-looking analyses of the debt-related challenges LMICs face and the public and external debt burdens that may evolve in the context of prospects for growth in 2023 and beyond; Draws on outcomes of the IDA Sustainable Development Finance Policy to show how it is catalyzing greater debt transparency and enhancing comprehensive and timely reporting to the Debtor Reporting System; Discusses the need for innovative approaches to debt management in LMICs and the value that World Bank debt data can bring to this process; and Explores how the wealth of information in the International Debt Statistics database could help create an early warning system for debt distress in LMICs.

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Abbreviations AfDB AFESD BADEA BCIE BDEAC CIBM DRS DSEP EIB FDI FTSE FY GDP GNI HIPC IBRD IDA IDB IDS IMF LIC DSF LMICs MPA NPV OPEC PCO PPA PPG SDFP SDRs SOE SSA

African Development Bank Arab Fund for Economic and Social Development Arab Bank for Economic Development in Africa Central American Bank for Economic Integration Development Bank of the Central African States China Interbank Bond Market Debtor Reporting System Debt Sustainability Enhancement Program European Investment Bank foreign direct investment Financial Times Stock Exchange fiscal year gross domestic product gross national income Heavily Indebted Poor Countries International Bank for Reconstruction and Development International Development Association Inter-American Development Bank International Debt Statistics International Monetary Fund Debt Sustainability Framework for Low-Income Countries low- and middle-income countries multipronged approach net present value Organization of the Petroleum Exporting Countries Program of Creditor Outreach Performance and Policy Action public and publicly guaranteed debt Sustainable Development Finance Policy special drawing rights state-owned enterprise Sub-Saharan Africa

All dollar amounts are in US dollars unless otherwise indicated.

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PART 1 Overview

1. Analyses of External Debt Stocks and Debt Flows as of End-2022

Trends in External Debt Stock, 2012–22 The external debt stock of low- and middle-income countries (LMICs) decreased by 3.4 percent, from US$9.3 trillion in 2021 to US$9.0 trillion in 2022 (figure 1.1). This decrease marked the first deviation from the upward debt trajectory that has characterized this group of countries since 2015. The external debt stock of countries eligible for International Development Association (IDA) resources, however, increased by 2.7 percent in 2022, to an all-time high of US$1.1 trillion. Despite the slight decrease in 2022, the external debt stock of LMICs remained at unprecedented high levels following more than a decade of rapid debt accumulation. The main contributors to the 2022 decline were net debt outflows in combination with adjustments in the exchange rates between the currencies in which external debt is denominated and an appreciating US dollar. The decrease in the external debt stock of LMICs expressed in US dollar terms was also the result of appreciation of the US dollar against many major currencies in 2022. As the US dollar climbed against the Chinese yuan, euro, Japanese yen, British pound, and many other currencies, debt stock denominated in these currencies shrank in 2022 when converted into US dollars. The US dollar climbed more than 14 percent Figure 1.1 Percent Change in External Debt against the yen, 9 percent against the yuan, 6 Stocks of Low- and Middle-Income Countries, percent against the euro, and 5 percent against 2012–22 special drawing rights, because these four curPercent 20 rencies made up the largest portions of IDA 15 debt stock not denominated in US dollars. 10 Although the appreciation of the US dollar 5 translated into a fall in debt stock expressed 0 in US dollar terms for IDA-eligible countries, –5 it does not relieve the fiscal burden of external –10 debt payments for borrowing countries. Debt –15 service comes at a higher cost for a country if Low- and China Low- and IDA-eligible Low- and middle-income middle-income countries middle-income the national currency has depreciated against countries countries countries (excluding (excluding the denomination currency of the country’s China) China and IDA-eligible external debt obligations. countries) China, which accounted for more than Average 2012 to 2019 2021 2022 a quarter (26.6 percent) of the combined Source: World Bank International Debt Statistics database. end-2022 external debt stock of LMICs, Note: IDA = International Development Association.

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Figure 1.2 Share of External Debt Stocks of Lowdrove the trend (figure 1.2). In 2022, China’s and Middle-Income Countries, 2012–22 external debt stock declined 11.6 percent, to Percent US$2.4 trillion. When China is excluded, the total external debt stock of LMICs remained 100 90 broadly unchanged in 2022, reaching a record 80 level of US$6.6 trillion, marginally above 70 the end-2021 level and representing a much 60 50 slower 0.04 percent accumulation. The exter40 nal debt of LMICs continued to be heavily 30 20 concentrated in 10 middle-income countries 10 1 (not including China), whose combined debt 0 stock as of end-2022 accounted for 43 percent of the total external debt of LMICs. The total Top 10 countries, excluding China China debt stock of these 10 borrowing countries Other low- and middle-income countries declined 1.8 percent in 2022. This overall Source: World Bank International Debt Statistics database. Note: The 10 largest borrowers are based on total external debt decline masked a wide divergence in external stock at end-2022. Excluding China, they are Argentina, Brazil, debt stock trends at the country level during Colombia, India, Indonesia, Mexico, the Russian Federation, South Africa, Thailand, and Türkiye. 2022, ranging from a 7 percent increase for Colombia to a 20.3 percent decline for the Russian Federation. Excluding China, long-term public and publicly guaranteed (PPG) external debt stock— including use of International Monetary Fund credit and special drawing rights allocation (box 1.1)—of LMICs decreased marginally by 1 percent to US$3.3 trillion in 2022, equivalent to 51 percent of total external debt stock (figure 1.3). Long-term private nonguaranteed (PNG) external debt declined 2.6 percent to US$2.1 trillion, equivalent to 33 percent of total external debt stock. Both PPG and PNG debt stock were affected by a tightening of global financial conditions. During the last decade, the ratio of PPG external debt to total debt stock has

Box 1.1 Allocation of the IMF’s Special Drawing Rights in 2022 In August 2021, the International Monetary Fund (IMF) made a general allocation of special drawing rights (SDRs) equivalent to US$650 billion. The newly created SDRs were credited to IMF members in proportion to their existing quotas in the Fund. The allocation’s main purpose was to help mitigate the economic crisis created by the COVID-19 pandemic and to meet the long-term need to supplement members’ existing reserve assets in a manner that avoided economic stagnation and deflation as well as excess demand and inflation (IMF 2021). SDR allocations do not change a country’s net wealth but do create an increase in long-term debt liabilities and a corresponding increase in gross international reserves (holdings of SDRs). Both transactions are reflected in balance-of-payments statistics and international investment positions (IMF 2009). In government finance statistics, SDR allocations are recorded as a long-term debt liability within public sector gross debt, with a corresponding entry for SDR holdings as a part of the public sector’s financial assets (IMF 2014). Following these guidelines, the International Debt Statistics database records SDR allocations as part of long-term gross external public debt and identifies them separately. SDR liabilities are not subject to debt limits in IMF programs because they do not fall within the definition of “debt” for program purposes under the Fund’s Guidelines on Public Debt Conditionality in Fund Arrangements. SDR allocations are generally considered to have limited impact on debt sustainability, but that may depend on how they are used. New guidance issued in August 2021 (Box continues on next page)

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Box 1.1 Allocation of the IMF’s Special Drawing Rights in 2022 (continued)

Percent 25 20 15 10 5 0 East Asia and Pacific

Europe and Central Asia

Latin Middle America East and and the North Caribbean Africa

South Asia

SubSaharan Africa

SDR/General government external debt stock SDR/International reserves

Sources: World Bank Debtor Reporting System and International Monetary Fund. Note: SDR = special drawing rights.

Figure 1.3 Composition of Debt Stock in Lowand Middle-Income Countries, 2012–22 Percent 100 90 80 70 60 50 40 30 20 10

Short-term debt

Source: World Bank International Debt Statistics database. Note: IMF = International Monetary Fund; PNG = private nonguaranteed; PPG = public and publicly guaranteed.

Trends in External Debt Stock of IDA-Eligible Countries, 2012–22 In 2022, the external debt stock of IDA-eligible countries increased 2.7 percent to a record US$1.1 trillion, more than double the 2012 level (table 1.1). PPG debt stock, including the International Monetary Fund (IMF), increased 1.7 percent in 2022 to US$728 billion,

PNG debt

PPG debt (including IMF)

increased from 42 percent as of end-2012 to 51 percent at end-2022, whereas the share of PNG debt—affected by rising global uncertainty—decreased from 40 percent to 33 percent in 2022. Short-term debt increased by 9.7 percent in 2022, to US$1.1 trillion. See box 1.2 for a discussion of debt concepts, coverage, and the data sources used for this report. The slight decrease in the long-term PPG external debt stock of LMICs, not including China, was partially offset by the resilience of multilateral creditors, whose debt stock position as of end-2022 increased 4 percent to US$1.2 trillion. Multilateral creditors played an even steadier role for IDA-eligible countries.

Figure B1.1.1 SDR Allocations as a Share of General Government External Debt and International Reserves, by Region, 2022

on incorporating SDR allocations into debt sustainability analyses addresses this issue and aims to better reflect the use of SDRs and the impact on debt sustainability (IMF 2021). In line with that guidance, the external debt stock figures in International Debt Report 2023 (and related ratios to exports and gross national income) include SDR allocations. However, the measure of debt flows does not take SDR allocations into account. This approach differs from International Debt Report 2022, in which analyses of both external debt stocks and debt flows excluded SDR allocations. Total outstanding SDR allocations of the 121 low- and middle-income countries included in International Debt Report 2023 were US$260 billion at end-2022, equivalent on average to 10 percent of general government external debt stocks and 4 percent of international reserves, but with sharp divergences at the regional level (figure B1.1.1).

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Table 1.1 External Debt Stock of IDA-Eligible Countries, 2012–22 US$ (billion) Debt stock Long-term Official creditors Bilateral creditors Multilateral creditors World Bank (IBRD and IDA) IMF (Use of credit and SDR allocations) Private creditors Bonds Banks and other private Short-term Memorandum item Long-term public and publicly guaranteed Long-term private nonguaranteed

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

457.9 401.8 275.5 102.6 172.9 72.5 33.5 126.3 11.5 114.8 56.1

512.1 450.2 288.9 109.9 179.0 78.0 31.3 161.3 18.2 143.1 61.9

556.1 494.4 298.6 118.6 180.0 80.0 29.2 195.8 33.8 162.0 61.7

597.0 534.6 313.5 128.0 185.5 83.3 29.5 221.1 41.1 180.0 62.4

634.4 572.1 331.0 137.8 193.2 87.3 29.7 241.1 46.0 195.0 62.3

735.0 652.9 374.0 154.6 219.5 100.4 31.9 278.9 60.0 218.9 82.1

786.3 706.2 401.0 170.6 230.4 107.2 31.4 305.3 73.3 232.0 80.0

857.0 762.9 438.6 185.4 253.2 118.4 32.9 324.3 80.7 243.7 94.1

949.8 1,042.1 1,070.5 856.7 932.3 953.1 507.9 559.5 575.8 203.8 214.0 213.2 304.1 345.5 362.5 136.9 143.7 152.3 50.0 79.7 79.4 348.8 372.8 377.4 84.8 99.8 98.3 264.0 273.0 279.1 93.1 109.8 117.4

306.3 95.5

331.5 118.6

356.9 137.5

382.4 152.2

405.2 166.9

470.1 182.8

515.3 190.9

564.6 198.3

646.8 209.9

716.2 216.1

2022

728.1 225.0

Source: World Bank International Debt Statistics database. Note: IBRD = International Bank for Reconstruction and Development; IDA = International Development Association; IMF = International Monetary Fund; SDR = special drawing rights.

Figure 1.4 Creditor Composition of Long-Term whereas PNG debt rose at a much faster Public and Publicly Guaranteed External Debt for pace, increasing 4.1 percent to US$225 IDA-Eligible Countries, 2012–22 billion. Viewed from a creditor perspective, US$ (billion) the composition of long-term PPG debt stock 800 of IDA-eligible countries was 50 percent 700 600 owed to multilateral creditors, 29 percent to 500 bilateral creditors, and 21 percent to private 400 creditors. This mix has shifted somewhat 300 since 2012, when these creditor groups 200 accounted for 56 percent, 33 percent, and 100 10 percent, respectively. 0 Multilateral creditors’ share of the total PPG debt stock of IDA-eligible countries Bilateral creditors Multilateral creditors (including IMF) declined from 56 percent in 2012 to Bondholders Other private creditors 45 percent in 2019, before rising again during Source: World Bank International Debt Statistics database. Note: IDA = International Development Association; IMF = the COVID-19 pandemic (figure 1.4). Debt International Monetary Fund. stock owed to the World Bank accounted for 42 percent of debt owed to multilateral creditors in 2022. Multilateral creditors have played an increasingly important role as lenders of last resort during the uncertain global economic environment of the last few years, whereas lending by other types of creditors remained steady or declined. PPG debt stock owed to multilateral creditors increased 4.9 percent to US$362.5 billion in 2022, and debt stock owed to bilateral creditors declined marginally by 0.4 percent to US$213 billion. The total debt stock owed to private creditors by public and private sector borrowers remained steady for the IDA-eligible countries, with a 1.2 percent increase to US$377.4 billion in 2022. The increase was driven by lending from commercial banks and other private creditors, which increased by 2.2 percent to US$279.1 billion in 2022, whereas the debt stock owed to bondholders fell 1.5 percent to US$98.3 billion.

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Escalating debt vulnerabilities in many LMICs and overlapping crises—the COVID-19 pandemic, the war in Ukraine, devastating climate events, and the daunting global macroeconomic environment—are forcing an increasing number of countries to seek debt restructuring from external creditors. In 2022, multiple countries requested or concluded debt restructuring agreements in the context of the Group of Twenty Common Framework or the Paris Club, or with bondholders. Like the Paris Club, the Common Framework involves a caseby-case approach to reaching sovereign debt resolutions—with the support of and coordination by all bilateral creditors with claims on the country, and comparable treatment from private creditors.

Box 1.2 External Debt Data: Concepts, Sources, and Coverage This report presents data and analysis on external debt for 121 low- and middle-income countries and Guyana. The primary source for these data is reports to the World Bank’s Debtor Reporting System (DRS) from member countries that have received either International Bank for Reconstruction and Development loans or International Development Association credits and have outstanding obligations to the World Bank. The DRS, instituted in 1951, has its origins in the World Bank’s need to monitor and assess the financial position of its borrowers. Comprehensive information on data sources and the methodology used to compile the statistics presented in this report can be found in the appendix under “Data Sources.” The following describes the key concepts and data sources. • The DRS follows international standards and defines external debt as the outstanding amount of actual current liabilities in both domestic and foreign currency that require payment(s) of principal and/or interest by the debtor at some point(s) in the future and that are owed to nonresidents by residents of an economy. The sum of principal and interest payments is defined as debt service. • The total external debt of a country is the sum of public and publicly guaranteed (PPG) debt, private nonguaranteed (PNG) debt, and short-term debt. • PPG external debt comprises long-term external obligations (maturities of over one year) of all public debtors, including debt held by the central government and state-owned enterprises. Data are collected on a loan-by-loan basis through the DRS. Reporting countries submit quarterly reports on new loan commitments and annual reports on loan status and transactions (new commitments, gross disbursements, principal, and interest payments). • PNG debt comprises long-term external obligations of private debtors that are not guaranteed by a public entity. The DRS has covered private nonguaranteed debt since 1973; however, for this category of debt data, the annual status and transactions (gross disbursements, principal, and interest payments) are reported in aggregate. • Short-term debt is defined as debt with an original maturity of one year or less and is not covered under DRS reporting requirements. However, most DRS reporters provide an annual report on outstanding short-term debt stocks on a voluntary basis. For countries that do not provide these data, information on their short-term debt is drawn from the Quarterly External Debt Statistics database, a joint World Bank–International Monetary Fund initiative, wherein data are compiled and reported by countries’ central banks, along with data compiled by the Bank for International Settlements. All debt data reported to the DRS are validated against—and, when appropriate, supplemented by—data from other sources. These additional data include the Balance of Payments and International Investment position statistics, Quarterly External Debt Statistics, information published on official government websites, reports from the International Monetary Fund, regional development banks, the Organisation for Economic Co-operation and Development, the Bank for International Settlements, and websites and annual publications of lending agencies.

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Since the establishment of the Common Framework in 2020, four countries have applied for debt treatment under it: Chad, Ethiopia, Ghana, and Zambia. Chad was the first to conclude an agreement with its bilateral creditors in October 2022, and with private creditors, including Glencore PLC, shortly thereafter. The agreement with private creditors rescheduled US$1 billion over 12 years, including a two-year grace period at a reduced interest rate. Ghana’s and Zambia’s requests for debt relief followed default on their external debt obligations to bondholders. In 2023, Zambia reached a milestone agreement with bilateral creditors, including China, to restructure US$6.3 billion, paving the way for formal negotiations on restructuring of US$3 billion owed to bondholders. In the Paris Club, Argentina and Suriname reached debt restructuring agreements in October and June 2022, respectively, and Sri Lanka is in the process of negotiating with creditors. Regarding Argentina, US$2 billion of arrears related to the 2014 agreement were restructured over a six-year period at a reduced interest rate. The agreement with Suriname restructured US$58 million in arrears and debt service payments due in 2023–24 over an extended 17- to 20-year period, with the provision for a stock rescheduling in 2025 subject to outcomes of the IMF program. Suriname also reached agreement with its bondholders in 2022 to reschedule US$600 million owed on its two outstanding dollar-denominated bonds to a new 10-year amortizing bond. Sri Lanka’s economic collapse led to default on external debt obligations to both official and private creditors. Negotiations are ongoing with the two major bilateral creditors, China and India, and with bondholders.2 In July 2023 the Sri Lankan government approved a domestic debt restructuring plan that will convert Treasury bills into longer-maturity Treasury bonds. LMICs continue to be disproportionally affected by multiple shocks in an environment of elevated debt vulnerabilities. Timely, accurate, and transparent external debt data in the wake of the COVID-19 pandemic are of utmost importance. Comprehensive and systematic reconciliation of debtor and creditor records is an essential element of good debt management and the most effective and reliable way to validate debt data, resolve discrepancies, and close data gaps. To this end, in 2020, the World Bank took the lead in disseminating data that provide the creditor composition of LMICs’ external debt. And, in 2022, calls for greater debt transparency continued under the Japanese presidency of the Group of Seven. The World Bank’s Debtor Reporting System and Group of Seven member countries conducted an extensive data-sharing exercise, which was then extended on a voluntary basis to members of the Paris Club (IDA 2023).

Debt Indicators, 2012–22 Rebounding economic growth, along with robust export earnings—which reached an all-time high of US$10.1 trillion in 2022—have improved the debt indicators of LMICs. Nevertheless, over the last decade, the accumulation of external debt has outpaced LMICs’ gross national income (GNI) growth and global trade, despite the recent rebound from the COVID-19 pandemic. Economic growth continued to rebound for a second consecutive year after the contraction caused by the COVID-19 pandemic, despite the effects on countries of multiple crises that included unfavorable global financial conditions, the war in Ukraine, persistent inflationary pressures, high interest rates, and increasing debt servicing costs. The GNI of LMICs rose 5.8 percent in 2022, to US$37.4 trillion; GNI growth for these countries was 17.8 percent in the first year of recovery that followed the pandemic. See box 1.3 for a more detailed discussion of debt-to-GDP (gross domestic product) versus debt-to-GNI ratios. Consequently, as debt stock levels of LMICs decreased and growth rebounded, the ratio of external debt to GNI for all LMICs fell by 2 percentage points, to 24 percent, in 2022 (figure 1.5).

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Box 1.3 Debt-to-GDP versus Debt-to-GNI Ratios Gross domestic product (GDP) and gross national income (GNI) both measure a country’s income, but GDP counts only income received from domestic sources, whereas GNI includes net income received from abroad. The World Bank favors the use of GNI for operational purposes. Member countries’ relative poverty is measured in relation to GNI per capita, and this measure underpins the annual income classification published by the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) operational cutoff (US$1,315 per capita for FY24) and the IBRD and IDA lending terms (interest rate and maturity) for specified borrowers. The International Debt Statistics database follows this convention and provides users with GNI data for each reporting country and the relevant external ratios of debt stock and debt service to GNI ratios. The International Monetary Fund (IMF) uses the concept of GDP in Article IV consultation reports and IMF programs to measure macroeconomic outcomes. The practice is carried forward to the joint World Bank–IMF Debt Sustainability Analysis, with debt stocks and debt service measured in relation to GDP. Conceptually, GDP may be regarded as a more accurate measure of a national government’s capacity to raise domestic resources from which debt-related obligations must be serviced. For most countries, the difference between GDP and GNI is minimal. For example, the World Bank calculates US GNI to be only 1.5 percent higher than GDP in 2022. GNI may be lower than GDP if nonresidents control a sizable proportion of a country’s production or higher than GDP if, for example, a country receives a large amount of foreign aid. For most low- and middle-income countries, the difference between end-2022 GDP and GNI was small, but there were some outliers; aid-dependent Pacific islands such as Kiribati and Tuvalu had a GNI significantly higher than their GDP. Conversely, in countries such as Kazakhstan and Mongolia, GDP surpassed GNI by 12 percent.

Excluding China, LMICs’ debt-to-GNI ratio decreased by 3.6 percentage points, to 33.5 p ercent. For this smaller group, the decline in 2022 was solely the outcome of an increase in the US dollar value of their combined GNI, which rose 10.9 percent in 2022, to US$19.6 t rillion from US$17.7 trillion, because the combined external debt stock when China is excluded remained virtually unchanged at US$6.6 trillion. Despite the increase in economic activity since 2020, the rise in external debt stock has outpaced economic growth during the past decade in LMICs excluding China. The GNI of this group, in US dollars, rose on average 21 p ercent between 2012 and 2022, and the Figure 1.5 External Debt-to-GNI Ratios for Lowcombined external debt stock rose 46 p ercent. and Middle-Income Countries and IDA-Eligible Countries, 2012–22 This decade-long asymmetry between ecoPercent nomic growth and debt accumulation has 60 created or exacerbated debt vulnerabilities 50 in many LMICs, making actions to address 40 these vulnerabilities increasingly more urgent. Currently, about 60 percent of countries that 30 are eligible for IDA resources are assessed at 20 high risk of debt distress or are already in debt 10 distress. 0 When countries are grouped according to World Bank income classifications (box 1.4), Low-income countries Middle-income countries those classified as low-income have accumuIDA-eligible countries lated external debt stocks at a faster rate than Source: World Bank International Debt Statistics database. middle-income countries. Between 2012 and Note: GNI = gross national income; IDA = International 2022, the external debt stock of low-income Development Association.

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Box 1.4 World Bank Income and Lending Classifications Used in International Debt Report 2023 Figure B1.4.1 Number of Low- and MiddleThe World Bank classifies economies by Income Countries and Guyana Covered in income level for analytical purposes (to broadly International Debt Report 2023, by FY2024 group countries by level of development) Income and Lending Groups and operational purposes (to determine their Number Financial Terms and Conditions of Bank 60 Financing). This report presents data for 122 1 countries, 121 low- and middle-income countries 50 and Guyana, which is the only high-income 40 30 country eligible for International Development Association (IDA) resources, reporting to 30 52 the World Bank Debtor Reporting System. 20 Of these, 24 countries are classified as lowincome, with per capita income of US$1,135 24 10 15 or less; 97 countries are classified as middle0 income, with per capita income of US$1,136 IDA-only countries Blend countries IBRD-only countries to US$13,845; and one country, Guyana, is Low income Middle income High income classified as high-income, with per capita income of US$13,846 or more.a Income classifications Sources: World Bank Country and Lending Groups (https:// datahelpdesk.worldbank.org/knowledgebase/articles/906519 are updated annually at the start of the World -world-bank-country-and-lending-groups) and World Bank IDA Bank fiscal year (July 1) on the basis of gross (https://ida.worldbank.org/en/home). national income per capita for the previous year. Note: IBRD = International Bank for Reconstruction and Development; IDA = International Development Association. This year Guinea and Zambia were reclassified from low-income to middle-income; Guyana was reclassified from middle-income to highincome following a doubling of its oil and gas production in 2022. Gross national income is expressed in US dollars and determined by conversion factors derived according to the Atlas methodology.b Fifty-two of the middle-income countries covered in this report are eligible only for nonconcessional loans from the International Bank for Reconstruction and Development (IBRD), and are referred to as IBRD-only countries. The remaining 24 low-income, 45 middle-income countries, and Guyana reporting to the Debtor Reporting System are either (a) eligible only for concessional lending from IDA and referred to as IDA-only countries; or (b) eligible for a mix of IBRD and IDA lending and referred to as “blend” countries. Together, IDA-only and IBRD-IDA blend countries are referred to as IDA-eligible countries. Figure B1.4.1 shows the distribution of the 121 low- and middle-income countries and Guyana included in International Debt Report 2023 by income and lending groups. A comprehensive list of each country’s income and lending classifications is given in the appendix of this report under “Country Groups.” a. The country grouping is held fixed when data are compared over time in the International Debt Report. For example, the aggregate for low-income countries from 2010 to 2022 consists of the same group of countries that are classified as low-income countries according to the latest World Bank income classification as of end-2022. b. For more information on the Atlas methodology, see https://datahelpdesk.worldbank.org/knowledgebase/articles/378832 -what-is-the-world-bank-atlas-method.

countries increased 109 percent, while GNI increased 33 percent (figure 1.6). There was a divergence for countries classified as middle-income: among lower-middle-income countries, the external debt stock increased 89 percent between 2012 and 2022 and GNI increased 48 percent; among upper-middle-income countries, excluding China, the external debt stock increased by 28 percent and GNI increased by 7 percent over the same period. From a lending classification p erspective, in IDA-eligible countries, external debt stock accumulation outpaced GNI for the 2012–22 period, increasing 134 percent, compared to a

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Figure 1.6 Change in External Debt Stock and 53 percent rise in GNI. This rapid increase GNI, by Income and Lending Group, 2012–22 in external debt stocks, exacerbated by Percent borrowing to mitigate the economic and social impact of the COVID-19 pandemic, 140 further strained these countries’ debt 120 sustainability capacity and already limited 100 fiscal space. The pace at which external debt 80 stocks accumulated was much slower in the 60 group of c ountries borrowing only from the International Bank for Reconstruction 40 and Development (the IBRD-only group). 20 Excluding China, external debt stock of IBRD0 IDAIBRD-only Low- and LowLowerUpperonly countries increased 36 percent during eligible (excluding middleincome middlemiddlethe 2012–22 period, while GNI increased China) income countries income income countries countries countries 17 percent. (excluding (excluding China) China) The situation varied at the regional level. External debt stock GNI Europe and Central Asia and South Asia Sources: World Bank International Debt Statistics and World were the only two regions where GNI growth Development Indicators databases. outpaced the accumulation of external debt Note: GNI = gross national income; IBRD = International Bank for Reconstruction and Development; IDA = International Development (figure 1.7). In Europe and Central Asia, the Association. debt stock increased 1 percent during the last decade while GNI increased 6 percent. In the Figure 1.7 Change in External Debt Stock and South Asia region, GNI increased 88 p ercent GNI, by Region, 2012–22 during the decade while external debt Percent 140 increased 73 percent. External debt growth outpaced GNI growth in the Middle East and 120 North Africa region by 99 p ercentage points, 100 in Sub-Saharan Africa by 72 percentage 80 points, and in Latin America and the 60 Caribbean by 55 percentage points during the 40 decade. 20 External debt stock accumulation over the past decade in Latin America and the 0 Caribbean and in the Middle East and North –20 East Asia Europe Latin Middle South SubAfrica has been accompanied by negative and and America East and Asia Saharan Pacific Central and the North Africa economic growth, raising concerns about debt (excluding Asia Caribbean Africa vulnerabilities in an environment of rising China) External debt stock GNI interest rates. The aggregate regional figures, however, mask large disparities between counSources: World Bank International Debt Statistics and World Development Indicators databases. tries affected by economic crises, conflict, cliNote: GNI = gross national income. mate change, and natural disasters. Regional figures for Latin America and the Caribbean are dominated by Brazil, which accounted for an average 32 percent share of total debt stock of the region and a 42 percent share of regional GNI d uring the past decade. Over this period, Brazil’s debt stock increased by 31 percent whereas its GNI declined by 23 percent. Ecuador and Suriname experienced the greatest divergence between the accumulation of debt and GNI growth. In Ecuador, debt grew by 273 percent while GNI increased by 31 percent; in Suriname,

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debt increased by 331 percent while GNI decreased by 31 percent. More than half of countries in the Middle East and North Africa region experienced zero or negative GNI growth over the decade, whereas debt rose 28 percent. In the Arab Republic of Egypt, debt increased by 307 percent and GNI rose 69 percent. Iraq was the only country in the region where GNI growth outpaced debt accumulation, by 11 percent. The ratio of external debt to export earnings showed a similar pattern for LMICs in 2022. Export earnings from goods, services, and primary income increased 9.9 percent in 2022, reaching an all-time high of US$10.1 trillion. Excluding China, the increase in export earnings was even more pronounced at 16.7 percent, to US$6.2 trillion, as debt stock levels remained unchanged at US$6.6 trillion. Consequently, the ratio of external debt-to-export earnings decreased for a second consecutive year in 2022, to 107 percent. These ratios should be interpreted with care, however, because they mask increased debt service costs arising from the appreciation of the US dollar as well as significant disparities among both country groups and individual countries. IDA-eligible countries saw the debt-to-export earnings ratio decrease on average by 26 percentage points in 2022 to 186 percent. However, over the past decade, that ratio increased by 78 percentage points, putting additional pressure on debt sustainability. During the 2012–22 period, external debt stock of IDA-eligible countries increased 134 percent, outpacing export earnings that increased 36 percent. For IBRD-only countries (excluding China), the average ratio of external debt to export earnings at the start of the decade stood at 99 percent, only 10 percentage points below the comparable ratio of the IDA-eligible countries. In contrast to the IDA-eligible countries group, IBRD-only countries’ debt-to-export ratio remained unchanged at the end of the decade, largely because of the slower pace of debt accumulation among these countries during the period. For the IBRD-only group, excluding China, external debt stock and export earnings increased at the same pace of 37 percent during the past decade (figure 1.8). By income-group classification, low-income countries had the biggest gap, 59 p ercentage points, between the pace of debt accumulation and export earnings growth during the 2012–22 period. The group’s debt-to-export ratio stood at 210 p ercent in 2022, well above the 151 p ercent ratio of 2012, with 80 percent Figure 1.8 Change in External Debt Stock and of countries having a debt-to-export earnExports, by Income and Lending Group, 2012–22 ings ratio above this threshold. Over the Percent decade, the number of low-income countries 140 with an external debt-to-export earnings 120 ratio that exceeded 300 percent rose from 100 two to eight in 2022 (Burundi, The Gambia, 80 Guinea-Bissau, Mozambique, Niger, Rwanda, 60 Sudan, and Uganda). The lower-middleincome group’s debt-to-export earnings ratio 40 stood at 105 percent in 2022, 24 percentage 20 points above the 2012 level. Lebanon and 0 Senegal experienced the biggest increases IDAIBRD-only Low- and LowLowerUppereligible (excluding middleincome middlemiddlefor this group, with their ratios more than China) income countries income income countries countries countries doubling over the last decade and standing (excluding (excluding China) China) at 514 p ercent and 467 percent, respectively. External debt stock GNI The upper-middle-income group excluding Sources: World Bank International Debt Statistics database; China had a debt-to-export earnings ratio International Monetary Fund Balance of Payments database. Note: GNI = gross national income; IBRD = International Bank for of 105 percent in 2022 and was the only Reconstruction and Development; IDA = International Development income group in which robust export earnings Association.

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outpaced debt accumulation, by 5 percentage points. Bosnia and Herzegovina, Grenada, and Serbia were able to decrease their debt-to-export ratios by more than 100 percentage points each during the past decade; at the other end of the spectrum, Colombia, Ecuador, and Suriname increased their ratios by more than 100 percentage points each.

Debt Servicing Costs, 2012–22

Note: IDA = International Development Association.

Excluding China, interest costs as a percentage of GNI have been growing over the past decade, and the increase was even more pronounced in IDA-eligible countries. Interest costs are expected to continue to grow because of rising global interest rates. Despite a slight decrease in the ratio of total debt service to exports among IDA-eligible countries, these countries remain vulnerable to a drop in export income or an increase in interest rates. Despite the rapid accumulation of external debt by LMICs over the past decade, the low interest rate regime that prevailed until 2021 kept interest costs relatively low and stable in relation to GNI. For all LMICs combined, interest costs on total external debt stocks rose marginally, from 0.79 percent of GNI in 2012 to 0.83 percent in 2022. However, this stability is attributable in part to China’s strong economic growth. Excluding China, interest costs for other LMICs rose from 0.94 percent of GNI in 2012 to peak at 1.33 percent in 2019 before falling back to 1.06 percent in 2022 following the post-COVID-19 rebound in growth. IDA-eligible countries registered the most significant rise in interest costs, from 0.35 percent of GNI in 2012 to 0.89 percent in 2019, reflecting not only the rapid accumulation of external debt but also the increased share owed to private creditors. The ratio of interest costs to GNI moderated to an average of 0.76 percent in 2020–21 because of payment deferrals accorded in the context of the Debt Service Suspension Initiative, but it rose again in 2022 to 0.85 percent as the initiative terminated and interest payments to bilateral creditors resumed. In nominal terms interest payments on total external debt stock by IDA-eligible countries have quadrupled since 2012 to an all-time high of US$23.6 billion in 2022 (figure 1.9). Going forward, interest costs both in nominal terms and in relation to GNI are expected to increase given the aggressive rise in global interest rates to tame inflation and the fact that variable-rate loans account for 42 percent of the external debt stock of LMICs and 34 percent of that of Figure 1.9 Total Debt Service and Interest IDA-eligible countries. Payments on External Debt for IDA-Eligible As a share, interest payments on external Countries, 2012–22 debt of IDA-eligible countries accounted for US$ (billion) 100 27 percent of the total debt service payments 90 due in 2022, a 3-percentage-point increase 80 70 from 2021.This share is expected to increase 60 in the future given the 2.7 percent increase in 50 40 total external debt stock that countries in this 30 group experienced in 2022 and the resump20 10 tion of debt service payments from Debt 0 Service Suspension Initiative agreements. Closely related to the repayment capacTotal debt service Interest payments ity of countries is the total debt service-toSource: World Bank International Debt Statistics database. export ratio, which indicates how much of

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a country’s export revenue will be used to service its debt. Total debt service of IDA-eligible countries increased 4.8 percent in 2022, to US$88.9 billion. However, because export earnings increased by 17 percent in 2022 for this group, to US$574.5 billion, the total debt service-toexport ratio decreased from 17.3 percent in 2021 to 15.5 percent in 2022. Despite the increase in export earnings, interest payments as a share of export earnings increased slightly to 4.1 percent in 2022, putting IDA-eligible countries under increased liquidity and solvency pressure. This rising pressure could trigger a crisis via a sharp drop in export earnings or an increase in foreign and/or domestic interest rates.

Trends in External Debt Flows, 2012–22

Total net debt flows (loan disbursements minus principal repayments) to LMICs turned negative in 2022 and became outflows, driven by a contraction in both short- and long-term debt flows, with the latter reaching record lows and turning negative for the first time since the beginning of the millennium. LMICs registered net debt outflows of US$185 billion in 2022, a sharp contrast to net inflows of US$556 billion recorded in 2021 (figure 1.10). These financial flows came under pressure in 2022 because of a combination of factors affecting the global economy. This reversal was attributable to a contraction in both long-term and short-term debt flows: long-term debt flows swung from a net inflow of US$264.3 billion in 2021 to a US$94.5 billion net outflow in 2022. Short-term debt flows also contracted and turned negative, falling to an outflow of US$90.6 billion from an inflow of US$291.4 billion in 2021 (table 1.2). The fall in net long-term debt inflows was due entirely to a drop in inflows from private creditors, reflecting a sharp retrenchment in bond issuance by sovereigns and other public and private sector borrowers, as well as in lending by commercial banks and other private entities. Inflows from bondholders turned negative in 2022, to an outflow of US$127.1 billion, as compared to a US$140.6 billion inflow in 2021. Inflows from banks and other private creditors also turned negative, from an inflow of US$61 billion in 2021 to an outflow of US$62.4 billion in 2022. Central to this debt trajectory was China, which accounted for 73 percent of net debt flows to LMICs. China’s external debt stock declined as of end-2022, driven by a decrease Figure 1.10 Net Debt Inflows to Low- and Middlein net debt flows, which turned negative on Income Countries, by Maturity, 2012–22 obligations due to all creditor categories. Net US$ (billion) debt flows contracted from a US$344.7 billion 1,000 inflow in 2021 to an outflow of US$296.8 bil800 600 lion in 2022, led by a sharp decline in short400 term debt flows which turned to a negative 200 US$181 billion in 2022, and an outflow of 0 US$114.2 billion in long-term private creditor –200 flows. See box 1.5 for a more detailed discus–400 sion of China’s borrowing. –600 In LMICs excluding China, net debt inflows fell 47 percent to US$111.8 bilLong-term debt flow Short-term debt flow lion in 2022. This decline was driven by an 84 percent drop in long-term debt inflows to Source: World Bank International Debt Statistics database.

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Table 1.2 Net Debt Inflows to Low- and Middle-Income Countries, 2012–22 US$ (billion) Net debt inflows Long-term Official creditors Bilateral creditors Multilateral creditors World Bank (IBRD and IDA) IMF (Use of credit and SDR allocations) Private creditors Bonds Banks and other private Short-term Memorandum item Long-term public and publicly guaranteed Long-term private nonguaranteed

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

612.5 488.6 35.6 16.4 19.2 12.0 −6.4 453.0 220.4 232.6 123.9

825.9 465.6 33.0 23.8 9.2 13.3 −11.7 432.6 166.3 266.2 360.3

541.8 −323.1 406.0 177.3 51.9 55.9 24.5 14.3 27.4 41.6 14.7 17.9 −2.1 7.2 354.0 121.5 165.8 73.2 188.3 48.3 135.9 −500.4

230.9 279.3 58.4 17.3 41.2 15.3 6.4 220.9 121.1 99.8 −48.4

771.4 438.1 59.2 23.1 36.1 12.5 4.4 378.9 291.2 87.7 333.4

569.4 356.6 83.7 20.0 63.7 14.8 30.7 272.9 199.1 73.8 212.8

369.0 334.9 64.7 6.1 58.6 19.3 20.9 270.2 235.5 34.7 34.1

380.4 373.3 123.7 12.2 111.5 26.5 44.8 249.6 229.1 20.6 7.1

555.7 −185.0 264.3 −94.5 62.7 95.0 11.3 13.6 51.4 81.4 20.5 27.8 1.1 14.0 201.6 −189.4 140.6 −127.1 61.0 −62.4 291.4 −90.6

219.5 269.1

211.3 254.2

201.5 204.5

139.8 139.5

279.7 158.3

246.3 110.3

213.9 121.0

257.0 116.3

179.5 50.6 84.8 −145.1

116.6 60.7

2022

Sources: World Bank International Debt Statistics database. Note: IBRD = International Bank for Reconstruction and Development; IDA = International Development Association; IMF = International Monetary Fund; SDR = special drawing rights.

Box 1.5 China: The Largest Borrower among Low- and Middle-Income Countries

20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22

Figure B1.5.1 Net Financial Flows to China, From 2012 to 2022, China received 40 percent 2012–22 of total net financial flows to low- and middleUS$ (billion) income countries from external creditors. Net 800 financial inflows to China in this period totaled US$4 trillion, of which 32 percent were debt600 creating flows and 68 percent equity inflows 400 comprising foreign direct investment and portfolio 200 equity. Aggregate financial flows to China turned 0 negative in 2022 for the first time since 2015, resulting in an outflow of US$103 billion, a –200 marked contrast to the decade-high inflow of –400 US$728 billion in 2021 (figure B1.5.1). Driving –600 the downturn was a debt outflow of US$297 billion and a 49 percent fall in net equity inflows Net debt inflows Net equity inflows to US$194 billion. The gross national income of China grew Sources: World Bank International Debt Statistics database, less than 1 percent in 2022, one of its worst International Monetary Fund, State Administration of Foreign Exchange of the People’s Republic of China, and Bank for performances in decades, the result of months International Settlements. of COVID-19 lockdowns, extreme weather conditions, and a historic downturn in the property market. China’s external debt accumulation slowed sharply in 2022. After rising on average 13.1 percent per annum in 2020–21, external debt stock, including domestic and foreign currency– denominated debt, fell 11.6 percent to US$2.4 trillion. Relative to gross national income, external debt stock remained moderate, at 13.0 percent, on par with its 2012 level. Short-term debt stock fell 13 percent but continued to account for the largest share of China’s external debt stock, 53 percent at end-2022, largely unchanged from 2021. The 11 percent fall in long-term debt was driven by the sharp drop in net inflows from private creditors, particularly bondholders, which account for 91 percent of long-term debt external stock. (Box continues on next page)

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Box 1.5 China: The Largest Borrower among Low- and Middle-Income Countries (continued) Nonresident participation in the China Interbank Bond Market (CIBM), the world’s second-largest bond market after the United States, began in 2016 when the market was opened to foreign investors. Chinese authorities implemented various programs and measures to facilitate nonresident access to the CIBM, including automated links between the markets in Hong Kong SAR, China; London; and Shanghai. Inclusion of yuan bonds in the Bloomberg Barclays Global Aggregate Index and China-A shares in the FTSE Russell Emerging Market index also encourages foreign investors’ appetite for Chinese bonds. Between 2019 and 2021, net inflows on bonds issued by Chinese entities, both public and private, accounted for, on average, 74 percent of annual long-term net debt inflows. By contrast, in 2022, 61 percent of the US$116 billion net debt outflow on long-term debt was accounted for by bondholders, reflecting global investors’ withdrawal from the CIBM. A major reason for the sharp sell-off of nonresident investors’ holdings of Chinese yuan bonds in 2022 was the much smaller yield premium on Chinese bonds compared to those in Group of Seven bond markets. The Chinese economy did not rebound in 2022 and inflation remained low, unlike in Group of Seven economies that implemented aggressive policy tightening and raised interest rates to combat inflation. However, despite reduced nonresident participation, Chinese government bonds were resilient and outperformed most of their global peers, topping the list for positive returns in local currency terms in 2022. They also had the smallest losses in US dollar terms, aside from short-term US Treasury bonds.

US$21.3 billion, from US$129.6 billion in 2021, which was partially offset by higher short-term inflows, which rose 11 percent to US$90.5 billion. Long-term debt inflows were at their lowest level since 2002. Net long-term debt flows to nonguaranteed private sector borrowers, through both bond issuance and commercial bank lending, reflected a stark decline of 184 percent, turning to a negative US$33.5 billion in 2022. Net long-term debt flows to public sector borrowers fared better and fell less steeply; they dropped 39 percent to US$54.8 billion in 2022, reflecting a slowdown in bond issuance and commercial bank lending. The reduction in the volume of flows and their composition varied significantly at the individual country level. Russia and Thailand combined accounted for US$59 billion in net longterm debt outflows from private nonguaranteed borrowers in 2022, whereas Brazil recorded inflows of US$27 billion. Regarding comparable net long-term debt flows to public sector borrowers, Russia recorded outflows of over US$40 billion whereas Mexico recorded a net inflow of US$11.2 billion. Most top-10 borrowers recorded an inflow of short-term debt in 2022, but the most significant were India (US$14.5 billion) and Türkiye (US$30 billion). Only Brazil and Russia recorded short-term debt outflows in 2022, of approximately US$11 billion each. Among other LMICs, Egypt recorded a US$17.4 billion short-term debt inflow, an increase of more than 19-fold from the 2021 volume. The primary reason for the decline in long-term debt flows was bond issuance by public and private sector borrowers, which fell sharply in 2022 because of rising global interest rates, downgrades in selected borrower countries’ credit ratings, and heightened overall perceived investor risks. When China is excluded, new bond issuance by public and private sector borrowers totaled US$101 billion in 2022, a 53 percent decline from the 2021 figure. New issuance by public sector borrowers was US$70 billion, 51.5 percent less than the comparable figure of 2021; new issuance by private sector borrowers faced an equally pronounced contraction of 56.8 percent from 2021, to US$32 billion (figure 1.11). In terms of net flows, the effect was even more pronounced because of changes in the share of maturing bonds. The combined effect of a decline in new issuances and a 4.2 percent increase in maturing bonds to US$52 billion reduced net flows to p rivate nonguaranteed corporate borrowers to a negative

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PPG

PNG

Figure 1.11 Bond Flows to Low- and MiddleUS$21 billion. Net flows to public sector Income Countries (excluding China), by Borrower borrowers turned to a negative US$35 Type, 2021 vs. 2022 billion in 2022, down from a net inflow of US$ (billion) US$28 billion in the previous year due to a Disbursements 9.1 percent decrease in maturing bonds, to US$105 billion in 2022, combined with a Amortization 51.5 percent decrease to US$69.7 billion in Net flows new bond issuances. Disbursements As global financial conditions have continued to tighten, and despite what Amortization happened to the bond market, LMICs have Net flows demonstrated a commitment to diversify –150 –100 –50 0 50 100 150 their sources of financing and to tap 2021 2022 innovative sources to finance investments that benefit the climate and increase the Source: World Bank International Debt Statistics database. Note: PNG = private nonguaranteed; PPG = public and publicly sustainable development impact. Some of guaranteed. the new and creative instruments developed to address these challenges include green, social, sustainability, and sustainability-linked bonds such as the World Bank Sustainable Development Bond, the African Development Bank’s Green Bond, the Green Sukuk (Islamic Bond), Blue Bonds, and social bonds. New clauses have also been introduced in debt contracts, such as climate resilient debt clauses, which allow for automatic suspension of debt servicing payments in the event of natural disasters or health emergency crises, and majority voting provisions in syndicated loan contracts. Issuances of such sovereign thematic bonds positively affect a country’s commitment to avoiding and adapting to climate change, and such sovereign issuances help diversify countries’ portfolios and develop their markets by drawing participation from a different investor base. In 2022, Egypt became the first country in the Middle East and North Africa region to issue a Samurai bond, a yen-denominated bond issued in Tokyo by non-Japanese companies and subject to Japanese regulations. Indonesia, a regular issuer of Samurai bonds, also used the instrument in 2022, in addition to a US$3.25 billion Shariah-compliant Sukuk format bond, which was its biggest Sukuk global sale in history. In 2022, the Bank of Industry of Nigeria, an official development bank, issued a US$700 million Eurobond with a sovereign guarantee, which marked the institution’s first Eurobond issuance as well as the first provision of a Eurobond guarantee by the Federal Government of Nigeria. The Philippines issued a US$1 billion sustainability bond in March 2022 and a 70.1 billion Japanese yen sustainability bond in April 2022. Despite these new forms of financing and the US$75.2 billion outflow recorded from private creditors, net flows to LMICs (excluding China) from official creditors, composed of bilateral and multilateral entities, were positive and rose 33.1 percent in 2022, to US$82.5 billion. Official creditors were the only group of creditors to mark an increase of financing in 2022 for LMICs, excluding China. Net debt inflows from multilateral creditors including the IMF in 2022 increased 61 percent, to US$81.8 billion, and accounted for an 85 percent share of official debt flows. For many countries, in particular the world’s poorest, multilateral creditors were the primary source of external financing. Net debt inflows from bilateral creditors increased 19 percent to US$14.8 billion, but those creditors’ share of official debt flows was modest at 15 percent. As financing from other creditor categories declined in 2022, borrowers increasingly turned to multilateral creditors, which serve as lenders of last resort.

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20 22

20 21

20 20

20 19

20 18

20 17

20 16

20 15

20 14

20 13

20 12

Figure 1.12 Net Flows to IDA-Eligible Countries, The uncertain global economic outlook, by Region and Creditor Type, 2022 limited fiscal space, and tightening financial US$ (billion) conditions in international capital markets 35 weighed heavily on LMICs in 2022, 30 particularly those eligible for IDA financing. 25 These countries depend significantly on 20 official, concessional sources of financing, 15 although over a third of them have gained 10 market access during the last decade with 5 bond issuances in international capital 0 markets. Market access was severely –5 curtailed for IDA-eligible countries in 2022, –10 and net flows from other creditors declined, Bilateral Multilateral Bondholders Other private (including IMF) creditors apart from multilateral creditors. East Asia and Pacific Europe and Central Asia Net inflows from private creditors Latin America and the Caribbean Middle East and North Africa collapsed in 2022, falling 79 percent to South Asia Sub-Saharan Africa US$6.1 billion. The downturn in net debt Source: World Bank International Debt Statistics database. inflows from private creditors was intensified Note: IDA = International Development Association; IMF = International Monetary Fund. by a 43 percent fall in inflows from bilateral creditors to US$7.9 billion (from US$13.7 Figure 1.13 Net Equity Inflows and External Debt billion in 2021)—see figure 1.12. By contrast, Flows to Low- and Middle-Income Countries, 2012–22 net inflows from multilateral creditors rose US$ (billion) 41 percent to US$30.4 billion (compared to a 2,000 48 percent decline in 2021), the only creditor category that experienced an upward net debt 1,500 inflow trajectory in 2022. 1,000 Multilateral creditors’ share of net longterm debt inflows rose to 68 percent from 500 33 percent in 2021. The World Bank accounted 0 for 50 percent of multilateral debt flows during the year and reached an all-time high of US$15 –500 billion. The Sub-Saharan Africa region received most of these debt flows, US$10.7 billion, Foreign direct investment Portfolio equity which represents a 71 percent share of total Private nonguaranteed debt flows flows received by IDA-eligible countries; the Public and publicly guaranteed debt flows next biggest regional recipient was South Asia, Short-term debt flows with 16.9 percent (US$2.5 billion in 2022). Sources: International Monetary Fund and United Nations Conference on Trade and Development. Looking beyond debt, net financial flows (debt and equity) dropped 77 percent in 2022, to US$291 billion (figure 1.13). After rebounding in 2021 from the pandemic, foreign direct investment (FDI) flows declined 28 percent in 2022, to US$479 billion, and portfolio equity flows dropped 81 percent to US$11 billion, as difficult global economic conditions and heightened geopolitical tensions affected investors’ postcrisis risk perceptions. Despite experiencing a 47 percent decrease in FDI equity flows, China continued to be the largest recipient among LMICs, at US$159.7 billion. It accounted for 33 percent of total FDI flows, followed by Brazil (15 percent), India (10 percent), and Mexico (7 percent). Although on a downward trend, FDI equity flows as a volume remained positive and proved resilient, offsetting the fall and negative volumes in short- and long-term debt flows.

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New Debt Commitments, 2012–22 New commitments to LMICs plummeted in 2022, driven primarily by a steep decrease in private sector commitments; yet multilateral creditors stepped in to partly offset that drop with an increase in new commitments. New commitments to public and publicly guaranteed (PPG) sector entities fell in 2022 for a second consecutive year, decreasing 23 percent to US$372 billion and reaching their lowest level since 2011. The main driver of the decrease was a 33 percent decline in new commitments from private creditors, which contracted to US$218 billion, also the lowest level since 2011. New PPG bonds issued in international markets by LMICs fell 51 percent in 2022 from the 2021 level, to US$114 billion. China, by far the largest bond issuer among LMICs, registered a sharp 74 p ercent decline in new bond issuance from PPG sector entities, to US$24 billion. Excluding China, new bond issuance by other LMICs decreased at a slower pace in 2022, falling 36 p ercent to US$89.7 billion. IBRD-only countries are market-based borrowers that rely heavily on borrowing from private creditors, averaging 73 percent of new PPG commitments during the past decade. With the tightening of global financial conditions and increased risk aversion among private creditors, new borrowing from private creditors decreased 38 percent during the 2020–22 period, to US$208 billion in 2022, and this decrease was the primary reason for the drop in total new commitments to IBRD borrowers. New PPG commitments from private creditors to IDA-eligible countries also decreased in 2022 by 72 percent, to US$9.7 billion, after experiencing a 56 percent increase in 2021. But these changes were much less significant for IDA-eligible countries, because these countries have far less exposure to private creditor borrowing, at just 14 percent of total new commitments (figure 1.14). Commitments from Official Creditors

PPG commitments from official creditors—governments or other bilateral public entities and multilateral institutions such as the World Bank and regional development banks—decreased marginally in 2022, by 1.2 percent, to US$154 billion. But these overall figures for official creditors mask divergences between commitments originating from bilateral creditors and Figure 1.14 Loan Commitments to IDA-Eligible those from multilateral ones. New commitand IBRD-Only Countries, 2012–22 ments from multilateral creditors, excluding US$ (billion) the IMF, were three times larger than new 500 450 bilateral commitments, and increased 1.5 400 percent to US$116 billion. Since the onset of 350 the COVID-19 pandemic, multilateral credi300 tors have provided an unprecedented level 250 of support for countries to mitigate the eco200 150 nomic and social impacts of the pandemic, 100 which led to a surge in new commitments 50 in 2020 and 2021. In 2022, multilateral 0 creditors continued to step up and partly offset the decline in lending from private IDA eligible IBRD only creditors. New commitments from the World Source: World Bank International Debt Statistics database. Bank in 2022 increased by 1.3 percent, to Note: IBRD = International Bank for Reconstruction and US$53.5 billion, equivalent to 46 percent of Development; IDA = International Development Association.

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new commitments by all multilateral institutions combined. New World Bank IDA commitments increased 11.3 percent to US$25.0 billion, while new IBRD commitments decreased by 6.4 percent to US$28.6 billion. In 2022, the World Bank also provided US$6.1 billion in grants to IDA-eligible countries. See box 1.6 for more on IDA grants.

Box 1.6 IDA Grants: Contributing to Reducing Debt Vulnerabilities The International Development Association (IDA) provides sustained, highly concessional financing to its borrowers, and those at high risk of debt distress receive all or part of this financing in the form of grants. The terms of IDA financing to each IDA-eligible country vary based on an annual assessment of the country’s gross national income per capita, its creditworthiness for borrowing from the International Bank for Reconstruction and Development, and its risk of debt distress and vulnerability. Outcomes of the Debt Sustainability Analysis, which assesses the risk of debt distress, translate to a “traffic light” system to determine the share of IDA grants and highly concessional IDA credits (loans) for each borrower. Before the 20th replenishment of IDA (IDA20), IDA-only countries with a per capita income below the IDA operational cutoff point (set at US$1,315 for fiscal year 2024) assessed at high risk of debt distress or in debt distress (“red light”) received 100 percent grants; those at moderate risk (“yellow light”) received 50 percent grants and 50 percent credits; and those at low risk (“green light”) received only credits but with a grant element of at least 53 percent. Starting from IDA20, “red light” IDA-only countries with a gross national income per capita below the IDA cutoff point receive 100 percent grants, whereas “yellow light” countries, except those designated as small states, and “green light” countries receive 100 percent credits with a grant element of at least 36 percent and ranging up to 73 percent. IDA-only borrowers designated as small states are the only “yellow light” countries eligible for grant financing in IDA20: they receive 50 percent of IDA financing in grants. IDA20 retains the ceiling set under the 19th replenishment of IDA (IDA19) of US$1 billion grants per country allocation in any one fiscal year. Of the current 75 IDA-eligible countries, 60 countries (including Sri Lanka, which reversegraduated in December 2022) receive financing only from IDA and 15 countries are eligible for financing from both the International Bank for Reconstruction and Development and IDA (blend countries). A total of 28 countries are assessed at high risk of debt distress, and 11 are in distress. Twenty-seven countries are eligible for grants as part of their country allocation,a including two “yellow light” small states receiving Figure B1.6.1 IDA Gross and Net Inflows of 50 percent of their Performance Based Allocation Credits and Grants to IDA-Eligible Countries, as grants. 2012–22 Throughout the past decade IDA has (US$ billion) provided critical and increasing levels of support 25 to its borrowers, particularly during times of 20 crisis. Total net flows and net transfersb from IDA to IDA-eligible countries reporting to the Debtor 15 Reporting System of loans and grants combined were US$19.7 billion and US$18.3 billion, 10 respectively, in 2022. The comparable inflows at the start of the decade were US$7.8 billion and 5 US$7.3 billion, respectively (figure B1.6.1).

b. Net flows are gross disbursements minus principal payments on IDA credits. Net transfers are net flows minus interest and service fees on IDA credits.

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Figure 1.15 New Commitments from Multilateral Creditors to IDA-Eligible and IBRD-Only Countries, 2012–22 US$ (billion) 160 140 120 100 80 60 40 20

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Source: World Bank International Debt Statistics database. Note: ADB = Asian Development Bank; AfDB = African Development Bank; IBRD = International Bank for Reconstruction and Development; IDA = International Development Association; IDB = Inter-American Development Bank.

Figure 1.16 New Commitments from Bilateral Creditors to IDA-Eligible and IBRD-Only Countries, 2012–22 US$ (billion) 90 80 70 60 50 40 30 20 10

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Other multilateral institutions also stepped up their financing during the pandemic. New commitments from the African Development Bank, Asian Development Bank, and InterAmerican Development Bank combined reached a decade high of US$46.8 billion in 2020 (figure 1.15). In 2022, however, lending by these regional banks returned to prepandemic levels, with new commitments declining for the second consecutive year, by 7.7 percent, to US$26.9 billion. New commitments from other multilateral creditors increased by 9.8 percent to US$35.3 billion, and their share of new commitments from multilateral creditors rose from 25 percent in 2012 to 30 percent in 2022. In 2022, the largest amount of new commitments extended by these lenders was from the Asian Infrastructure Investment Bank, followed by the African Export-Import Bank and the European Investment Bank. New commitments from bilateral creditors, of which Japan and China were the two largest, fell by 7.5 percent in 2022 to US$38.5 billion and accounted for only 25 percent of total commitments from official bilateral and multilateral creditors. New commitments from Japan increased 26.3 percent to US$11.1 billion in 2022, whereas those from China decreased 41.1 percent (to US$5.7 billion). New commitments from other non-Paris Club creditors rose 15.8 percent (to US$7.1 billion), while those from Paris Club creditors, excluding Japan, increased by a marginal 0.8 percent (to US$14.6 billion) (figure 1.16).

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Total new commitments (from all types of creditors, including official and private) to PPG sector entities in IDA-eligible countries totaled US$67 billion in 2022, a 30 percent decrease from the all-time high in 2021; this drop was primarily due to the decline in commitments from private sector creditors, which fell 72 percent to US$9.7 billion. New commitments to IDA-eligible countries from bilateral creditors also decreased by 30 percent to US$14.2 billion. By contrast, new commitments from multilateral creditors increased by 4 percent to US$43 billion. And new commitments by the World Bank (including IBRD and IDA lending) accounted for 58 percent of total

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Figure 1.17 Percent Share of Loan Commitments multilateral creditor commitments, increasing to IDA-Eligible Countries, by Creditor Type, by 8 percent in 2022 to an all-time high of 2012–22 US$25.2 billion. Nigeria and Tanzania were Percent the top recipients of new financing from the 100 90 World Bank in 2022, at US$2.9 billion and 80 US$2.7 billion, respectively. 70 60 IDA-eligible countries continued to rely 50 primarily on financing from official credi40 tors, which accounted for 86 percent of new 30 20 commitments to the PPG sector in 2022. The 10 composition of creditors for the IDA-eligible 0 group has shifted over the past decade, with new commitments from bilateral crediBilateral Multilateral Bondholders Other private tors decreasing from 43 to 21 percent, from Source: World Bank International Debt Statistics database. multilateral creditors increasing from 41 Note: IDA = International Development Association. to 64 p ercent, and from private creditors remaining unchanged at about 15 percent (figure 1.17). From the launch of the Belt and Road Initiative in 2013 until 2016, China averaged annual new commitments of US$16.3 billion and averaged 53 percent of total bilateral creditor commitments to IDA-eligible countries. The initiative aims to build an integrated international economic corridor encompassing more than 60 countries in various regions and provides financing for large-scale infrastructure projects to enable it. New commitments from Chinese bilateral creditors to IDA-eligible countries have been on a declining trend since 2016, however, reaching a decade low of US$3.6 billion in 2022, which represents 24 percent of total bilateral creditor commitments. New commitments from other bilateral creditors also decreased in 2022, by 14.7 percent to US$10.7 billion. See box 1.7 for more on China’s lending.

Box 1.7 China: Low- and Middle-Income Countries’ Largest Bilateral Creditor Figure B1.7.1 Low- and Middle-Income Countries’ Debt to China, by Region, 2012–22 US$ (billion) 200 180 160 140 120 100 80 60 40 20

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Over the past two decades, China has been one of the world’s fastest-growing economies, with annual gross national income growth averaging over 13 percent, a pace the World Bank described as “the fastest sustained expansion by a major economy in history.”a This, combined with China’s “Going Global Strategy,” initiated in 1999 to foster Chinese investment abroad, propelled Chinese overseas investment and lending. In the process China became not only the largest borrower among low- and middleincome countries (LMICs) but also one of their largest creditors. LMICs’ combined public and publicly guaranteed external debt obligations to China totaled US$180 billion at end-2022 (figure B1.7.1).b To put this figure in context, LMICs’ obligations to the International Bank

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for Reconstruction and Development and Figure B1.7.2 Commitments from China to International Development Association, including Low- and Middle-Income Countries, by Region US$16 billion owed by China, were US$223 2012–22 billion and US$183 billion, respectively, at endUS$ (billion) 2022. Moreover, the figure for debt obligations 60 to China does not include significant lending by 50 China to private sector entities in LMICs without a sovereign guarantee.c Most of the public 40 and publicly guaranteed external debt owed to 30 China relates to large infrastructure projects and operations in the extractive industries. 20 Countries in Sub-Saharan Africa (SSA), led by 10 Angola, have seen some of the sharpest rises in 0 Chinese lending since 2012, although the pace of accumulation has slowed since 2018. The SSA region accounted for 44 percent of LMICs’ East Asia and Pacific Europe and Central Asia obligations to China at end-2022. In South Asia, Latin America and the Caribbean Middle East and North Africa external debt obligations to China rose nearly South Asia Sub-Saharan Africa sevenfold over 11 years, from US$6.4 billion in Source: World Bank International Debt Statistics database. 2012 to US$42.9 billion in 2022, of which twothirds was accounted for by Pakistan. Commitments serve as a leading indicator of changes in financing patterns and how debt stocks are likely to evolve. From 2012 to 2022, commitments from China to public and publicly guaranteed borrowers in LMICs totaled US$254 billion. Lending was directed primarily to (a) oilproducing countries, (b) neighboring countries to China and those along the Belt and Road corridor, and (c) mineral-rich and other large countries in SSA. Annual commitments rose rapidly in the first half of the decade to peak at US$52 billion in 2016, of which 57 percent went to countries in SSA (figure B1.7.2). Since then, however, commitments have fallen sharply to an all-time low of US$5.4 billion in 2022, of which 80 percent went to China’s neighboring countries and those in the South Asia region. New loan commitments to countries in SSA were a negligible US$145 million. Factors accounting for this downturn include changes in China’s own economic environment and a steep contraction in its current account surplus, the failure of some overseas projects to come to fruition or realize anticipated financial dividends, and an increase in debt vulnerabilities in borrowing countries that has led some of them to default to China. How China Lends Chinese lending to public and private sector entities in LMICs falls into four main categories. First are concessional loans at very low interest rates or interest-free, funded from tax revenues, denominated in yuan, and managed by the China International Development Cooperation Agency. Second, the Export– Import Bank of China offers concessional loans managed by the Preferential Loans Department, including (a) concessional loans denominated in yuan funded by the Chinese government and (b) US dollar-denominated “preferential buyers” credits financed from the Export–Import Bank of China’s own resources. Third, policy banks—including the Export–Import Bank of China, China Development Bank, and Agricultural Development Bank of China—extend nonconcessional dollar-denominated loans, which they fund through bond issuance in the domestic and international capital markets, and which are often insured by China’s official export credit agency, SINOSURE. Fourth, Chinese commercial banks and suppliers extend short- and medium-term loans, usually insured by SINOSURE. a. The World Bank, China Overview, https://www.worldbank.org/en/country/china/overview. b. This figure does not include obligations of the Russian Federation, which may be substantial. c. Lending to private sector entities not publicly guaranteed or through special purpose vehicles is captured in private nonguaranteed debt. These data are reported to the Debtor Reporting System in aggregate, and creditors cannot be separately identified.

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The 10 countries are Argentina, Brazil, Colombia, India, Indonesia, Mexico, the Russian Federation, South Africa, Thailand, and Türkiye. China participates formally in the creditor committee of the Common Framework but negotiates separately from other creditors with borrowers, including Zambia and, more recently, Sri Lanka.

References IDA (International Development Association). 2023. “Sustainable Development Finance Policy of the International Development Association: Mid-Term Implementation Review (English).” World Bank, Washington, DC. IMF (International Monetary Fund). 2009. Balance of Payments and International Investment Position Manual, 6th edition. Washington, DC: IMF. IMF (International Monetary Fund). 2014. Government Finance Statistics Manual 2014. Washington, DC: IMF. IMF (International Monetary Fund). 2021. “IMF Governors Approve a Historic US$650 Billion SDR Allocation of Special Drawing Rights.” IMF Press Release No. 21/235, August 2, 2021. https://www.imf.org/en/News/Articles/2021/07/30 /pr21235-imf-governors-approve-a-historic-us-650-billion-sdr-allocation-of-special-drawing-rights.

2. The Macroeconomic and Debt Outlook for 2023 and Beyond

Introduction Global growth is expected to slow in 2023, and the outlook is weaker still for countries with elevated fiscal and financial vulnerabilities. This expected deceleration is due to short- and longterm factors that range from inflation and rising interest rates to global trade and investment fragmentation and adverse climate-related events. And it will occur amid significant debt accumulation in low- and middle-income countries (LMICs), with ratios of debt to gross national income (GNI) elevated by historical standards and similar to the debt wave of the 1980s. In addition, the composition of creditors has changed in recent years, with nontraditional official creditors and commercial lenders holding larger shares of LMICs’ external debt, which makes debt resolutions and rollovers more challenging. Furthermore, a higher share of foreign currency–denominated debt results in greater exchange rate risks. Meanwhile, debt service burdens remain sizeable in these countries, which could crowd out spending on other priorities. Global gross domestic product (GDP) growth is set to slow in 2023. According to the World Bank’s latest projections, global growth in 2023 is expected to slow to 2.1 percent, a significant deceleration from 3.1 percent in 2022 (figure 2.1). GDP growth in LMICs is forecast to be 4.2 percent in 2023, but mainly because of China. Excluding China, LMICs’ growth is projected to be 3.1 percent in 2023, down Figure 2.1 Percent Change in Gross Domestic from 3.8 percent in 2022. Product Growth, 2018–24 The outlook is particularly weak for counPercent tries with elevated fiscal and financial vulner8 abilities. LMICs with weaker sovereign credit 6 ratings have experienced slower growth and more adverse financial developments, includ4 ing exchange rate depreciation and rising sov2 ereign spreads. By the end of 2024, economic 0 activity in LMICs is projected to be 5 percent below prepandemic projections. In about one–2 third of these countries, per capita income in –4 2024 will still fall below the 2019 level, and 2018 2019 2020 2021 2022 2023 2024 growth over the 2020–24 period is projected World Low- and middle-income countries to be the weakest nonoverlapping five-year Source: World Bank 2023. average since the mid-1990s. Note: Aggregate GDP growth rates are calculated as weighted averages, based on real GDP in constant 2010–19 prices, expressed Both short- and long-term factors have in US dollars, as weights. Data for 2023 are estimates and data for 2024 are forecasts. driven recent weakness in the global economy.

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Short-term factors include elevated inflation and the monetary policy tightening that resulted from it. In particular, the current hiking cycle in the United States has been the sharpest in nearly four decades. Although headline inflation has been easing globally, core inflation remains high, implying that policy interest rates are expected to be kept higher for longer. Monetary tightening in advanced economies has adverse effects in LMICs—for instance, through tighter financial conditions in general and by depressing external demand. In the long term, global potential output growth is expected to weaken further because of a broad-based decline in the fundamental drivers of growth (Kose and Ohnsorge 2023). Risks to the outlook in LMICs are tilted to the downside. They include elevated geopolitical tensions, a heightened risk of financial stress, persistent inflation, and weaker external demand. These downside risks, if they materialize, could result in even more subdued economic activity. •

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An escalation of geopolitical tensions could adversely affect LMICs through disruptions in commodity markets and fragmentation of trade and financial links. Elevated geopolitical tensions, especially in commodity-exporting countries or regions, could result in a surge in global commodity prices and policy uncertainty, reducing investment and economic activity in LMICs. An escalation of tensions and conflicts could also cause fragmentation of international trade and financial networks, as supply chains are damaged and crossborder capital flows are restricted, including the implementation of international sanctions. Borrowing costs have been increasing in LMICs. For about one-fourth of these countries, sovereign spreads exceed 10 percentage points, which indicates a loss of market access and a heightened risk of default. There have been 18 sovereign default occurences since 2020, above the 15 default events that occurred during the previous two decades.1 Moreover, LMICs could experience even higher borrowing costs if high-income economies encounter financial stress. In countries with greater fiscal and financial vulnerabilities, negative financial spillovers could be amplified through undercapitalized banks, the sovereign-bank nexus,2 or high debt levels. Persistent inflation in both high-income economies and LMICs could lead to even tighter monetary policy and further depress economic activity. Spillovers from monetary tightening in high-income economies could exacerbate vulnerabilities in LMICs by putting pressure on domestic financial systems via currency depreciation, which increases the likelihood of capital outflows as well as the potential for currency crises. Long-term growth expectations have been weakening. Fundamental growth drivers have been softening in many LMICs over the past few decades. Future growth could be further weakened by global trade and investment fragmentation and adverse climate-related events. However, if structural reforms are implemented to boost growth, strengthen confidence, and moderate the adverse impacts of climate change, the decline in potential growth might be mitigated. Successful implementation of reforms requires strong governance and institutional frameworks.

Amid slowing growth and heightened downside risks, several LMICs have accumulated significant external debt over the past decade. Excluding China, the external debt-to-GNI ratio among LMICs rose to 33.5 percent in 2022, 6 percentage points higher than the 2012 ratio. In low-income countries, where debt accumulated at an even more rapid pace, external debt rose to 45 percent of GNI in 2022, from 29 percent in 2012. This trajectory corresponds to the current global wave of debt growth that began in the wake of the 2009 global recession, when increasing debt levels were accompanied by slowing economic growth and the emergence of new lenders (Kose et al. 2021).

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After the 2020 global recession, external debt stocks declined by 5 percentage points of GNI by 2022, but they are anticipated to remain elevated. External public and publicly guaranteed (PPG) debt also declined by 2 percentage points between 2020 and 2022 in LMICs. The reduction was larger in commodity exporting LMICs (by 5 percentage points) than in commodity importers, even when China was excluded from the group (by 2 percentage points), partly because exporting countries benefited from a rise in commodity prices, which allowed them to improve their external positions. In most LMICs, however, external debt remains elevated compared to prepandemic levels. Relative to the previous three waves of debt accumulation, the annual average change in external debt during the current wave has been almost as large as the change in the 1980s in low-income countries (figure 2.2). In the 1980s, these countries borrowed heavily from official creditors to finance domestic industry and some of them subsequently suffered debt crises amid rising global interest rates. Countries eligible for resources from the International Development Association (IDA-eligible countries) have also seen an increase in external debt during the current wave, following consecutive declines over the previous two waves. The composition of external creditors has changed significantly over the past decade. In particular, the increasing shares of nontraditional official creditors (such as non-Paris Club countries3) and commercial lenders holding external debt stocks have raised concerns about debt resolution and rollover of debt in LMICs. Loan arrangements with non-Paris Club countries are often complex, and loan information is not always made public. This situation poses challenges to accurately pricing sovereign risks in such countries (Horn, Reinhart, and Trebesch 2021). Because loans from private sources are mostly made at market rates, borrowers are more exposed to refinancing risks, especially when a surge occurs in borrowing costs (Essl et al. 2019). In LMICs, bondholders and commercial banks accounted for more than half (53 percent) of external PPG debt stocks in 2022, an increase of 4 percentage points from 2012. By contrast, in IDA-eligible countries, the share of bondholders and commercial banks has been lower than in LMICs. However, the rate of increase has been higher because of a large shift to market borrowings, as the share of these private sources increased by 12 percentage points to 20 percent of external PPG debt stocks over 2012–22. In low-income countries that do not have the capacity to access international markets on a durable and substantial basis, the share of concessional term debt has been rising since the mid-2010s, though it was still about 50 percent of external PPG debt in 2022. For this group of countries, Paris Figure 2.2 Changes in External Debt-to-GNI Club countries accounted for about 27 percent Ratios, 1970–2022 of external bilateral PPG debt in 2022. Percentage points LMICs have become more vulnerable 4 to currency risk as the share of external 3 2 PPG debt in foreign currencies has 1 0 increased. General government debt in –1 foreign currencies in LMICs accounted for –2 –3 25 percent in 2022, a significant increase –4 from 17 percent a decade ago (Kose et al. –5 –6 2022). This increase in government debt Low- and middleLow-income IDA-eligible income countries countries countries denominated in foreign currencies makes these countries more vulnerable to rising 1970–89 1990–2001 2002–09 2010–22 debt service costs through exchange rate Source: World Bank International Debt Statistics database. Note: The figure shows annual average changes in external debt, movements. More than 80 percent of external computed as changes in external debt-to-GNI ratios over the PPG debt in LMICs was in US d ollars in respective periods, divided by the number of years in each of them. For the period 1970–89, data for low-income countries 2022, an increase from 76 percent a decade start in 1981. GNI = gross national income; IDA = International Development Association. ago. In low-income countries, external PPG

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Figure 2.3 Composition of Government debt in US dollars accounted for about Expenditures in Low- and Middle-Income 64 percent of external debt in 2022, up from Countries, 2010s vs. 2020s 58 percent in 2012. Heavy reliance on debt Percent of government expense denominated in a single currency could also 70 increase vulnerability to sudden movements in 60 exchange rates. With ongoing monetary policy 50 tightening in the United States, LMICs may 40 face continued depreciation pressures. 30 PPG debt service payments (including 20 the International Monetary Fund) totaled 10 US$443.5 billion in 2022, the highest level 0 in history, and will remain sizable in LMICs. 2010s 2020s 2010s 2020s Low- and middle-income countries Low-income countries PPG external debt service due over 2023–24 Compensation Interest Social benefits is expected to be 10 percent higher than it was during the 2021–22 period. Excluding China, Sources: International Monetary Fund and World Bank. Note: Compensation refers to employee compensation and includes PPG debt service payments of LMICs are wages, salaries, and social contributions. In some countries, data are expected to rise by 12 percent. for central governments. Data for 2020s cover 2020–21. The rise in debt service burdens is worse in low-income countries, and it could create significant challenges related to spending. The amount to service external PPG debt for the next two years will increase by 39 percent in low-income countries relative to the amount for the previous two years, assuming payment during the same period of current accumulated interest and principal arrears. This increase is attributable to a hike in principal repayments, as they are expected to rise by 56 percent over the same period. In contrast, the interest expense on external PPG debt over 2023–24 will remain stable, compared to the level seen in 2021–22. The debt service burden, on both domestic and external debt, has also been significant for government debt in low-income countries. Interest expense in these countries was 9 percent of government spending in 2020–21, up from 5 percent in the 2010s (figure 2.3). Amid high and rising global interest rates, the elevated level of debt service could have dire implications for overall government spending. In countries with large debt service burdens, the challenge is to redirect spending to areas in need and reallocate resources to promote potential growth and increase resilience. Improving government spending efficiency through strengthened institutions and domestic governance is another challenge in countries with limited spending capacity. Domestic revenue mobilization efforts can help reduce vulnerabilities associated with elevated debt levels in LMICs. Amid persistently weak growth, revenue collection is a major challenge for many LMICs, reflecting less developed markets and limited institutional capacity, particularly in low-income countries. Countries can mobilize revenue and improve collection mechanisms by introducing measures to broaden the tax base and strengthen revenue administration.

Notes 1.

The information is based on long-term sovereign ratings by Fitch Ratings, as of end-October 2023. A default event is identified when a local-currency rating or a foreign-currency rating, or both, is changed to a default category. Therefore, a country can have multiple default events even within the same year. The 18 defaults since 2020 occurred in 10 middle-income countries: Argentina, Belarus, Ecuador, El Salvador, Ghana, Lebanon, Sri Lanka, Suriname, Ukraine, and Zambia.

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The pandemic left many LMIC banks holding record levels of government debt, creating a new level of interdependence between banks and governments, with attendant risks. This is known as sovereign-bank nexus risk. The Paris Club is a group of official creditors formed in 1956 to find coordinated solutions to payment difficulties experienced by debtor countries.

References Essl, Sebastian, Sinem Kilic Celik, Patrick Kirby, and Andre Proite. 2019. “Debt in Low-Income Countries: Evolution, Implications, and Remedies.” Policy Research Working Paper 8794, World Bank, Washington, DC. Horn, Sebastian, Carmen M. Reinhart, and Christoph Trebesch. 2021. “China’s Overseas Lending.” Journal of International Economics 133: 103539. https://doi.org/10.1016/j.jinteco.2021.103539. Kose, M. Ayhan, Sergei Kurlat, Franziska Ohnsorge, and Naotaka Sugawara. 2022. “A Cross-Country Database of Fiscal Space.” Journal of International Money and Finance 128: 102682. Kose, M. Ayhan, Peter Nagle, Franziska Ohnsorge, and Naotak Sugawara. 2021. Global Waves of Debt: Causes and Consequences. Washington, DC: World Bank. Kose, M. Ayhan, and Franziska Ohnsorge, eds. 2023. Falling Long-Term Growth Prospects: Trends, Expectations, and Policies. Washington, DC: World Bank. World Bank. 2023. Global Economic Prospects. June. Washington, DC: World Bank.

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3. Charting Improvement in Public Debt Transparency and the Quality of Debt Reporting Efforts to Improve Debt Transparency Amid rising debt vulnerabilities in low- and middle-income countries and calls for greater debt transparency from the international community, the International Monetary Fund (IMF) and the World Bank began implementing a multipronged approach (MPA) to address debt vulnerabilities in 2018. Intensified debt risks owing to the COVID-19 pandemic heightened the urgency of implementing the MPA and highlighted the importance of debt sustainability and transparency for long-term financing for development. The MPA is designed to (a) strengthen debt transparency by helping borrowing countries, and by reaching out to creditors, to make better public sector debt data available; (b) support capacity development in public debt management to avert and mitigate debt vulnerabilities; (c) provide suitable tools to analyze debt developments and risks; and (d) adapt IMF and World Bank lending policies to better address debt risks and promote efficient resolution of debt crises. The Sustainable Development Finance Policy (SDFP), launched by the International Development Association (IDA) on July 1, 2020, aims to incentivize IDA-eligible countries to move toward transparent and sustainable financing and to further enhance coordination between IDA and other creditors in support of reform efforts. The policy has two mutually reinforcing pillars: the Debt Sustainability Enhancement Program (DSEP) and the Program of Creditor Outreach (PCO). The DSEP pillar requires all IDA-eligible countries with elevated risk of debt distress to implement Performance and Policy Actions (PPAs) to address vulnerabilities in debt transparency, debt management, and fiscal sustainability systematically and proactively over a medium- to long-term time horizon. PPAs are designed and agreed upon through an intensive dialogue with country authorities, calibrated to countries’ capacity constraints, and underpinned by core diagnostics. Support with implementation and institutionalization of reforms is provided through multiple channels, including development policy operations. Under the PCO pillar, IDA promotes sustainable lending practices and provides a platform for information sharing. It also acts as a convener and works closely with the IMF and other multilateral development banks to promote stronger collective action, greater debt transparency, and closer coordination among borrowers and creditors to mitigate debt-related risks. PCO activities include regular global, regional, and in-country events that are designed to support IDA countries to improve debt sustainability and enhance debt transparency in the broader context of the World Bank’s debt agenda. The PCO pillar aims to advance dialogue among a broader range of development partners to promote good practices of supporting information sharing, to facilitate coordination at the country-level among different creditors, and to scale up efforts on communication in the context of existing multilateral development bank consultation. Creditor

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Figure 3.1 Performance and Policy Actions, outreach activities complement the DSEP July 1, 2020, to June 30, 2023 pillar and other work by the World Bank to Number of PPAs support countries’ efforts to improve debt and 160 fiscal sustainability, including through the 140 joint IMF–World Bank MPA to address debt 120 vulnerabilities and lending operations and 100 80 technical assistance. 60 Since the inception of the SDFP in July 40 2020, 130 PPAs were approved in 55 countries 20 in fiscal year 2021 (FY2021), 141 PPAs in 58 0 countries in FY2022, and 147 PPAs in 60 counFY2021 FY2022 FY2023 tries in FY2023. Implementation of these PPAs Debt transparency Debt management Fiscal sustainability has required significant effort by IDA-eligible Source: IDA 2023. Note: FY = fiscal year; PPAs = Performance and Policy Actions. countries against a backdrop of overlapping crises and climate events that exacerbated existing challenges and diminished fiscal buffers. COVID-19 heightened public debt vulnerabilities, particularly in the world’s poorest countries, as economic growth plummeted, expenditures rose, and revenues contracted. In FY2021, out of a total of 130 PPAs approved, 42 focused on debt transparency, 53 focused on debt management, and 35 focused on fiscal sustainability (figure 3.1). In FY2022, out of a total of 141 approved PPAs, 42 focused on debt transparency, 53 focused on debt management, and 46 focused on fiscal sustainability. In FY2023, out of a total of 147 PPAs, 27 focused on debt transparency, 62 focused on debt management, and 58 focused on fiscal sustainability. Debt transparency is intrinsically linked to debt management, so many of the actions that enable debt transparency, such as legislative and institutional reforms and strengthening debt monitoring and recording processes, are embedded in debt management PPAs. In FY2021 and FY2022, more than 90 percent of countries satisfactorily implemented their PPAs. In FY2023, the share of countries that satisfactorily implemented their PPAs is about 80 percent. PPAs for the first two years of implementation focused primarily on debt transparency and debt management to reduce debt vulnerabilities, given the crisis context and the significant fiscal constraints faced by governments. In FY2023, as countries sought to unwind the supportive fiscal stance of previous years, PPAs had a greater focus on fiscal sustainability. In the context of the World Bank’s Evolution Roadmap (World Bank 2023), the SDFP provides a platform to incentivize tax reforms given the increasing focus on domestic resource mobilization. Although the shift to more advanced, complex policy actions on fiscal sustainability is welcome, it has proved challenging. This highlights the importance of identifying the technical assistance requirements early in the process and building the necessary capacity in countries facing implementation challenges.

Direct and Indirect Disclosure of Public Debt Data Public debt transparency requires the disclosure of comprehensive, accurate, detailed, and timely information on the volume and terms of public and publicly guaranteed (PPG) debt that is sufficiently detailed for scrutiny and accountability of government actions.

3. Charting Improvement in Public Debt Transparency and the Quality of Debt Reporting

Debt transparency also equates with making this information available directly at the national level to legislatures, auditors, the media, and civil society, and indirectly to creditors, rating agencies, and the broader international community through reporting to international data collection systems. Timely and accurate loan-by-loan reporting to the World Bank Debtor Reporting System (DRS) on a quarterly and annual basis is a mandatory requirement for all countries borrowing from the International Bank for Reconstruction and Development or IDA. Data drawn from the DRS and disseminated by the World Bank in the International Debt Statistics database constitutes the only international, cross-country comparable data set of external debt of low- and middle-income countries. The World Bank Debt Reporting Heat Map,1 introduced in 2020 and updated annually, provides an assessment of direct reporting of the volume and composition of debt in official reports made publicly available by national authorities. It also charts the accountability of public borrowing through publication of medium-term debt strategies and annual borrowing plans and the extent to which data on guarantees, debt-related contingent liabilities, and loan collateral are made public. Implementation of PPAs to enhance debt transparency and strengthen debt management is reflected in improved outcomes. The Heat Map shows that 43 percent of IDA-eligible countries recorded an improvement in direct reporting between 2020 and 2022. For example, greater debt transparency ranged from institutionalizing and publishing an annual debt report for the first time in countries such as Burundi and Tajikistan, to introducing more frequent quarterly reports and expanding the coverage of debt reports. Enhancements may be incremental and supported by successive PPAs. For example, Cabo Verde improved reporting of nonguaranteed debt of state-owned enterprises (SOEs) through publication of a quarterly SOE bulletin with fiscal risk assessment of the six largest SOEs (FY2022 PPA) and broadened the coverage of the quarterly public debt bulletin to include SOE debt and guaranteed debt from municipalities (FY2023 PPA). In Pakistan, the Debt Management Office published a semiannual debt bulletin for July–December 2021 with a creditor-wise breakdown of outstanding debt (FY2022 PPA); it also published an annual report on public debt that compares debt management strategy implementation with targets for end-FY2022, and provincial finance departments published semiannual debt bulletins for July– December 2022, following international reporting standards for Public Sector Debt Statistics (FY2023 PPA). The improvements in debt transparency reflected in direct reporting of public debt at the national level, leveraged by PPAs and identified by the Heat Map, have led to concomitant improvements in the coverage, quality, and timeliness of reporting to the DRS. Publication of debt reports by national debt offices necessitates establishing and maintaining effective debt recording systems that continue to make incremental improvements in the overall coverage and accuracy of public debt data. The annual DRS status report assessed an improvement in the quality of reporting for the 2021 and 2022 submissions to the DRS for 13 IDA-eligible countries: Burkina Faso, Burundi, the Democratic Republic of Congo, The Gambia, the Lao People’s Democratic Republic, Lesotho, Liberia, Mozambique, Myanmar, Senegal, Somalia, St. Lucia, and Tajikistan. Most of these countries2 had at least one PPA focusing on debt transparency, and all satisfactorily implemented those PPAs. Similarly, PPAs focused on extending the legislative authority of national debt offices to capture comprehensive information on borrowing by SOEs and other contingent liabilities are laying the groundwork for data collection systems that will capture this information at the loan level and close gaps in reporting to the DRS. For example, to further enhance debt transparency and reporting and reduce debt and guarantees,

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the Sierra Leone Ministry of Finance will expand the coverage and publish an updated version of the “Report on the Outstanding Loans of Major State-Owned Enterprises” to include all guarantees and debt stock of all 17 registered SOEs as of end-December 2022 and disaggregate these by SOE (FY2023 PPA). Harmonizing the formulation of PPAs with DRS reporting requirements also has a direct impact on the quality of the data disseminated annually in the International Debt Statistics database. In the case of Mozambique, these data were compromised by inconsistencies between historical stocks and flows data, unreported transactions, and the nonreporting of arrears, resulting in partial estimates at the aggregate level. To address these issues, the FY2023 PPA on debt transparency required the Mozambique government to prepare a comprehensive report using accurate external PPG and private nonguaranteed debt and addressing the severe inconsistencies between stocks and flows identified in the 2021 DRS report, and then publish an error-free debt report for 2022. As a result of satisfactory implementation of this PPA, the authorities prepared a comprehensive technical note that accompanied the annual 2022 DRS report and resolved all inconsistencies between stocks and flows identified in prior DRS reports. In addition, the authorities also produced and published a comprehensive debt report for 2022 that included error-free data on external PPG debt as well as information on borrowing by SOEs and for liquid natural gas projects, which have been important drivers of debt accumulation in recent years. Enhancing debt transparency is critical to ensuring that debt-related vulnerabilities are known and contained, to enabling the creation of additional fiscal space, to raising external financing, and, when required, to supporting debt restructuring and debt relief. Policies like the SDFP, technical assistance, and lending operations are central to the goals of the 20th replenishment of IDA (or IDA20)—enhancing public debt transparency and the management of debt-related contingent liabilities. They also support IDA countries in publishing comprehensive PPG debt reports or fiscal risk statements. The World Bank is committed to the dissemination of comprehensive, timely, and transparent debt data, which are the foundation of sustainable borrowing and lending practices.

Notes 1. 2.

For more on the Debt Reporting Heat Map, see https://www.worldbank.org/en/topic/debt/brief/debt-transparency -report/2022. Myanmar is not required to prepare PPAs because it is at low risk of debt distress (based on Low-Income Country Debt Sustainability Analysis).

Reference World Bank. 2023. “World Bank Group Statement on Evolution Roadmap.” News release, January 13, 2023. https://www .worldbank.org/en/news/statement/2023/01/13/world-bank-group-statement-on-evolution-roadmap.

4. The Debtor Reporting System and the Need for Innovative Approaches to Debt Management Introduction Not only is the World Bank Debtor Reporting System (DRS) an effective and transparent system for collecting, recording, and disseminating the external debt obligations of World Bank borrowers, but it can also help countries manage their debt. The universe of debt instruments available to support the financing needs of low- and middle-income countries (LMICs) is vast. Debt managers therefore must consider numerous factors when constructing a debt portfolio appropriate to financing their countries’ priorities. The most obvious of these factors is a debt instrument’s interest rate, but other factors are also critical and include the currency mix, the share of fixed versus floating interest rates in the portfolio, the maturity profile, the choice of domestic versus external debt, and the share of nominal versus inflation-indexed instruments. In the current environment of rising global interest rates, elevated interest payments, and shorter maturities offered on many loans, these choices are as challenging as ever. And elevated debt vulnerabilities and debt burdens in LMICs that have resulted from a decade-long mismatch between economic growth and debt accumulation only add to the difficulty of building and managing an appropriate and cost-efficient debt portfolio. In this era of adverse financial market conditions and increasing debt vulnerabilities across LMICs, a close analysis of a country’s debt portfolio—followed by portfolio optimization through active debt management—offers an avenue to easing debt service burdens.

Portfolio Analysis That close analysis begins with a portfolio analysis, which can identify high-cost instruments and fees within a country’s outstanding loans. In fact, such high costs and fees are all too common in the debt portfolios of LMICs. Drawing on the extensive and granular data in the DRS, it has been possible to highlight sharp variations in loan terms extended by official and private creditors in countries eligible only for concessional lending from the International Development Association (IDA), referred to as IDA-only countries (Mihalyi and Rivetti, forthcoming). Research using DRS data examined over 10,000 loans to 53 such countries and focused on two features: loans with high interest rates and loans with high commitment fees.1 It found that the average borrowing terms of debtor countries often mask large differences even within broad creditor groups, where a handful of loans may carry significantly worse terms. The research

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Interest rate (%)

Figure 4.1 Distribution of Interest Rates on documented that, although most lending Outstanding External Public Debt across is done at low interest rates (below or near IDA-Only Countries concessional thresholds), one-quarter of the lending is at rates higher than 5 percent. 12.5 Such high-interest-rate loans are widespread across borrowers and are not limited to pri10.0 vate s ector creditors. In addition, many loans have additional fees attached. For example, 7.5 30 percent of low-income countries’ outstanding debt has commitment fees of 0.25 percent or higher. Such fees can add up to substantial 5.0 amounts when only a small fraction of the Volume weighted average interest rate: 2.94% loan is drawn down. 2.5 Figure 4.1 shows the overall distribution of outstanding external public and publicly guaranteed debt in 2022 across the 53 IDA 25 50 75 100 0 borrowing countries combined. The debt Share of total outstanding debt in 2022 (%) portfolio relies in large part on credit owed Creditor group Bilateral loans Multilateral loans Private loans to multilateral creditors (especially IDA and regional multilaterals’ concessional windows) Source: World Bank Debtor Reporting System. Note: Public and publicly guaranteed external debt across 53 IDAwith interest rates around 1 percent.2 Many only countries. IDA = International Development Association. other official lenders offer concessional lending at rates below or around 2 percent, but most countries will also incur some more expensive forms of borrowing from a mix of private and official borrowers. A quarter of the outstanding debt is at an interest rate above 5 percent. And the average borrowing rate (weighted by volume) is 2.94 percent. Individual country portfolios show similar patterns. Interest rates cover a large range, and most countries have at least some loans that carry rates above 5 percent, including loans from multilateral, bilateral, and private lenders. Out of the 53 countries analyzed, 45 have at least one loan from an official sector creditor with an interest rate above 5 percent. The cost of a loan is typically measured by the interest rate charged, but additional fees contribute to its all-in cost. One of the most important of these is the commitment fee, which the lender receives in exchange for keeping the option for the borrower to draw down the rest of the credit at the preagreed rate in the future. Although interest costs generally dwarf commitment fees in the case of commercial credit, these fees can often be a substantial cost factor for certain project loans that are drawn down more slowly.3 This slower drawdown may be increasingly common as g overnments—because of debt sustainability concerns—consider suspending the disbursements on funds they have already secured for projects. Figure 4.2 shows the distribution of commitment fees across the more than 10,000 official loans to IDA-only countries in the DRS. According to the World Bank analysis, over a third (37 percent) of these loans attract a (nonzero) commitment fee. The most typical fee is 0.5 p ercent of the undisbursed loan amount. Nonzero commitment fees exist across all creditor types. Drawing down a loan in full can often take up to 10 years or longer (Mihalyi and Rivetti, forthcoming). In fact, whereas budget support loans typically have staggered disbursements that depend on the disbursement conditions being met, project loans are disbursed in line with project implementation progress. Borrowers experiencing macroeconomic difficulties or other

4 . T h e D e b t o r R e p o r t i n g S y st e m a n d t h e N e e d f o r I n n o v a t i v e A p p r o a c h e s t o D e b t M a n a g e m e n t

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Figure 4.2 Histogram of Commitment Fees forms of uncertainty (for example, political across the Debt Portfolio of Official Loans instability or climate shocks) may see further delays in project execution compared to nor60 mal timelines. As a result, commitment fees of 0.25 percent to 0.50 percent (and higher) add up to substantial additional costs over a 40 10-year period. A key lesson from the analysis presented in the preceding paragraphs is that govern20 ments should closely scrutinize the terms of their debt instruments, because fees and high interest rates may be increasing their debt 0 0.25 0.50 0.75 1.00 service burdens. For the same creditor categoCommitment fee (%) ries (multilateral, bilateral, and commercial) Creditor group providing credit to borrowers with similar Bilateral loans Multilateral loans income during the same period, there might be Source: World Bank Debtor Reporting System. Note: The distribution shown is volume weighted based on 2022 considerable differences in both interest rates outstanding loan amounts. Loans with fees above 1 percent and fees. Data from the DRS can be used as (outliers) are shown as 1.00. benchmarks against which the terms of new loans can be measured and compared. To fully appreciate the cost of various debt instruments in a portfolio, as well as the overall cost of the portfolio, each borrowing country needs to conduct regular and detailed debt portfolio analyses. A granular country-level debt portfolio analysis may reveal loans that fall into the categories above, identify additional risky elements in the portfolio, and provide an estimate of the costs of loans in the portfolio. DRS data, compiled by country authorities and collected and curated by the World Bank, provide comprehensive information for such analysis.

Active Portfolio Management Once a portfolio analysis is conducted, debt managers can employ an active debt management strategy—including repurchases, swaps, and cancellations. If done correctly, such a strategy can optimize the profile of their public debt and potentially achieve considerable financial gains. Such a strategy can be achieved primarily through loan renegotiations or, more often, through liability management operations, the most common of which are debt buybacks and debt exchanges, or switches (World Bank 2015). Debt buybacks can be used not only as a risk management tool but also as an extraordinary operation aimed at reducing a country’s stock of nominal debt if the debt is trading at a deep discount, as in the case of several emerging markets and LMICs, given the recent rise of international interest rates. Buybacks are most commonly used by sovereigns to mitigate refinancing risk by reducing the amount of short-term maturities. Many IDA-eligible countries that have issued bonds in international capital markets have bought back all or part of prior issues in order to lower interest rates and lengthen maturities. For example, Cameroon and Rwanda both recently repurchased Eurobonds nearing maturity using proceeds from new debt with longer maturities. In external markets, buybacks are most commonly executed through primary market operations called tender offers, whereby the issuer announces its intention to buy back a certain bond.

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The process is similar to the book-building process used to sell international bonds. As a primary market operation, tender offers carry some risk that the market can move against the issuer— that is, prices rise with the expectation that the issuer wants to buy it. The other risk involved in t ender offers is a lack of interest from investors in selling the bond if it is considered a scarce asset. In these cases, a debt exchange, through which the investor can keep its credit exposure, might be more effective. Some countries execute external buybacks in a discrete way through the secondary markets. This option reduces the risk of the market moving against the issuer but requires the sovereign to have capacity to execute secondary market operations or hire a financial agent to do so. Debt exchanges involve swapping outstanding debt for new debt. By doing so, these instruments allow governments to lengthen the average maturity of their debt portfolio and to reduce short-term maturities. Debt exchanges should be voluntary and carried out at market prices. In fact, any non-NPV-neutral4 exchange would inevitably trigger a rating action or be rejected by creditors. Some countries have regular debt exchange auctions as part of their borrowing plan to reduce refinancing risk and debt service costs, modify the characteristics of the debt portfolio, provide liquidity to newly created benchmarks, and redeem off-the-run bonds. International financial institutions and other official creditors can play an active role in facilitating these liability management operations. For instance, a multilateral or bilateral creditor may judge that paying down certain high-interest loans or bonds is a more efficient use of funds than providing new borrowing. This was the case in Benin in 2018 when the country conducted a debt reprofiling operation that was financed by an international financial institution with a partial guarantee provided by the World Bank. The guarantee amounted to €154.8 million for a commercial loan in the amount of €387 million. A portion of the funds was used to buy back debt owed to the West African Development Bank and repay domestic debt (World Bank 2022). This case also presents an example of the trade-offs of swapping one risk for another—in this case high-interest-rate domestic debt for a low-interest-rate external loan with a currency risk. Debt-for-nature swaps are liability management operations instruments that have gained renewed attention in the context of growing environmental, social, and governance investments and increasing donor interest in green investments (Chamon et al. 2022). These swaps are intended to combine debt relief to participating sovereigns with partial earmarking of the freedup resources for green projects. Recent debt-for-nature swaps involved several LMICs including Belize, Ecuador, and Gabon, and entailed buying back existing debt at a discount thanks to donor subsidies provided through cash or credit enhancements on new debt. These options typically apply to marketable debt. For project loans, there are two other options to consider to effectively manage debt. First, the drawdown of certain loans may be prioritized to avoid additional commitment fees. Second, if a country finds itself in debt distress, some of its loans can be canceled if additional disbursement is not efficient from a cost/risk perspective. The decision should take into consideration the rate of the commitment fee, cancellation fees (if any), and the expected loan disbursement schedule. For example, after declaring default in 2021, Zambian authorities reviewed their entire project loan portfolio and canceled some loans, despite the initial disbursements. LMICs are facing increasing difficulties in servicing their debts and need additional mechanisms to help address their debt vulnerabilities. Debt portfolio analysis and active debt management—both of which can use the DRS as an important resource—are a large part of the solution.

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3. 4.

This analysis is centered on IDA-only borrowing countries, which are eligible solely for concessional financing (IDA) in fiscal year 2023 from the World Bank and which report to the World Bank’s Debtor Reporting System (reporting is a requirement for accessing World Bank funds), except Sudan and Sri Lanka. The analysis excludes Sudan because the country has yet to reach the Heavily Indebted Poor Countries (HIPC) Initiative completion point and still has large preHIPC debts with especially high interest rates (15 percent and higher). Sri Lanka is excluded from the analysis because it reverse graduated in December 2022. Variable interest rates are converted into fixed rates at the prevailing swap rate (September 2023) for the outstanding maturity of the loan plus spread. The swap rate reflects the cost of converting a variable rate loan into a fixed rate loan. Over 95 percent of the loans (in value) are in either special drawing rights or one of the currencies it is composed of (Chinese yuan, euro, Japanese yen, British pound, and US dollar). Multilateral creditors may also waive the commitment fees for certain periods. NPV neutrality implies that the net present value (or NPV) of the new debt is the same as that for the old debt.

References Chamon, Marcos D., Erik Klok, Vimal V. Thakoor, and Jeromin Zettelmeyer. 2022. Debt-for-Climate Swaps: Analysis, Design, and Implementation. IMF Working Paper 2022/162. Washington, DC: International Monetary Fund. Mihalyi, David, and Rivetti, Diego. Forthcoming. “Optimizing Debt Portfolio in Low-Income Countries.” EMFMD note, World Bank, Washington, DC. World Bank. 2015. “Bond Buybacks and Exchanges: Background Note.” World Bank Group Government Bond Markets Advisory Services Program background notes series, World Bank, Washington, DC. World Bank. 2022. World Development Report 2022: Finance for an Equitable Recovery. Washington, DC: World Bank.

5. The International Debt Statistics Database: A Gold Mine for Researchers Introduction Debt distress is all too common among low- and middle-income countries (LMICs) today. Much can be done in response to debt distress events, yet being able to identify and predict the likelihood of such events in advance would be of enormous help. Fortunately, International Debt Statistics (IDS)—the World Bank’s comprehensive database of debt and debt-related data, and the only source of consistent, cross-country comparisons of those data—contains the information needed to predict distress events and allow policy makers to take proactive, rather than exclusively reactive, measures to avoid or mitigate those events and their dire consequences.

A Wealth of Data The World Bank has been collecting external debt data from LMICs since the 1950s, each year adding additional detailed information on stocks and flows of external debt, including country-specific data and aggregated information on debt trends. Today the World Bank collects data on 122 countries, including more than 45,000 active loans (with 2,500 to 3,000 new loans added annually), individual loan terms and conditions, annual stocks and flows for each loan, and historical series. It also has pipeline data for scheduled debt service payments on existing loans through 2030. In collecting all that information, the World Bank has created a virtual gold mine for researchers and policy makers, who can tap the IDS database for information not available elsewhere. And today the data contained in the IDS are more critical than ever. Over the past decade, debt distress risks have been rising in the developing world, p articularly among the world’s poorest countries. Nearly 60 percent of countries eligible for International Development Association (IDA) resources are currently in debt distress or at high risk of it, double the number from 10 years ago (figure 5.1). Over the same period, the share of IDA-eligible countries that face only low risk of debt distress has decreased by more than two-thirds. There is much the global community can do in response. For example, it can increase financing for low-income countries to help them invest in critical sectors such as health, education, and infrastructure; accelerate debt restructuring to deliver the relief that was announced several years ago; and double down on the reform agenda by ensuring that global initiatives to bolster low-income countries are complemented by ambitious domestic measures. These efforts would go a long way toward mitigating the impact of rising debt burdens in LMICs (Gill and Kose 2023).

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Improving the accuracy of debt distress predictions in LMICs would also be of enormous help, because countries can often take measures before a potential distress event to avoid or mitigate the event and its dire consequences. Recent research by a group of World Bank economists (Graf von Luckner et al., forthcoming) combines IDS debt with a volume of other macroeconomic data to create a model to predict external debt servicing difficulties (“sovereign debt distress”) in lowincome countries. At the heart of the research is an empirical model that links the risk of debt distress to indicators of the debt burden and debt carrying capacity. Data series in the IDS database play crucial roles on both sides of this model, in identifying debt distress events and in constructing suitable variables that can accurately predict them.

Figure 5.1 Risk of External Debt Distress among IDA-Eligible Countries, 2006–23 Percent of countries at risk 100 80 43 41 37 47 47

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Source: Joint World Bank–International Monetary Fund Debt Sustainability Framework for Low-Income Countries (LIC DSF) database. Note: The figure shows risk assessments for all IDA-eligible countries with an available LIC DSF risk rating as of August 2023. IDA = International Development Association.

Using IDS Arrears Data to Identify Debt Distress Events To date, identifying debt distress events in LMICs has proved challenging because of a lack of systematic data on payment defaults for most creditor types. Generally, comprehensive data exist on the incidence of debt restructurings, but these events mark the resolution, rather than the onset, of a debt crisis and are therefore of secondary interest in debt prediction exercises (Das, Papaioannou, and Trebesch 2012). Detailed and systematic data on missed payments (defaults) are available for external bondholders, and those data are tracked meticulously by rating agencies, academic researchers, and the financial press (see for example Asonuma and Trebesch 2016). Yet no systematic data are available on the incidence and magnitude of payment defaults toward nonbond private and bilateral external creditors. Given that bondholders account for about 15 percent of external public and publicly guaranteed (PPG) debt in IDA-eligible countries, unobserved default events represent a major data gap for country surveillance and debt sustainability analysis (Horn, Reinhart, and Trebesch 2021). In the absence of detailed default data, IDS data series on the accumulation of principal and interest arrears offer an indispensable proxy measure for the timing and magnitude of payment defaults. The empirical relationship between arrears and default events is not straightforward: positive arrears do not automatically imply the occurrence of a debt distress event (FarahYacoub, Graf von Luckner, and Reinhart 2022). Temporary or limited buildups of arrears might have benign reasons, such as low debt-management capacity, or they might be a cost-efficient way of obtaining short-term finance in underdeveloped capital markets. Sovereign debt contracts typically include grace periods for missed payments (Gelpern et al. 2021). For World Bank loans, for example, a default is declared when a payment is overdue for 180 days. The academic literature has therefore defined arrears accumulation thresholds above which arrears are assumed to be systematically associated with sovereign debt distress (see for example Detragiache and Spilimbergo 2001; Kraay and Nehru 2006; Medas et al. 2018). The Graf von Luckner et al. (forthcoming) research follows the literature and treats country-year observations

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as distress episodes if a sovereign has outstanding interest or principal arrears that exceed 5 percent of its total external PPG debt stock for three consecutive years. This measure provides a highly useful indicator to track the incidence of debt distress over time, both in a broad crosssection of countries and when analyzing individual country histories. According to this arrears-based default metric, more than a dozen IDA-eligible countries are currently in external sovereign debt distress and several have been so for decades.1 This finding underscores the widespread debt service difficulties that the world’s poorest countries face, even if only few of them are assessed to be in default by rating agencies. Using IDS Data to Predict Debt Distress Events

Past debt distress episodes can be used to analyze the potential of different macroeconomic, financial, and political variables to serve as early warning indicators for crises. For this purpose, Graf von Luckner et al. (forthcoming) developed an algorithm to systematically evaluate the out-of-sample predictive performance of more than 600,000 linear debt distress prediction models. Their analysis compares the performance of different combinations of more than 20 predictor variables that have been commonly used in the academic literature, for example, a country’s debt profile, as well as its fiscal, external, political, and institutional characteristics (see Badia et al. 2022 for a literature review). This set of variables includes a variety of measures that, for a broad cross-section of low-income countries, are available only through the IDS. These measures include the external PPG debt stock, the net present value of external debt, and different measures of a country’s debt servicing costs.

Figure 5.2 Projected Debt Service Payments and External Default Episodes, Selected Countries, 1970–2021 Projected debt service as percent of exports b. Ethiopia

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The systematic analysis of the predictive performance of these variables shows that, besides measures of institutional strength, IDS-derived variables on debt servicing costs are most informative in predicting external debt distress episodes in low-income countries. More specifically, the granular data on individual loan terms that underlie the IDS data allow for the construction of one-year-ahead projections of a country’s principal and interest payments due to external creditors. The analysis shows that an increase in projected debt service payments is a robust and significant predictor of debt distress episodes. In fact, out of the 100 top performing models designed to predict debt distress episodes identified by Graf von Luckner et al. (forthcoming), all 100 include projected debt service payments as a predictor variable. Figure 5.2 illustrates this empirical link for selected country cases by plotting the debt service indicator (green line) as well as the arrears-based proxy of distress episodes (gray shaded areas). These findings clearly illustrate the enormous value of the granular IDS debt data to inform and predict debt distress in LMICs. They are just one example of the potential usefulness of the 70 years of data that reside within International Debt Statistics database.

Note 1.

These countries include Chad, the Democratic Republic of Congo, Djibouti, Eritrea, Grenada, Mozambique, Myanmar, Somalia, Sudan, Syrian Arab Republic, Tanzania, Yemen, Zambia, and Zimbabwe.

References Asonuma, Tamon, and Christoph Trebesch. 2016. “Sovereign Debt Restructurings: Preemptive or Post-Default.” Journal of the European Economic Association 14 (1): 175–214. Badia, Marialuz Moreno, Paulo Medas, Pranav Gupta, and Yuan Xiang. 2022. “Debt Is Not Free.” Journal of International Money and Finance 127 (October): 102654. Das, Udaibir, Michael Papaioannou, and Christoph Trebesch. 2012. Sovereign Debt Restructurings 1950–2010: Literature Survey, Data, and Stylized Facts. IMF Working Paper 2012/203. Washington, DC: International Monetary Fund. Detragiache, Enrica, and Antonio Spilimbergo. 2001. Crises and Liquidity: Evidence and Interpretation. IMF Working Paper No. 2001/02. Washington, DC: International Monetary Fund. Farah-Yacoub, Juan, Clemens Graf von Luckner, and Carmen Reinhart. 2022. “Chasing the Storm: Debt Distress, Arrears, and Defaults.” Presentation at the conference, “DebtCon 5,” Florence, Italy, May 25–26. https://fbf.eui.eu/wp-content /uploads/2022/06/von-Luckne_presentation.pdf. Gelpern, Anna, Sebastian Horn, Scott Morris, Bradley Parks, and Christoph Trebesch. 2021. “How China Lends: A Rare Look into 100 Debt Contracts with Foreign Governments.” Economic Policy, eiac054. https://doi.org/10.1093/epolic /eiac054. Gill, Indermit, and Ayhan Kose. 2023. “A Tragedy Is Unfolding in the Poorest Countries.” Project Syndicate, September 18, 2023. https://www.project-syndicate.org/commentary/low-income-countries-debt-distress-instability-declining -prospects-by-indermit-gill-and-m-ayhan-kose-2023-09. Graf von Luckner, Clemens, Sebastian Horn, Aart Kraay, and Rita Ramalho. Forthcoming. “An Empirical Model for Debt Distress in Low-Income Countries.” Policy Research Working Paper, World Bank, Washington, DC. Horn, Sebastian, Carmen M. Reinhart, and Christoph Trebesch. 2021. “China’s Overseas Lending.” Journal of International Economics 133: 103539. https://doi.org/10.1016/j.jinteco.2021.103539. Kraay, Aart, and Vikram Nehru. 2006. “When Is External Debt Sustainable?” World Bank Economic Review 20 (3): 341–65. Medas, Paulo, Tigran Poghosyan, Yizhi Xu, Juan Farah-Yacoub, and Kerstin Gerling. 2018. “Fiscal Crises.” Journal of International Money and Finance 88: 191–207.

PART 2

Aggregate and Country Tables

Note: 0 or 0.0 means zero or small enough that the number would round to zero at the displayed number of decimal places. .. means that data are not available or that aggregates cannot be calculated because of missing data in the years shown. Percent share may not add up to 100 percent due to rounding.

ALL LOW- AND MIDDLE-INCOME COUNTRIES (US$ billion, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

8,966

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Japan 3%

89 24 13 4 305 -185 490 37,404 6,579

Other commercial 14%

Bilateral 13%

2018 2019 2020 2021 2022

Official creditors

Private 59%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

China 4%

Mul�lateral 28%

France 1% Other bilateral 5% World Bank-IBRD 6% World Bank-IDA 5%

Other mul�lateral 17%

Bondholders 45%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

Total external debt stocks Long-term external debt stocks Public and publicly guaranteed debt from: Official creditors Multilateral of which: World Bank Bilateral Private creditors Bondholders Commercial banks and others Private nonguaranteed debt from: Bondholders Commercial banks and others Use of IMF credit and SDR allocations IMF credit SDR allocations Short-term external debt stocks

4,326 3,022 1,565 822 467 239 355 743 462 281 1,457 210 1,248 134 49 85 1,169

7,879 5,631 2,945 1,101 659 323 442 1,844 1,360 483 2,686 488 2,198 151 74 77 2,097

8,250 5,947 3,139 1,142 694 341 448 1,996 1,513 483 2,809 573 2,236 171 94 77 2,132

8,644 6,278 3,371 1,257 779 377 478 2,115 1,632 482 2,906 676 2,230 224 145 80 2,142

9,277 6,427 3,489 1,285 811 390 473 2,205 1,706 498 2,937 694 2,243 415 142 273 2,435

8,966 6,207 3,448 1,324 860 407 464 2,123 1,626 498 2,760 618 2,142 408 149 260 2,350

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

647 285 362

1,115 476 639

1,209 454 755

1,217 504 713

1,195 472 723

908 338 571

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

362 135 227

790 261 529

895 261 634

888 292 596

932 294 638

1,017 301 716

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

99 47 52

211 108 103

230 123 108

203 107 95

221 114 108

210 113 98

EAST ASIA AND PACIFIC (US$ billion, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

3,345

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit China 2%

65 16 11 3 -31 -289 258 20,509 2,069

Other commercial 11%

2018 2019 2020 2021 2022

Official creditors

Asian Dev. Bank 7% Bilateral World 10% Bank-IBRD 6% Mul�lateral 16%

Private 74% Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Japan 5%

Mul�ple lenders 1% Other bilateral 2%

Bondholders 63% Other mul�lateral 3%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

1,193 559 319 217 87 47 130 102 73 29 240 20 220 18 0 18 616

2,805 1,416 647 211 111 60 100 436 372 64 768 216 553 17 0 16 1,373

2,999 1,623 733 214 116 62 98 520 451 69 890 276 614 17 0 16 1,359

3,274 1,852 838 235 130 66 105 603 535 68 1,014 371 643 18 1 17 1,403

3,676 1,974 911 234 135 68 99 676 591 86 1,064 393 671 75 1 74 1,626

3,345 1,814 884 229 138 69 91 655 559 96 930 337 593 72 1 70 1,460

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

117 48 69

408 132 276

513 130 383

501 150 350

487 166 321

339 83 256

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

65 29 36

253 34 219

314 44 270

281 60 221

343 77 266

461 91 371

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

16 9 7

47 18 29

58 23 35

53 23 30

64 29 35

66 33 32

EUROPE AND CENTRAL ASIA (US$ billion, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

1,448

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit China 3%

95 36

Other commercial 22%

2018 2019 2020 2021 2022

Official creditors

Private 65%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 15

Japan 2% Other bilateral 3%

18 7 -42 -38 -3 4,042 397

Russian Federa�on 2%

Bilateral 10%

World Bank-IBRD 7% EIB 3%

Multilateral 25%

Other mul�lateral 15%

Bondholders 43%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

1,166 891 341 96 62 33 34 245 85 160 551 34 517 46 28 17 228

1,425 1,185 495 140 90 40 50 355 206 149 690 75 615 29 13 16 212

1,438 1,179 513 141 89 40 52 372 234 137 666 81 585 27 11 15 232

1,470 1,192 535 150 98 42 52 385 248 137 656 83 574 31 15 16 247

1,504 1,171 529 150 99 42 51 379 252 127 642 78 564 64 14 50 269

1,448 1,092 507 168 114 44 54 339 223 117 585 68 517 63 15 48 294

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

219 84 135

199 74 126

213 81 132

227 95 133

194 62 133

152 56 96

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

159 40 119

224 81 144

212 62 150

226 83 143

201 57 143

217 69 148

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

32 8 24

44 20 24

43 20 24

43 20 23

42 20 22

37 17 20

LATIN AMERICA AND THE CARIBBEAN (US$ billion, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

1,989

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit China 1%

132 40 18 5 224 71 153 5,005 585

Bilateral 4%

2018 2019 2020 2021 2022

Official creditors

Private 68%

Interest (%)

Years

Germany 0.4% Other bilateral 1%

Other commercial 14%

Figure 2 Average terms on new debt commitments from official and private creditors 50

France 1%

IDB 10%

Mul�lateral 28%

World Bank-IBRD 8% Other mul�lateral 11%

Bondholders 54%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

1,007 836 426 158 121 48 36 268 227 41 411 133 278 19 2 17 151

1,866 1,587 849 209 162 58 47 640 500 140 738 171 567 45 29 15 234

1,902 1,596 857 209 168 60 41 648 506 142 739 184 555 62 47 15 243

1,895 1,618 890 225 184 67 41 665 531 134 728 185 543 78 62 16 199

1,948 1,619 896 235 195 71 40 661 528 134 723 179 543 113 57 56 216

1,989 1,649 902 246 208 77 38 655 522 133 747 168 580 116 63 54 224

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

190 83 108

280 128 153

250 100 150

283 132 151

294 95 198

241 83 158

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

83 39 44

177 75 102

235 91 144

225 72 153

243 78 166

187 57 130

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

35 19 15

73 44 29

79 50 29

63 37 26

71 37 34

58 34 25

MIDDLE EAST AND NORTH AFRICA (US$ billion, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

431

.. 3 31 17 13 1,595 412

3 2018 2019 2020 2021 2022

Official creditors

Other commercial 9%

Bondholders 30%

Saudi Arabia 3%

Japan 4%

Other bilateral 14%

Bilateral 24%

Private 39%

World BankIBRD 12%

Mul�lateral 37% Interest (%)

Years

2018 2019 2020 2021 2022

Germany 3%

.. 27

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

IMF 9%

Other mul�lateral 16%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

210 161 130 91 37 13 54 39 27 12 31 1 30 11 1 10 38

350 278 221 134 62 27 72 87 71 17 56 1 56 23 14 9 49

369 289 237 138 66 30 73 99 79 20 52 1 51 26 17 9 55

398 301 258 151 76 33 75 108 86 22 43 1 42 36 27 9 61

421 299 261 147 77 34 70 114 91 23 37 1 36 52 26 26 70

431 290 256 147 79 35 68 109 84 25 34 1 33 49 24 24 92

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

23 14 9

52 34 18

39 31 8

36 34 2

38 35 2

26 25 1

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

18 11 8

24 14 11

27 15 12

29 17 12

32 25 7

28 24 4

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

6 5 2

10 7 2

11 9 3

9 6 2

8 7 2

9 7 2

SOUTH ASIA (US$ billion, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

919

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

100 21 10 2 58 23 34 4,304 1,919

Other mul�lateral 11%

2018 2019 2020 2021 2022

Official creditors

World Bank-IDA 14%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Private 34% Mul�lateral 40% Bilateral 26%

Asian Dev. Bank 14%

Other commercial 12%

Japan 10%

China 9%

Private creditors

Grace period Maturity Interest (%)

Bondholders 22%

Russian Federa�on 3%

Other bilateral 5%

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

410 323 189 156 101 64 56 33 18 15 134 13 120 20 11 9 67

744 598 341 204 122 72 82 137 95 41 257 14 243 16 8 8 130

804 652 366 220 130 75 90 147 104 43 285 19 266 17 9 8 135

831 680 387 249 146 82 103 138 93 45 293 27 266 20 11 9 131

913 719 417 264 154 84 110 153 99 54 302 33 269 42 10 32 152

919 712 419 273 161 83 112 146 95 51 293 34 260 41 10 30 166

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

52 31 22

84 43 40

104 50 54

98 49 50

101 64 38

73 44 29

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

24 9 15

58 29 29

52 26 26

77 35 42

53 27 26

65 30 34

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

6 3 4

19 6 12

18 8 10

16 6 10

17 7 10

20 8 13

SUB-SAHARAN AFRICA (US$ billion, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

833

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit France 2%

157 43

India 1%

16 4 65 31 35 1,957 1,196

2018 2019 2020 2021 2022

Official creditors

Private 42% Bondholders 28%

Other bilateral 6%

Bilateral 20%

World BankIDA 17%

Mul�lateral 38%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

China 11%

Other commercial 14%

IMF 7%

Other mul�lateral 14%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

340 252 160 104 59 34 45 57 32 24 91 9 83 19 6 14 68

689 568 392 202 111 65 91 190 117 73 176 12 164 22 9 12 100

738 608 431 220 125 74 95 211 139 72 177 12 164 23 11 12 107

776 634 462 247 145 86 102 216 139 77 172 10 162 41 29 13 101

816 645 475 255 151 91 104 220 146 74 169 11 159 69 33 35 103

833 650 480 262 161 99 101 218 143 75 171 10 160 68 34 34 114

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

45 26 18

92 65 27

90 62 28

71 44 27

81 51 31

77 46 31

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

13 7 6

54 29 24

55 25 30

49 24 25

60 30 30

58 31 28

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

4 3 1

18 12 6

21 15 7

19 15 4

18 14 4

20 14 6

AFGHANISTAN (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

3,393

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

.. .. .. .. -91 -91 .. .. 41

Other mul�lateral 15%

2018 2019 2020 2021 2022

Official creditors

IMF 21%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Bilateral 42%

Mul�lateral 58%

Asian Dev. Bank 22%

Other bilateral 2%

Private creditors

Grace period Maturity Interest (%)

Russian Federa�on 36%

Grace period Maturity Interest (%)

Saudi Arabia 3% Italy 1%

Summary External Debt Data

2010

2018

2019

2020

2021

2022

2,436 1,976 1,976 1,976 1,016 406 959 0 .. 0 .. .. .. 355 116 239 105

2,679 1,970 1,949 1,949 983 348 965 .. .. .. 22 .. 22 275 59 216 434

2,662 1,965 1,944 1,944 955 338 989 .. .. .. 21 .. 21 277 62 215 420

3,040 1,976 1,958 1,958 968 344 991 .. .. .. 18 .. 18 629 405 224 435

3,556 1,926 1,908 1,908 919 329 989 .. .. .. 18 .. 18 1,185 534 652 445

3,393 1,877 1,859 1,859 872 303 987 .. .. .. 18 .. 18 1,122 502 620 394

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

76 76 ..

16 16 ..

29 29 ..

0 0 ..

.. .. ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

1 1 ..

31 25 6

26 22 5

14 14 ..

9 9 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

8 8 ..

9 8 1

9 7 1

8 7 1

5 5 ..

3 3 ..

ALBANIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

10,455

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

136 56 10 4 1,511 100 1,410 18,535 3

Italy 3% Other commercial Germany 7% 6%

Bondholders 22%

2018 2019 2020 2021 2022

Official creditors

Private 29%

Other bilateral 4%

Bilateral 15%

Mul�lateral 56% Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

France 2%

World BankIBRD 17%

World BankIDA 8%

Other mul�lateral 31%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

5,437 4,564 3,210 2,175 1,521 875 654 1,035 477 558 1,354 69 1,285 129 58 72 743

9,651 7,277 4,334 3,037 2,362 1,301 675 1,298 718 580 2,942 329 2,614 470 406 65 1,904

9,275 8,220 4,160 3,004 2,338 1,330 666 1,156 642 514 4,060 306 3,754 448 383 64 607

10,477 9,180 4,896 3,254 2,547 1,418 708 1,642 1,116 526 4,284 284 4,000 627 560 67 670

11,055 9,364 5,303 3,411 2,639 1,409 773 1,892 1,441 451 4,061 267 3,794 734 482 252 957

10,455 8,805 4,860 3,327 2,537 1,310 790 1,533 1,142 391 3,945 248 3,697 632 393 240 1,018

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

866 631 235

1,037 699 338

457 207 250

1,162 880 283

1,532 1,234 298

604 318 286

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

250 174 76

922 554 368

498 263 234

948 537 410

693 369 323

499 283 216

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

110 66 44

147 119 28

112 95 17

146 96 50

115 102 13

151 128 23

ALGERIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

7,129

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

10 4 0 0 107 39 68 187,922 45

China 6%

2018 2019 2020 2021 2022

Official creditors

Mul�lateral 82% Interest (%)

Years

Other bilateral 3%

France 6%

Bilateral 18%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Italy 3%

African Dev. Bank 82%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

7,253 3,630 2,662 1,986 10 9 1,976 676 .. 676 968 .. 968 1,845 0 1,845 1,778

5,710 1,725 1,523 1,512 1,031 .. 481 11 .. 11 202 .. 202 1,666 0 1,666 2,319

5,492 1,571 1,398 1,393 1,007 .. 386 6 .. 6 173 .. 173 1,657 0 1,657 2,264

5,178 1,669 1,436 1,433 1,095 .. 338 3 .. 3 232 .. 232 1,726 0 1,726 1,784

7,379 1,476 1,240 1,239 984 .. 256 1 .. 1 236 .. 236 4,306 0 4,306 1,597

7,129 1,291 1,056 1,056 860 .. 195 0 .. 0 235 .. 235 4,095 0 4,095 1,744

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

42 40 2

44 0 44

33 0 33

98 0 98

70 0 70

53 0 53

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

557 324 234

151 122 29

118 93 25

119 77 41

147 101 46

161 107 54

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

95 64 31

29 26 3

25 23 2

23 22 1

22 22 1

18 18 ..

Note: Figure 2 shows no data values because the country did not have new commitments from 2018 to 2022.

ANGOLA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

60,107 120 61

3 2018 2019 2020 2021 2022

Official creditors

IMF 8%

Bilateral 11% Other commercial 54%

Private 72%

Portugal 1% Other bilateral 2%

China 8%

Mul�lateral 17%

Interest (%)

Years

2018 2019 2020 2021 2022

Japan 1%

30 16 -5,406 -5,406 .. 98,720 36

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

World Bank-IBRD 5%

Bondholders 18%

Other mul�lateral 3%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

26,796 20,926 15,662 4,746 445 378 4,301 10,916 .. 10,916 5,264 .. 5,264 1,302 882 420 4,568

61,791 57,586 47,078 10,461 2,268 1,042 8,193 36,618 5,000 31,618 10,507 .. 10,507 1,374 994 380 2,832

62,292 57,848 47,597 9,643 2,847 1,636 6,796 37,954 8,000 29,954 10,251 .. 10,251 1,861 1,484 378 2,583

65,387 57,044 47,366 9,926 3,069 1,746 6,857 37,440 8,000 29,440 9,679 .. 9,679 2,992 2,599 393 5,351

66,087 55,575 46,712 10,635 3,857 2,481 6,777 36,078 8,000 28,078 8,862 .. 8,862 5,872 4,497 1,375 4,639

60,107 50,330 47,817 10,528 4,559 3,235 5,969 37,289 9,114 28,175 2,513 .. 2,513 5,584 4,277 1,307 4,193

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

6,714 4,082 2,632

12,182 12,182 ..

8,105 8,105 ..

3,950 3,950 ..

6,194 6,194 ..

7,604 7,604 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

2,639 2,113 526

9,141 6,907 2,234

7,803 7,546 257

5,129 4,557 572

7,574 6,758 816

12,564 6,214 6,350

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

257 177 80

2,704 2,338 367

2,820 2,480 340

2,571 2,408 163

2,236 2,129 106

2,525 2,477 48

ARGENTINA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

247,681

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

232 40 32 5 16,627 10,305 6,322 621,442 46

2018 2019 2020 2021 2022

Official creditors

Japan 0.3%

IMF 29%

Bilateral 3% Bondholders 48%

Private 48%

Interest (%)

Years

Germany 1%

Other bilateral 1%

Figure 2 Average terms on new debt commitments from official and private creditors 50

China 2%

Other commercial 0.3%

Mul�lateral 49%

Other mul�lateral 9%

IDB 10%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

126,642 107,119 69,184 22,874 17,016 5,349 5,859 46,310 44,344 1,966 37,934 7,855 30,080 3,111 0 3,111 16,413

277,827 179,134 135,603 29,058 23,005 6,879 6,053 106,545 105,287 1,258 43,531 15,933 27,598 30,923 28,113 2,809 67,770

280,685 166,744 121,319 29,113 23,879 7,128 5,235 92,206 91,240 966 45,425 15,378 30,047 46,924 44,131 2,793 67,016

255,558 164,078 118,035 30,260 25,301 7,721 4,959 87,775 86,537 1,238 46,042 15,742 30,300 48,874 45,964 2,909 42,607

246,307 154,278 114,750 31,412 27,107 8,517 4,305 83,339 82,219 1,119 39,527 15,354 24,173 48,055 40,953 7,103 43,974

247,681 146,301 109,252 35,022 29,787 9,205 5,234 74,230 73,775 455 37,049 13,617 23,433 52,290 45,536 6,754 49,090

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

6,923 2,623 4,300

66,555 48,369 18,186

25,171 11,559 13,612

23,155 12,326 10,830

14,562 4,906 9,656

8,562 7,069 1,493

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

11,690 6,035 5,655

28,202 15,787 12,415

29,842 19,296 10,546

21,686 8,200 13,485

16,661 4,473 12,189

10,045 6,069 3,977

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

3,789 2,700 1,089

13,385 10,996 2,389

11,498 8,883 2,615

5,608 2,484 3,124

3,308 1,290 2,019

3,067 1,929 1,137

ARMENIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

14,715

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Other commercial 1%

138 79 15 9 2,548 1,632 915 18,654 3

Germany 7%

Private 26%

2018 2019 2020 2021 2022

Official creditors

Bilateral 18%

Mul�lateral 56% Interest (%)

Years

France 3% Other bilateral 3%

Bondholders 25%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Russian Federa�on 5%

World BankIBRD 13%

Asian Dev. Bank 13%

Other mul�lateral 30%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

6,307 4,775 2,560 2,556 1,513 1,267 1,042 4 .. 4 2,216 .. 2,216 876 741 136 656

10,726 9,141 5,371 4,310 3,278 1,798 1,032 1,061 1,000 61 3,770 .. 3,770 451 328 122 1,134

11,884 9,915 5,652 4,496 3,352 1,824 1,144 1,156 1,098 59 4,262 .. 4,262 375 253 122 1,595

12,600 10,352 5,616 4,555 3,401 1,830 1,154 1,061 1,000 61 4,735 300 4,435 646 519 127 1,603

13,802 11,543 6,246 4,460 3,334 1,763 1,125 1,786 1,733 53 5,296 300 4,996 735 439 296 1,524

14,715 10,715 6,320 4,539 3,298 1,659 1,242 1,780 1,733 47 4,396 300 4,096 758 476 281 3,242

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,734 198 1,536

1,678 347 1,331

2,377 867 1,510

1,827 129 1,698

3,033 1,092 1,941

950 471 479

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

857 24 833

1,282 138 1,144

1,586 568 1,018

1,538 313 1,225

1,626 246 1,380

1,095 256 839

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

60 35 25

269 162 107

362 189 174

320 167 152

333 145 188

356 162 194

AZERBAIJAN (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

15,277

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit France 2%

31 21 3 2 -4,554 -84 -4,470 73,234 10

Other commercial 17%

2018 2019 2020 2021 2022

Official creditors

Private 48%

Asian Dev. Bank 18%

Mul�lateral 44%

Bondholders 31%

Interest (%)

Years

Other bilateral 1%

Japan 4%

Bilateral 8%

Figure 2 Average terms on new debt commitments from official and private creditors

Germany 1%

World BankIBRD 10%

Other mul�lateral 16%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

7,286 6,004 3,846 2,661 1,738 1,063 922 1,186 .. 1,186 2,158 .. 2,158 282 46 237 999

16,583 15,800 14,328 7,243 6,129 2,538 1,114 7,086 3,750 3,336 1,471 .. 1,471 214 0 214 570

16,539 15,710 14,675 7,822 6,566 2,395 1,256 6,853 3,750 3,103 1,035 .. 1,035 212 0 212 617

16,478 15,805 14,667 7,838 6,484 2,098 1,354 6,829 3,750 3,079 1,138 500 638 221 0 221 452

15,648 14,908 13,623 7,266 6,084 1,681 1,182 6,358 3,750 2,608 1,284 500 784 740 0 740 0

15,277 14,067 12,911 6,657 5,641 1,487 1,016 6,254 4,050 2,204 1,156 500 656 704 0 704 506

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

2,643 729 1,914

3,503 3,484 19

1,412 1,408 4

1,080 553 527

1,094 653 442

513 503 11

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

306 234 72

2,123 1,640 483

1,463 1,016 447

1,298 866 432

1,703 1,408 296

1,104 969 135

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

78 65 13

552 461 91

585 519 66

554 496 58

443 403 41

497 448 49

BANGLADESH (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

97,012 160 20 11 1 9,865 8,518 1,347 478,433 171

2018 2019 2020 2021 2022

Official creditors

Bondholders 2%

Other mul�lateral 6%

Asian Dev. Bank 20%

Other commercial 9%

Japan 15%

Private 10% Bilateral 37% Mul�lateral 53%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

China 9% Russian Federa�on 8%

World Bank-IDA 27%

Other bilateral 4%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

26,572 22,222 21,146 21,129 18,463 10,653 2,666 16 .. 16 1,076 .. 1,076 1,403 617 786 2,947

57,125 46,560 41,322 36,797 25,429 14,501 11,368 4,525 1,433 3,092 5,238 .. 5,238 1,536 826 710 9,029

62,468 51,317 46,417 41,599 27,732 15,788 13,866 4,818 1,569 3,249 4,901 .. 4,901 1,414 708 706 9,737

73,551 60,455 54,830 49,518 31,181 17,572 18,337 5,313 1,736 3,577 5,625 .. 5,625 2,109 1,374 735 10,986

91,478 70,088 62,473 54,880 33,382 17,832 21,498 7,594 1,675 5,919 7,615 .. 7,615 3,301 1,156 2,145 18,088

97,012 75,501 67,608 60,402 35,101 18,226 25,301 7,207 1,266 5,941 7,892 .. 7,892 2,981 941 2,040 18,530

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,355 968 388

9,861 7,165 2,696

9,321 6,208 3,113

10,220 7,931 2,289

13,975 9,564 4,410

13,376 10,540 2,835

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

821 724 97

2,033 1,180 853

4,681 1,250 3,431

2,871 1,307 1,565

4,401 1,981 2,420

5,141 2,583 2,558

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

203 195 8

641 528 113

809 657 152

863 707 155

900 798 102

1,037 819 218

BELARUS (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

39,915

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

83 57

United Arab Emirates 0.1%

14 9 -62 -1,635 1,573 70,254 9

Other bilateral 0.1%

World Bank-IBRD 5%

Eurasian Development Bank 12%

China 21%

Mul�lateral 19%

2018 2019 2020 2021 2022

Official creditors

Private 17%

Russian Federa�on 43% Other commercial 0.1%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Bondholders 17%

Bilateral 64% Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Other mul�lateral 2%

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

28,412 12,486 8,014 5,729 295 291 5,434 2,286 1,019 1,266 4,471 .. 4,471 4,063 3,495 568 11,864

38,768 28,729 19,988 16,495 3,810 905 12,685 3,493 2,000 1,493 8,741 .. 8,741 513 0 513 9,526

40,734 30,026 19,511 16,595 3,480 948 13,115 2,916 2,162 755 10,514 .. 10,514 510 0 510 10,199

41,792 31,180 20,270 16,710 3,595 955 13,115 3,560 3,521 39 10,910 368 10,542 531 0 531 10,082

41,654 29,859 19,979 16,437 3,678 1,002 12,759 3,543 3,519 23 9,880 367 9,512 1,430 0 1,430 10,365

39,915 28,476 19,329 15,924 3,620 993 12,304 3,405 3,392 13 9,147 371 8,776 1,360 0 1,360 10,079

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

3,810 2,679 1,132

3,743 2,673 1,070

4,106 1,996 2,111

4,099 3,533 566

1,691 1,691 ..

3,767 1,935 1,832

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,265 463 802

4,130 3,455 675

2,900 2,563 338

2,881 2,712 169

2,968 1,938 1,030

5,105 2,537 2,568

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

208 128 80

1,288 1,022 265

1,307 1,015 292

1,282 892 391

1,240 853 387

1,313 862 451

BELIZE (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (thousand)

1,465

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

108 54 6 3 155 21 134 2,689 405

Venezuela, RB 17%

Other commercial 30% Private 31%

2018 2019 2020 2021 2022

Official creditors

Other mul�lateral 11% Bondholders 1%

Bilateral 30%

Mul�ple lenders 12%

Mul�lateral 39%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Caribbean Dev. Bank 16%

IDB 12%

Kuwait 1%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

1,304 1,262 1,019 425 254 13 171 594 21 573 243 .. 243 35 7 28 7

1,349 1,320 1,260 706 348 19 358 554 527 27 61 .. 61 25 0 25 4

1,378 1,349 1,286 734 368 19 366 552 527 25 63 .. 63 25 0 25 4

1,526 1,492 1,408 821 429 28 392 587 563 24 84 .. 84 26 0 26 8

1,450 1,380 1,276 872 485 38 387 404 17 387 103 .. 103 61 0 61 10

1,465 1,398 1,299 895 507 36 389 404 17 387 98 .. 98 58 0 58 10

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

39 32 7

77 71 6

79 70 9

153 146 7

482 458 24

65 65 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

69 49 20

65 42 22

50 44 6

45 43 2

599 597 2

43 41 2

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

58 47 11

49 43 6

54 50 4

34 32 2

19 17 3

33 31 2

BENIN (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

7,307

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

177 42

France 2%

12 3 1,088 821 267 17,254 13

Bilateral 10% Bondholders 27%

2018 2019 2020 2021 2022

Official creditors

Private 36%

World BankIDA 23% Mul�lateral 54%

Interest (%)

Years

Other bilateral 2%

Other China commercial 4% 10%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Brazil 1%

IMF 11%

Other mul�lateral 20%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

1,596 1,112 1,112 1,112 937 383 175 .. .. .. .. .. .. 146 55 91 339

3,590 3,299 3,299 2,484 2,032 984 452 815 .. 815 .. .. .. 245 162 82 46

3,920 3,603 3,603 2,539 2,100 1,082 439 1,064 557 508 .. .. .. 267 185 82 50

5,259 4,414 4,414 3,155 2,627 1,309 528 1,259 614 646 .. .. .. 563 477 85 283

6,821 5,786 5,786 3,284 2,675 1,369 609 2,501 1,898 603 .. .. .. 699 450 249 336

7,307 5,990 5,990 3,563 2,895 1,555 668 2,427 1,788 639 .. .. .. 944 707 237 373

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

175 175 ..

1,061 1,061 ..

761 761 ..

631 631 ..

2,290 2,290 ..

796 796 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

26 26 ..

170 170 ..

416 416 ..

99 99 ..

623 623 ..

292 292 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

13 13 ..

40 40 ..

77 77 ..

111 111 ..

105 105 ..

163 163 ..

BHUTAN (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

2,960 363 ..

2018 2019 2020 2021 2022

Official creditors

World Bank-IDA 14%

Asian Dev. Bank 16%

Austria 0.3%

Private creditors

Grace period Maturity Interest (%)

Private 0.4%

Other commercial 0.4%

Mul�lateral 32% Bilateral 68%

Interest (%)

Years

Other mul�lateral 2%

15 .. 149 146 3 .. 1

Figure 2 Average terms on new debt commitments from official and private creditors

2018 2019 2020 2021 2022

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

India 66%

Japan 2%

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

935 919 919 899 330 112 568 21 .. 21 .. .. .. 9 0 9 6

2,552 2,539 2,484 2,455 563 244 1,892 29 .. 29 55 .. 55 8 0 8 4

2,704 2,668 2,616 2,592 646 271 1,946 24 .. 24 51 .. 51 8 0 8 28

3,037 3,027 2,985 2,964 789 337 2,174 22 .. 22 41 .. 41 9 0 9 1

3,069 3,030 2,986 2,971 829 353 2,141 16 .. 16 44 .. 44 36 0 36 3

2,960 2,921 2,877 2,866 905 390 1,961 10 .. 10 44 .. 44 34 0 34 6

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

178 178 ..

168 168 ..

198 198 1

408 408 ..

138 135 3

215 215 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

47 47 ..

51 51 1

28 24 5

37 27 10

73 73 ..

71 71 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

41 41 ..

36 34 2

32 31 1

21 20 1

45 43 2

47 44 2

BOLIVIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

15,930

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Other commercial 1%

109 38 16 6 393 36 357 41,822 12

Bondholders 15%

2018 2019 2020 2021 2022

Official creditors

India 1% Other bilateral 1%

China 11%

Bilateral 16%

Mul�lateral 68% Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

Private 16%

Other mul�lateral 16%

France 3%

IDB 30%

Corporacion Andina de Fomento 22%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

5,777 5,187 2,830 2,806 2,285 355 521 24 .. 24 2,358 .. 2,358 253 0 253 336

13,248 12,317 9,905 7,897 6,710 847 1,187 2,008 2,000 8 2,412 .. 2,412 228 0 228 703

14,301 13,437 11,000 8,959 7,467 927 1,492 2,041 2,000 41 2,437 .. 2,437 227 0 227 637

15,420 14,260 11,877 9,818 8,248 1,300 1,569 2,060 2,000 60 2,383 .. 2,383 582 346 236 577

16,026 14,714 12,773 10,673 8,669 1,416 2,003 2,100 2,000 100 1,942 .. 1,942 552 0 552 759

15,930 14,775 13,372 11,253 9,136 1,445 2,118 2,118 2,033 85 1,403 .. 1,403 525 0 525 631

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

548 518 30

1,373 1,198 176

1,741 1,514 227

1,445 1,244 201

1,456 1,456 ..

2,123 2,123 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

569 247 322

640 360 280

658 412 246

764 458 306

936 495 441

1,959 1,420 539

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

76 54 22

346 316 30

400 371 28

391 363 29

332 307 26

410 389 21

BOSNIA AND HERZEGOVINA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

12,885

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

103 53

Other commercial 1%

11 6 797 189 609 24,343 3

France 2%

Japan 2%

Bondholders 10%

Other bilateral 7%

Private Bilateral 10% 13%

2018 2019 2020 2021 2022

Official creditors

Other mul�lateral 38%

Mul�lateral 77%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

Germany 2%

EIB 24%

World Bank-IDA 14%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

14,289 12,372 3,733 3,255 2,416 1,626 840 478 273 204 8,638 .. 8,638 769 521 248 1,149

12,936 9,502 4,919 4,596 3,724 1,610 872 322 256 66 4,584 .. 4,584 466 243 224 2,967

12,703 9,500 4,876 4,590 3,737 1,584 853 286 231 55 4,624 .. 4,624 398 175 222 2,805

13,866 10,081 5,207 4,928 4,024 1,670 904 278 229 50 4,875 .. 4,875 796 565 232 2,988

13,026 9,205 5,098 4,534 3,737 1,586 797 564 526 37 4,106 .. 4,106 1,115 534 581 2,707

12,885 8,978 4,742 4,219 3,523 1,423 696 523 496 28 4,235 .. 4,235 1,039 487 552 2,868

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

566 441 125

4,065 600 3,465

942 409 533

1,126 403 723

1,142 862 280

986 277 710

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

373 145 227

1,034 340 694

895 384 512

707 381 327

1,337 410 926

938 357 581

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

177 55 121

122 77 46

117 80 38

106 82 25

120 68 52

295 77 219

BOTSWANA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

1,968

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

22 10

Other mul�lateral 3%

2 1 59 9 50 19,538 3

World BankIBRD 34%

2018 2019 2020 2021 2022

Official creditors

Kuwait 0.3%

Bilateral 1%

Mul�lateral 99%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Japan 1%

African Dev. Bank 62%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

1,807 1,358 1,358 1,357 1,219 11 138 1 .. 1 .. .. .. 88 0 88 360

1,782 1,451 1,451 1,447 1,389 174 58 4 .. 4 0 .. 0 80 0 80 251

1,565 1,346 1,334 1,334 1,287 172 47 0 .. 0 12 .. 12 79 0 79 139

1,597 1,297 1,278 1,278 1,242 194 37 .. .. .. 19 .. 19 83 0 83 218

1,982 1,481 1,466 1,466 1,443 470 24 .. .. .. 14 .. 14 345 0 345 156

1,968 1,529 1,524 1,524 1,511 521 14 .. .. .. 4 .. 4 328 0 328 112

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

17 17 ..

47 47 ..

48 26 22

90 74 16

336 329 7

201 201 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

58 58 ..

144 144 ..

152 141 10

147 138 10

145 135 10

149 140 9

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

18 18 ..

31 31 ..

40 40 1

32 31 1

14 14 0

20 20 0

BRAZIL (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

578,599 138 31

China 2%

Sweden France 1% 1%

3 2018 2019 2020 2021 2022

Official creditors

Other bilateral 1%

World BankIBRD 8% IDB 8% Mul�lateral 19% Other commercial 55%

Other mul�lateral 2%

Private 77% Bondholders 22%

Interest (%)

Years

2018 2019 2020 2021 2022

Bilateral 4%

30 7 96,364 15,650 80,713 1,859,747 215

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

352,364 282,426 97,486 41,553 29,980 13,523 11,573 55,933 46,806 9,127 184,940 83,032 101,908 4,446 0 4,446 65,492

557,765 486,906 190,216 47,860 33,386 16,213 14,474 142,356 43,479 98,878 296,690 32,686 264,004 4,015 0 4,015 66,844

568,709 485,537 193,800 43,216 33,266 16,253 9,950 150,584 45,004 105,580 291,737 37,553 254,184 3,992 0 3,992 79,179

549,300 476,159 194,303 44,000 33,715 15,682 10,285 150,303 49,385 100,918 281,856 35,903 245,953 4,158 0 4,158 68,983

571,507 473,901 194,162 44,841 35,497 15,419 9,344 149,320 46,520 102,801 279,739 31,375 248,364 18,853 0 18,853 78,753

578,599 492,901 189,689 43,926 35,820 16,061 8,106 145,763 42,361 103,401 303,212 27,194 276,018 17,927 0 17,927 67,772

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

85,379 19,957 65,422

105,082 28,834 76,249

114,564 23,884 90,680

126,754 39,484 87,270

156,033 16,625 139,408

132,921 22,611 110,310

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

32,026 9,628 22,398

74,509 28,433 46,077

123,463 30,505 92,958

109,833 23,170 86,663

132,311 20,387 111,924

106,289 22,986 83,303

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

13,157 5,172 7,985

18,681 5,679 13,002

25,702 11,385 14,317

19,055 7,764 11,292

28,690 8,520 20,169

17,783 7,980 9,803

BULGARIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

47,206

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

75 55 15 11 4,943 2,870 2,074 86,212 6

Bilateral 0.6%

2018 2019 2020 2021 2022

Official creditors

Mul�lateral 24%

European Union 7% Other mul�lateral 6%

Private 76% Interest (%)

Years

Germany 0.03%

EIB 11%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Japan 0.5%

Other commercial 0.03%

Bondholders 76%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

50,697 34,613 4,845 3,210 2,388 1,338 822 1,635 1,618 17 29,768 134 29,635 941 0 941 15,143

40,103 29,708 11,506 3,214 2,966 831 247 8,292 8,286 6 18,202 1,405 16,797 850 0 850 9,546

40,501 29,762 11,186 3,050 2,839 727 211 8,136 8,130 6 18,576 1,489 17,086 845 0 845 9,895

46,867 34,112 15,447 3,532 3,345 701 187 11,915 11,909 6 18,665 1,465 17,200 880 0 880 11,876

44,947 34,421 15,533 3,857 3,721 575 136 11,676 11,671 5 18,888 1,537 17,351 2,057 0 2,057 8,468

47,206 35,260 15,871 3,844 3,756 471 87 12,027 12,023 4 19,389 1,412 17,977 1,956 0 1,956 9,991

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,620 250 1,370

5,052 917 4,135

4,554 150 4,405

7,908 3,275 4,633

6,269 1,597 4,672

8,986 2,870 6,115

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

3,550 268 3,282

5,055 300 4,754

4,286 256 4,029

3,919 266 3,653

4,680 261 4,418

7,643 1,634 6,009

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

609 180 430

1,388 269 1,118

1,180 276 904

1,021 280 741

1,164 313 851

1,099 303 797

BURKINA FASO (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

10,381

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Other commercial 0.2%

184 58 10 3 463 342 121 17,783 23

Other mul�lateral 30%

2018 2019 2020 2021 2022

Official creditors

Private 0.2%

Côte d’Ivoire 1%

Bilateral 10%

Mul�lateral 90% Interest (%)

Years

China 3%

Other bilateral 3%

Figure 2 Average terms on new debt commitments from official and private creditors 50

France 4%

African Dev. Bank 12%

World BankIDA 47%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

4,800 4,582 1,960 1,919 1,611 776 308 41 .. 41 2,622 .. 2,622 217 129 89 0

10,621 10,352 3,041 3,028 2,670 1,458 358 14 .. 14 7,311 .. 7,311 269 189 80 0

9,157 8,847 3,372 3,360 3,008 1,673 351 12 .. 12 5,475 .. 5,475 310 230 80 0

9,756 9,290 4,019 4,008 3,548 2,014 460 10 .. 10 5,271 .. 5,271 466 383 83 0

10,296 9,710 4,328 4,317 3,834 2,146 482 11 .. 11 5,382 .. 5,382 586 344 242 0

10,381 9,847 4,385 4,376 3,890 2,187 486 9 .. 9 5,461 .. 5,461 534 304 230 0

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,392 286 1,106

344 344 ..

463 463 ..

2,084 523 1,560

1,046 625 421

819 423 396

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

293 31 262

2,384 84 2,300

1,933 98 1,836

1,864 100 1,764

412 102 310

454 137 317

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

149 18 131

582 32 550

348 32 316

274 36 238

55 41 14

64 46 18

BURUNDI (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

954.3

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

309.8 30.9 10.7 1.1 28.2 15.3 12.9 3,087.4 12.9

India 9%

Other mul�lateral 38%

2018 2019 2020 2021 2022

Official creditors

Bilateral 29%

China 7% Other bilateral 5%

Mul�lateral 71% Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

Saudi Arabia 8%

World Bank-IDA 18%

OPEC Fund 15%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

620.9 381.8 381.8 381.8 325.1 162.7 56.7 .. .. .. .. .. .. 223.4 109.6 113.7 15.7

585.7 419.0 419.0 419.0 314.4 141.5 104.6 .. .. .. .. .. .. 166.4 63.6 102.7 0.3

625.4 476.0 476.0 476.0 343.4 137.5 132.5 .. .. .. .. .. .. 149.1 47.0 102.1 0.3

662.5 529.8 529.8 529.8 358.6 139.9 171.3 .. .. .. .. .. .. 132.4 26.0 106.4 0.3

975.8 575.6 575.6 575.6 389.5 132.1 186.2 .. .. .. .. .. .. 399.9 90.0 309.9 0.3

954.3 577.6 577.6 577.6 387.1 121.6 190.5 .. .. .. .. .. .. 376.4 81.7 294.7 0.3

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

31.6 31.6 ..

14.2 14.2 ..

74.0 74.0 ..

50.8 50.8 ..

64.5 64.5 ..

39.4 39.4 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

2.4 2.4 ..

9.1 9.1 ..

16.0 16.0 ..

10.3 10.3 ..

13.0 13.0 ..

20.3 20.3 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

1.4 1.4 ..

3.1 3.1 ..

4.4 4.4 ..

3.9 3.9 ..

5.7 5.7 ..

5.3 5.3 ..

CABO VERDE (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

2,011

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

228 88

France 3%

11 4 191 69 122 2,286 1

Other commercial 24% Private 24%

2018 2019 2020 2021 2022

Official creditors

Other mul�lateral 11% Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

Portugal 7%

Other bilateral 5%

Japan 5%

Bilateral 20%

Mul�lateral 56%

World Bank-IDA 26%

African Dev. Bank 19%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

885 862 862 778 598 303 181 84 .. 84 .. .. .. 23 9 14 0

1,768 1,755 1,755 1,241 817 351 424 514 .. 514 .. .. .. 13 0 13 0

1,822 1,810 1,810 1,303 882 406 420 507 .. 507 .. .. .. 13 0 13 0

2,073 2,025 2,025 1,467 1,014 482 453 558 .. 558 .. .. .. 47 34 13 0

2,060 1,983 1,983 1,467 1,042 523 426 515 .. 515 .. .. .. 78 33 45 0

2,011 1,922 1,922 1,447 1,050 547 397 475 .. 475 .. .. .. 89 47 42 0

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

203 203 ..

75 75 ..

118 118 ..

124 124 ..

115 115 ..

131 131 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

25 25 ..

37 37 ..

41 41 ..

43 43 ..

44 44 ..

77 77 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

8 8 ..

19 19 ..

17 17 ..

11 11 ..

20 20 ..

CAMBODIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

22,471

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Other mul�lateral 3%

87 79 10 9 6,431 2,852 3,579 28,457 17

World BankIDA 9%

Asian Dev. Bank 20%

2018 2019 2020 2021 2022

Official creditors

Other bilateral 12%

Japan 11%

Korea, Rep. 5%

Private creditors

Grace period Maturity Interest (%)

China 40%

Multilateral 32% Bilateral 68%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

4,010 3,502 3,060 3,060 1,529 565 1,531 .. .. .. 442 .. 442 129 0 129 379

13,549 11,066 7,010 7,010 1,973 544 5,037 .. .. .. 4,056 300 3,756 117 0 117 2,366

15,363 11,834 7,582 7,582 2,123 585 5,459 .. .. .. 4,252 300 3,952 116 0 116 3,413

17,594 13,691 8,789 8,789 2,717 685 6,073 .. .. .. 4,902 650 4,252 121 0 121 3,782

20,050 15,261 9,481 9,481 2,874 727 6,608 .. .. .. 5,779 550 5,229 352 0 352 4,437

22,471 17,526 10,064 10,064 3,229 936 6,835 .. .. .. 7,462 550 6,912 335 0 335 4,610

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

596 348 248

2,757 723 2,033

2,070 828 1,242

2,945 1,215 1,729

3,687 1,155 2,532

4,778 1,352 3,426

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

33 33 ..

1,109 180 928

1,263 218 1,045

1,344 264 1,079

1,946 291 1,654

2,097 355 1,743

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

27 26 1

103 85 17

139 93 47

150 95 55

171 103 67

186 113 74

CAMEROON (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

15,096

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

170 35

Other commercial 4%

20 4 1,189 301 889 43,742 28

2018 2019 2020 2021 2022

Official creditors

China 28%

Private 11%

Other mul�lateral 22%

Bilateral 41% Mul�lateral 48%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Bondholders 7%

African Dev. Bank 12%

France 9%

World BankIDA 14%

Other bilateral 3%

Private creditors

Grace period Maturity Interest (%)

Türkiye 1%

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

3,190 2,737 2,160 2,143 787 374 1,356 17 .. 17 577 .. 577 445 172 273 9

11,004 9,856 9,154 7,797 3,208 1,432 4,589 1,356 750 606 703 .. 703 714 468 247 433

12,924 11,787 10,384 8,929 3,746 1,733 5,184 1,454 750 704 1,403 .. 1,403 760 515 245 377

14,720 13,083 11,388 9,949 4,318 1,915 5,631 1,439 750 689 1,695 .. 1,695 1,269 1,014 255 368

15,374 12,944 12,373 10,287 4,718 2,068 5,569 2,086 1,526 560 571 .. 571 1,777 1,159 618 652

15,096 12,343 11,839 10,408 5,040 2,234 5,368 1,431 891 540 504 .. 504 1,874 1,286 588 879

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

278 278 ..

1,796 1,743 53

2,588 1,752 837

1,723 1,090 633

1,851 1,851 0

1,346 1,304 42

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

160 122 38

623 372 250

762 436 325

962 622 341

1,648 523 1,125

1,489 1,380 109

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

42 27 15

400 232 168

342 230 112

343 330 13

283 276 8

280 275 4

CENTRAL AFRICAN REPUBLIC (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

1,018

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

288 41 6 1 -33 -57 24 2,509 6

Saudi Arabia 9% World BankIDA 18%

2018 2019 2020 2021 2022

Official creditors

Private 1%

Mul�lateral 63%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

Other commercial 1%

Other mul�lateral 6%

Bilateral 36%

Mul�ple enders 9% China 7% Other bilateral 12%

IMF 38%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

634 376 376 337 43 14 294 39 .. 39 .. .. .. 173 90 82 86

784 417 417 391 150 99 241 26 .. 26 .. .. .. 279 205 74 88

848 420 420 394 153 107 241 26 .. 26 .. .. .. 296 223 74 132

899 411 411 406 177 130 230 5 .. 5 .. .. .. 355 279 77 133

1,118 437 437 431 176 133 254 7 .. 7 .. .. .. 518 294 224 162

1,018 434 434 428 172 126 257 5 .. 5 .. .. .. 483 270 213 102

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

35 35 ..

67 67 ..

22 22 ..

26 26 ..

33 33 ..

13 13 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

2 2 ..

10 10 ..

15 15 ..

3 3 ..

6 6 ..

5 5 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

1 1 ..

2 2 ..

1 1 ..

2 2 ..

CHAD (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

3,471

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

61 28 4 2 610 -4 614 12,516 18

Private 24%

2018 2019 2020 2021 2022

Official creditors

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

France 3%

China 9%

Other commercial 24%

Libya 8%

Bilateral 30%

Other bilateral 10%

Mul�lateral 46%

Other mul�lateral 16%

IMF 23%

BDEAC 7%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

2,158 2,049 2,049 2,032 1,529 865 504 17 .. 17 .. .. .. 99 17 83 9

3,181 2,755 2,755 1,553 666 181 887 1,202 .. 1,202 .. .. .. 395 320 75 31

3,216 2,720 2,720 1,562 660 176 902 1,158 .. 1,158 .. .. .. 470 396 74 27

3,487 2,778 2,778 1,702 712 180 990 1,076 .. 1,076 .. .. .. 678 601 77 31

3,586 2,639 2,639 1,711 757 169 954 929 .. 929 .. .. .. 914 651 263 32

3,471 2,441 2,441 1,662 715 155 947 779 .. 779 .. .. .. 996 746 250 34

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

366 366 ..

52 52 ..

49 49 ..

123 123 ..

174 174 ..

62 62 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

45 45 ..

116 116 ..

74 74 ..

135 135 ..

270 270 ..

194 194 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

17 17 ..

61 61 ..

59 59 ..

50 50 ..

49 49 ..

26 26 ..

CHINA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

2,388,742

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

61 13

Mul�ple lenders 2%

11 2 -102,732 -296,816 194,084 17,770,327 1,412

2018 2019 2020 2021 2022

Official creditors

World BankIBRD 3% Other mul�lateral 0.3%

Bilateral 3% Mul�lateral 8% Private 89%

Interest (%)

Years

Asian Dev. Bank 4%

Other commercial 18%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Japan 1%

Bondholders 72%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

742,737 219,650 102,275 75,476 35,527 22,135 39,949 26,799 12,398 14,401 117,375 5,561 111,814 10,764 0 10,764 512,323

1,961,562 732,940 259,687 54,499 34,439 16,095 20,060 205,188 163,960 41,228 473,254 179,902 293,351 9,721 0 9,721 1,218,901

2,114,162 899,184 318,064 53,840 35,427 16,271 18,412 264,225 214,523 49,701 581,120 234,623 346,497 9,665 0 9,665 1,205,312

2,326,233 1,079,933 391,682 52,994 36,007 16,236 16,987 338,688 288,234 50,454 688,252 323,512 364,739 10,067 0 10,067 1,236,232

2,702,248 1,205,349 475,167 51,622 36,424 16,585 15,198 423,545 352,395 71,150 730,182 340,414 389,768 50,674 0 50,674 1,446,225

2,388,742 1,075,368 464,366 48,897 35,840 16,067 13,057 415,469 332,378 83,091 611,001 285,907 325,094 48,185 0 48,185 1,265,190

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

39,167 12,421 26,746

247,559 79,731 167,828

338,220 79,493 258,727

361,370 95,258 266,112

361,062 123,006 238,056

209,424 48,183 161,241

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

18,782 11,978 6,803

160,494 15,291 145,203

180,617 20,632 159,985

181,917 25,312 156,605

226,388 33,310 193,078

325,205 52,419 272,786

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

5,484 1,819 3,665

27,184 6,135 21,049

35,730 8,670 27,059

31,593 8,506 23,087

46,498 17,050 29,448

45,939 20,444 25,494

COLOMBIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

184,118

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

34 8 27,441 13,554 13,887 330,444 52

2018 2019 2020 2021 2022

Official creditors

World BankIBRD 15%

Bilateral 6% Private 60%

Interest (%)

Years

United States 1% Other bilateral 0.2%

Other commercial 9%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Germany 2%

France 3%

230 56

Mul�lateral 34%

Bondholders 51%

IDB 11%

Other mul�lateral 8%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

64,432 55,383 37,058 16,483 15,898 7,504 585 20,574 17,965 2,609 18,325 3,329 14,996 1,137 0 1,137 7,912

133,285 117,341 74,927 27,779 22,016 10,233 5,763 47,149 41,138 6,011 42,414 9,521 32,892 1,027 0 1,027 14,918

138,942 122,285 75,126 27,809 22,690 10,582 5,119 47,317 41,868 5,450 47,159 10,481 36,677 1,021 0 1,021 15,635

155,728 135,364 85,554 31,180 25,539 11,989 5,640 54,374 48,536 5,838 49,810 8,954 40,856 6,464 5,401 1,063 13,900

172,107 147,224 93,930 33,618 28,047 13,515 5,571 60,313 52,916 7,397 53,294 9,604 43,689 9,024 5,248 3,776 15,858

184,118 156,418 97,610 35,764 30,164 15,122 5,600 61,846 52,448 9,398 58,808 8,249 50,558 8,581 4,991 3,590 19,119

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

12,970 3,629 9,340

22,912 6,887 16,025

17,189 5,036 12,153

27,645 13,525 14,120

31,053 18,768 12,286

30,004 9,698 20,306

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

6,566 2,318 4,248

17,863 6,754 11,109

12,081 4,674 7,408

15,066 3,597 11,469

18,344 9,542 8,802

19,710 4,918 14,792

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

2,839 2,121 717

5,875 3,581 2,293

6,401 3,802 2,600

5,991 3,478 2,513

6,226 3,808 2,418

6,441 3,880 2,561

COMOROS (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

368.7

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

209.8 29.5 2.7 0.4 39.1 35.2 3.8 1,248.7 0.8

Other mul�lateral 22%

2018 2019 2020 2021 2022

Official creditors

BADEA 9%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Mul�lateral 41%

China 31%

Bilateral 59%

World Bank-IDA 10% Other bilateral 8%

Saudi Arabia 12% India 8%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

278.4 248.5 248.5 248.5 201.6 115.5 46.9 0.0 0.0 0.0 0.0 0.0 0.0 25.4 12.3 13.1 4.4

240.0 216.5 216.5 216.5 54.0 12.7 162.5 0.0 0.0 0.0 0.0 0.0 0.0 22.3 10.5 11.8 1.2

259.3 226.6 226.6 226.6 68.0 12.3 158.6 0.0 0.0 0.0 0.0 0.0 0.0 30.7 19.0 11.8 1.9

296.6 252.9 252.9 252.9 76.7 16.7 176.2 0.0 0.0 0.0 0.0 0.0 0.0 41.9 29.7 12.2 1.8

350.3 285.7 285.7 285.7 92.0 21.8 193.6 0.0 0.0 0.0 0.0 0.0 0.0 62.9 27.1 35.8 1.8

368.7 309.8 309.8 309.8 111.9 33.1 197.9 0.0 0.0 0.0 0.0 0.0 0.0 57.3 23.3 34.0 1.6

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

0.0 0.0 0.0

68.2 68.2 0.0

14.5 14.5 0.0

18.7 18.7 0.0

33.8 33.8 0.0

38.9 38.9 0.0

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

3.1 3.1 0.0

2.0 2.0 0.0

1.8 1.8 0.0

1.1 1.1 0.0

1.2 1.2 0.0

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

1.1 1.1 0.0

0.9 0.9 0.0

0.4 0.4 0.0

1.5 1.5 0.0

0.5 0.5 0.0

CONGO, DEMOCRATIC REPUBLIC OF (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

9,432

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Other commercial 1%

34 17 2 1 2,375 529 1,846 55,545 99

Other mul�lateral 8%

IMF 22%

2018 2019 2020 2021 2022

Official creditors

World Bank-IDA 31%

India 2%

Private creditors

Grace period Maturity Interest (%)

Bilateral 38%

Multilateral 61% Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

China 33%

Private 1%

Other bilateral 2%

Grace period Maturity Interest (%)

Korea, Rep. 1%

Summary External Debt Data

2010

2018

2019

2020

2021

2022

6,127 4,583 4,583 4,505 2,585 849 1,920 77 .. 77 .. .. .. 1,110 323 787 435

5,826 4,778 4,778 4,748 2,043 1,098 2,705 30 .. 30 .. .. .. 839 129 710 209

6,487 4,976 4,976 4,873 2,128 1,288 2,745 102 .. 102 .. .. .. 1,130 423 706 382

7,084 5,212 5,212 5,115 2,290 1,521 2,825 97 .. 97 .. .. .. 1,511 775 736 362

9,186 5,414 5,414 5,314 2,448 1,772 2,866 99 .. 99 .. .. .. 3,317 1,172 2,145 455

9,432 5,351 5,351 5,278 2,689 2,125 2,589 74 .. 74 .. .. .. 3,560 1,520 2,040 521

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

178 178 ..

311 311 ..

433 433 ..

301 301 ..

484 484 ..

584 584 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

89 89 ..

181 181 ..

196 196 ..

161 161 ..

257 257 ..

528 528 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

124 124 ..

46 46 ..

773 773 ..

59 59 ..

54 54 ..

116 116 ..

CONGO, REPUBLIC OF (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

7,895

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

67 58 7 6 292 -241 532 13,582 6

Other commercial 41%

2018 2019 2020 2021 2022

Official creditors

Bondholders 3%

Other mul�lateral AfDB 7% 5%

Private creditors

Grace period Maturity Interest (%)

Bilateral 38%

Mul�lateral 18%

Interest (%)

Years

China 27%

Private 44%

Figure 2 Average terms on new debt commitments from official and private creditors

Other bilateral 6%

France 3% Belgium 2%

World BankIDA 6%

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

2,796 2,450 2,450 1,023 182 84 842 1,426 454 973 .. .. .. 150 27 123 197

7,044 6,653 6,653 3,795 640 192 3,155 2,858 322 2,536 .. .. .. 115 4 111 276

8,397 8,006 8,006 4,101 869 243 3,232 3,905 295 3,610 .. .. .. 157 47 110 234

8,224 7,778 7,772 4,081 985 342 3,096 3,691 268 3,423 6 .. 6 162 48 115 284

8,254 7,590 7,581 4,061 1,021 413 3,039 3,521 241 3,280 9 .. 9 374 45 329 290

7,895 7,174 7,164 3,924 1,108 543 2,816 3,241 213 3,027 10 .. 10 528 216 313 193

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

882 882 ..

269 269 ..

639 639 ..

189 183 6

201 195 5

330 327 3

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

95 95 ..

390 390 ..

418 418 ..

543 543 ..

320 318 2

658 656 2

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

24 24 ..

77 77 ..

80 80 ..

94 93 0

69 68 1

171 170 1

COSTA RICA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

38,946 137 62

Japan 2%

3 2018 2019 2020 2021 2022

Official creditors

China 1%

France 0.2% Other bilateral 0.3% IDB 16%

Bondholders 44%

Private 46%

Interest (%)

Years

2018 2019 2020 2021 2022

Other commercial 2%

6 3 8,216 4,928 3,288 62,618 5

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

Bilateral 3% Mul�lateral 51%

World BankIBRD 10%

Other mul�lateral 25%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

8,154 5,482 3,822 2,196 1,767 570 430 1,626 1,310 316 1,660 0 1,660 241 0 241 2,431

28,369 24,782 11,941 4,662 4,199 903 464 7,278 6,250 1,028 12,841 2,100 10,741 218 0 218 3,370

29,801 26,829 13,392 4,910 4,443 955 466 8,482 7,600 882 13,437 2,100 11,337 216 0 216 2,755

31,269 26,570 12,577 4,924 4,448 1,021 476 7,652 6,983 669 13,994 2,100 11,894 757 532 225 3,942

34,108 27,904 12,706 5,383 4,916 1,292 467 7,323 6,800 523 15,198 1,250 13,948 1,520 806 715 4,683

38,946 30,128 14,061 6,921 6,539 1,562 382 7,140 6,800 340 16,067 1,250 14,817 1,995 1,315 680 6,824

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,455 928 528

4,418 1,701 2,716

3,569 2,486 1,083

1,873 497 1,375

3,210 1,066 2,144

2,783 1,914 869

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

617 342 275

2,024 897 1,127

1,959 1,073 886

2,150 1,311 839

1,852 913 939

548 548 0

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

313 213 100

1,261 687 574

1,123 674 448

769 311 458

1,144 578 566

1,135 610 525

CÔTE D'IVOIRE (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

31,960

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

185 47

India 1%

12 3 4,889 3,305 1,584 67,835 28

Other commercial 21%

Bilateral 21%

2018 2019 2020 2021 2022

Official creditors

Private 51%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Bondholders 31%

Other bilateral 1%

China 12%

Mul�lateral 28%

Other mul�lateral 10%

France 6%

World BankIDA 11% IMF 7%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

11,703 10,431 9,413 9,301 2,373 1,763 6,928 112 0 112 1,018 .. 1,018 861 383 479 411

16,198 14,246 13,234 5,200 2,024 883 3,176 8,034 7,230 804 1,011 .. 1,011 1,814 1,382 432 138

19,831 17,027 15,748 5,972 2,609 1,204 3,363 9,776 7,589 2,187 1,279 .. 1,279 1,915 1,485 430 890

25,246 21,142 20,152 8,101 4,010 1,882 4,090 12,051 8,532 3,519 991 .. 991 3,047 2,600 448 1,056

29,895 24,060 23,311 10,205 4,755 2,488 5,450 13,106 9,010 4,097 749 .. 749 3,647 2,339 1,308 2,188

31,960 26,971 26,447 11,605 5,844 3,117 5,761 14,842 8,592 6,251 524 .. 524 3,303 2,060 1,243 1,686

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

599 244 355

3,867 3,747 120

5,083 4,511 572

4,308 4,308 ..

4,989 4,989 ..

5,212 5,212 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

623 438 185

1,036 702 334

2,247 1,946 302

1,565 1,226 340

803 603 200

1,240 1,043 197

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

114 58 56

453 407 47

556 518 38

701 671 29

701 685 17

614 602 12

DJIBOUTI (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

3,170 65 92 2 2 164 -26 191 3,448 1

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

AFESD 8%

Other bilateral 5%

Mul�lateral 31% Bilateral 69%

China 54%

Kuwait 7%

Saudi Arabia 3%

Private creditors

Grace period Maturity Interest (%)

Other mul�lateral 13%

World BankIDA 10%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

769 612 612 595 406 155 189 16 .. 16 .. .. .. 35 12 23 122

2,321 2,045 2,045 2,045 551 152 1,494 .. .. .. .. .. .. 37 16 21 240

2,553 2,146 2,146 2,146 611 161 1,534 .. .. .. .. .. .. 32 11 21 375

2,900 2,575 2,354 2,354 660 191 1,694 .. .. .. 221 219 2 72 51 22 253

3,207 2,427 2,407 2,407 692 215 1,715 .. .. .. 21 20 1 109 45 64 670

3,170 2,439 2,409 2,409 708 230 1,701 .. .. .. 30 20 10 103 42 61 628

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

35 35 ..

141 141 ..

136 136 ..

435 214 221

86 86 ..

75 66 9

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

22 22 ..

27 27 ..

35 35 ..

28 28 ..

30 28 1

33 33 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

8 8 ..

32 32 ..

29 29 ..

33 25 8

21 20 1

20 19 1

DOMINICA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (thousand)

400.7

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

200.0 65.6 15.0 4.9 60.0 30.6 29.3 610.4 72.7

Bondholders 11%

2018 2019 2020 2021 2022

Official creditors

Other bilateral 1%

China 7%

Mul�lateral 72% Interest (%)

Years

Venezuela, RB 1%

Private Bilateral 13% 15%

Other mul�lateral 9%

Figure 2 Average terms on new debt commitments from official and private creditors 50

France 4%

Other commercial 4%

Caribbean Dev. Bank 29%

World BankIDA 34%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

271.4 235.6 235.6 162.0 117.0 27.8 45.0 73.6 57.1 16.5 .. .. .. 30.2 18.2 12.1 5.5

278.3 242.8 242.8 187.5 123.9 34.0 63.6 55.3 29.7 25.6 .. .. .. 22.4 11.5 10.9 13.1

277.9 245.7 245.7 177.7 122.1 35.6 55.7 67.9 45.0 23.0 .. .. .. 20.8 9.9 10.8 11.5

329.1 275.6 275.6 214.2 159.6 51.4 54.6 61.4 41.5 19.9 .. .. .. 35.8 24.5 11.3 17.6

378.0 312.4 312.4 254.0 197.1 88.2 56.8 58.4 41.5 16.8 .. .. .. 48.0 21.6 26.4 17.7

400.7 337.8 337.8 283.8 236.4 121.4 47.3 54.0 40.3 13.8 .. .. .. 43.7 18.6 25.1 19.2

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

29.7 29.7 ..

5.0 5.0 ..

22.4 22.4 ..

39.3 39.3 ..

47.7 47.7 ..

50.8 50.8 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

9.8 9.8 ..

23.5 23.5 ..

18.5 18.5 ..

19.1 19.1 ..

10.6 10.6 ..

19.2 19.2 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

5.4 5.4 ..

8.7 8.7 ..

6.5 6.5 ..

6.4 6.4 ..

8.2 8.2 ..

DOMINICAN REPUBLIC (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

48,243

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

185 44 14 3 8,108 4,426 3,683 109,068 11

Bilateral 4%

2018 2019 2020 2021 2022

Official creditors

Mul�lateral 18%

Bondholders 76%

Other mul�lateral 4%

World Bank-IBRD 3%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Other bilateral 1%

Private 78% Interest (%)

Years

Brazil 0.3%

Japan 1%

IDB 11%

Figure 2 Average terms on new debt commitments from official and private creditors 50

France 3%

Other commercial 1%

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

13,499 10,283 9,441 6,343 3,079 872 3,264 3,098 1,134 1,964 843 843 0 1,461 1,139 322 1,754

31,864 29,386 21,375 5,790 4,704 923 1,086 15,585 14,596 989 8,011 1,945 6,066 290 0 290 2,187

35,096 32,292 23,006 6,068 5,086 939 982 16,938 16,229 709 9,285 1,395 7,890 289 0 289 2,515

40,560 37,400 29,856 7,089 5,900 1,183 1,189 22,767 22,158 609 7,544 707 6,837 988 688 301 2,172

43,885 39,973 32,507 7,134 5,779 1,185 1,356 25,372 24,893 479 7,467 1,007 6,460 1,601 668 933 2,311

48,243 43,553 35,559 7,491 6,042 1,174 1,448 28,069 27,671 398 7,994 1,007 6,987 1,522 635 887 3,168

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

2,111 2,111 ..

4,620 3,651 969

2,459 2,395 64

9,769 9,769 ..

3,510 3,210 300

4,981 4,352 629

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

799 798 0

1,422 752 670

1,867 679 1,188

4,531 2,789 1,742

926 549 377

1,413 1,311 102

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

444 336 108

1,440 968 472

1,744 1,295 449

1,662 1,415 247

1,870 1,668 203

2,086 1,851 235

ECUADOR (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

60,685

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Other commercial 0.3%

168 54 14 5 4,407 3,089 1,318 113,341 18

Bondholders 37%

2018 2019 2020 2021 2022

Official creditors

IMF 17%

Mul�lateral 52% IDB 16%

Interest (%)

Years

Private 37%

Bilateral 11%

Spain 0.5% Other bilateral 1%

China 9%

Figure 2 Average terms on new debt commitments from official and private creditors 50

France 1%

Other mul�lateral 19%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

15,377 13,869 8,787 7,547 5,207 456 2,340 1,240 1,082 159 5,082 .. 5,082 444 0 444 1,064

44,959 43,117 35,481 17,269 9,864 617 7,405 18,211 15,250 2,961 7,636 .. 7,636 765 364 401 1,077

51,895 48,848 38,391 18,119 11,081 1,251 7,038 20,272 18,307 1,965 10,458 .. 10,458 2,114 1,716 399 933

56,423 48,514 37,811 19,672 13,294 2,596 6,378 18,139 17,694 445 10,703 .. 10,703 6,781 6,365 415 1,128

58,070 48,634 38,707 20,951 14,776 2,897 6,175 17,756 17,494 262 9,928 .. 9,928 8,183 6,843 1,340 1,253

60,685 49,374 39,484 21,891 16,569 4,353 5,322 17,593 17,440 153 9,890 .. 9,890 9,387 8,113 1,274 1,923

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

2,977 2,307 670

10,364 7,153 3,211

12,286 6,877 5,409

7,669 3,689 3,981

4,578 2,662 1,916

4,115 2,655 1,460

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,259 636 623

6,443 3,202 3,241

6,505 3,917 2,588

7,548 3,813 3,735

4,441 1,750 2,691

3,297 1,800 1,498

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

470 331 139

2,663 2,238 425

2,792 2,385 407

1,517 1,172 344

1,857 1,360 497

1,612 1,336 276

EGYPT, ARAB REPUBLIC OF (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

163,104 210 35

3 2018 2019 2020 2021 2022

Official creditors

Other commercial 13%

Bondholders 23%

Private 36%

Other mul�lateral 14%

United Arab Emirates 5%

Saudi Arabia 5%

Bilateral 27%

Mul�lateral 37%

Interest (%)

Years

2018 2019 2020 2021 2022

Kuwait 5%

23 4 30,515 20,501 10,014 460,985 111

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

Other bilateral 12%

IMF 14%

World BankIBRD 9%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

36,804 32,271 32,218 28,033 9,293 3,881 18,741 4,184 3,333 851 54 .. 54 1,384 0 1,384 3,149

99,457 79,896 79,450 56,008 20,137 9,930 35,871 23,442 14,970 8,472 446 .. 446 9,220 7,971 1,250 10,341

114,910 90,496 90,136 57,944 21,569 11,250 36,375 32,192 22,677 9,515 360 .. 360 13,130 11,888 1,242 11,284

132,572 100,252 99,849 62,976 26,322 11,993 36,654 36,873 25,940 10,933 402 .. 402 20,362 19,068 1,294 11,959

145,995 109,472 108,688 62,685 28,442 12,037 34,243 46,003 31,455 14,548 784 100 684 23,681 19,691 3,990 12,842

163,104 111,105 110,206 64,049 29,967 12,318 34,082 46,157 29,093 17,064 899 100 799 21,753 17,959 3,794 30,246

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

3,625 3,620 5

20,360 20,234 126

15,686 15,616 71

17,824 17,631 193

25,481 24,771 710

14,561 14,355 206

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

2,164 2,139 25

5,783 5,696 87

4,878 4,722 156

8,217 8,067 151

13,283 13,054 229

10,696 10,505 191

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

770 769 1

2,223 2,206 16

3,406 3,388 19

3,389 3,378 12

3,702 3,623 79

4,192 4,153 39

EL SALVADOR (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

21,299

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Japan 1%

204 70 32 11 134 182 -48 30,622 6

Other commercial 0.2%

2018 2019 2020 2021 2022

Official creditors

Bondholders 52%

Private 52%

Interest (%)

Years

Spain 1%

Other bilateral 0.2%

IDB 18% Bilateral 3%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Germany 1%

Mul�lateral 45%

BCIE 16%

Other mul�lateral 11%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

11,496 10,408 6,839 4,211 3,549 922 661 2,628 2,596 32 3,569 .. 3,569 252 0 252 836

16,725 14,426 9,505 4,368 3,996 876 372 5,137 5,108 29 4,921 38 4,883 228 0 228 2,070

17,398 14,939 9,856 4,397 4,049 831 348 5,459 5,422 37 5,083 12 5,071 227 0 227 2,232

18,479 15,958 10,791 4,539 4,158 786 382 6,252 6,217 35 5,167 0 5,167 650 414 236 1,871

20,326 17,052 11,544 5,335 4,987 768 348 6,209 6,178 31 5,508 0 5,508 1,016 402 615 2,258

21,299 17,964 11,994 5,541 5,233 879 308 6,452 6,424 28 5,970 20 5,950 967 382 584 2,369

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,455 1,107 348

3,211 588 2,623

5,283 1,419 3,865

5,297 1,379 3,918

5,683 1,232 4,451

2,170 702 1,467

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

605 456 149

2,879 436 2,443

4,873 1,179 3,694

4,205 421 3,785

4,524 413 4,111

2,098 1,083 1,015

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

495 380 115

589 589 ..

684 684 ..

927 625 302

1,241 696 545

1,185 736 450

ERITREA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

715.3 .. .. .. .. -46.0 -14.0 -32.0 .. 3.7

2018 2019 2020 2021 2022

Official creditors

United States 4%

Other mul�lateral 6%

China 2%

Other bilateral 4%

Italy 6%

Bilateral 16%

African Dev. Bank 13%

Mul�lateral 84% Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

World Bank-IDA 65%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

1,037.3 998.4 998.4 998.4 651.4 467.9 347.1 .. .. .. .. .. .. 23.3 0.0 23.3 15.5

791.2 736.1 736.1 736.1 571.6 434.5 164.5 .. .. .. .. .. .. 21.1 0.0 21.1 34.0

771.7 718.1 718.1 718.1 567.1 432.0 151.0 .. .. .. .. .. .. 21.0 0.0 21.0 32.7

789.7 730.5 730.5 730.5 587.8 449.9 142.8 .. .. .. .. .. .. 21.8 0.0 21.8 37.3

761.8 680.4 680.4 680.4 565.4 437.2 115.0 .. .. .. .. .. .. 42.5 0.0 42.5 38.9

715.3 634.6 634.6 634.6 533.2 415.7 101.5 .. .. .. .. .. .. 40.5 0.0 40.5 40.2

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

8.6 8.6 ..

4.2 4.2 ..

2.8 2.8 ..

0.9 0.9 ..

0.8 0.8 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

16.9 16.9 ..

24.9 24.9 ..

18.4 18.4 ..

17.8 17.8 ..

18.4 18.4 ..

14.8 14.8 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

10.0 10.0 ..

3.1 3.1 ..

2.6 2.6 ..

2.4 2.4 ..

2.2 2.2 ..

1.8 1.8 ..

Note: Figure 2 shows no data values because the country did not have new commitments from 2018 to 2022.

ESWATINI (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

1,211

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Other commercial 1%

54 27 6 3 82 64 18 4,466 1

Japan 3%

Other mul�lateral 23%

China 21% Private 1%

2018 2019 2020 2021 2022

Official creditors

World BankIBRD 20%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Kuwait 2%

Bilateral 29%

Mul�lateral 70% Other bilateral 3%

African Dev. Bank 27%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

1,016 733 431 390 239 5 152 41 .. 41 302 .. 302 74 0 74 208

766 685 498 486 223 40 263 12 .. 12 186 .. 186 67 0 67 14

834 747 540 529 245 36 285 11 .. 11 207 .. 207 67 0 67 20

957 748 584 574 274 43 300 10 .. 10 164 .. 164 183 113 70 26

1,179 857 620 611 341 87 270 9 .. 9 237 .. 237 283 110 173 40

1,211 930 758 749 497 175 252 9 .. 9 173 .. 173 269 104 164 12

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

320 18 302

113 113 ..

92 71 21

78 78 ..

170 97 73

192 192 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

34 34 ..

41 32 8

31 31 ..

82 39 43

49 49 ..

100 36 64

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

17 17 ..

15 15 ..

22 22 ..

20 20 ..

15 15 ..

27 17 10

ETHIOPIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

28,610 260 23 18 2 3,079 -591 3,670 126,211 123

2018 2019 2020 2021 2022

Official creditors

Bondholders 4% Other mul�lateral 5%

India 1%

Other commercial 15% Private 19%

African Dev. Bank 8%

China 20%

France 1%

Bilateral 27%

Mul�lateral 54%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

World Bank-IDA 41%

Other bilateral 5%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

7,287 6,500 6,500 4,613 2,812 1,804 1,800 1,887 .. 1,887 .. .. .. 485 288 197 302

27,843 26,851 26,851 19,576 11,043 8,338 8,533 7,276 1,000 6,276 .. .. .. 242 64 178 749

28,377 27,577 27,577 20,619 12,200 9,354 8,419 6,958 1,000 5,958 .. .. .. 318 141 177 482

30,364 29,016 29,016 22,505 14,024 10,991 8,482 6,511 1,000 5,511 .. .. .. 940 755 184 408

29,984 28,136 28,136 22,208 14,194 11,170 8,015 5,927 1,000 4,927 .. .. .. 1,317 734 582 531

28,610 27,020 27,020 21,778 14,244 11,211 7,534 5,242 1,000 4,242 .. .. .. 1,252 698 554 338

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,763 1,763 ..

3,567 3,567 ..

2,363 2,363 ..

2,194 2,194 ..

1,081 1,081 ..

1,137 1,137 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

129 129 ..

1,138 1,138 ..

1,431 1,431 ..

1,371 1,371 ..

1,553 1,553 ..

1,535 1,535 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

46 46 ..

436 436 ..

670 670 ..

599 599 ..

460 460 ..

459 459 ..

FIJI (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

2,537

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

104 54 7 4 683 565 117 4,678 1

Bilateral 25%

2018 2019 2020 2021 2022

Official creditors

World BankIDA 18%

China 11%

India 2%

Mul�lateral 75%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

Japan 12%

Other mul�lateral 18%

Asian Dev. Bank 39%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

1,107 926 426 276 113 .. 162 150 150 .. 500 .. 500 103 0 103 78

1,246 1,108 738 538 253 73 285 200 200 .. 370 .. 370 93 0 93 45

1,344 1,199 714 514 263 76 251 200 200 .. 485 .. 485 93 0 93 53

1,518 1,400 904 904 638 142 265 0 0 .. 497 .. 497 97 0 97 22

2,029 1,758 1,213 1,213 828 326 384 .. .. .. 545 .. 545 226 0 226 45

2,537 2,229 1,603 1,603 1,203 468 400 .. .. .. 626 .. 626 215 0 215 93

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

50 38 13

86 37 49

153 17 136

433 403 30

399 326 73

622 481 141

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

36 9 27

75 40 35

59 38 21

250 231 19

39 15 24

105 44 60

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

23 15 7

31 26 5

150 146 4

24 24 0

9 9 0

62 59 2

GABON (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

7,954 .. 42

China 13%

Bondholders 36%

Bilateral 20%

Private 40%

France 7%

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

Mul�lateral 40% Interest (%)

India 0.01%

IMF 14%

Years

Other commercial 4%

.. 3 1,497 393 1,105 19,032 2

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

African Dev. Bank 13%

Other mul�lateral 13%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

2,915 2,519 2,519 1,122 466 22 656 1,397 879 518 .. .. .. 226 0 226 170

6,859 6,070 6,070 3,090 1,697 369 1,394 2,980 2,186 794 .. .. .. 601 397 204 187

7,253 6,172 6,172 3,451 1,920 581 1,531 2,721 2,186 535 .. .. .. 722 519 203 360

7,695 6,557 6,557 3,649 2,081 680 1,568 2,908 2,436 472 .. .. .. 1,063 851 211 76

7,806 6,362 6,362 3,404 1,935 654 1,469 2,958 2,573 384 .. .. .. 1,427 932 495 17

7,954 6,150 6,150 3,284 1,883 649 1,401 2,866 2,549 318 .. .. .. 1,480 1,009 471 324

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

509 509 ..

857 857 ..

600 600 ..

1,273 1,273 ..

905 905 ..

268 268 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

313 313 ..

495 495 ..

423 423 ..

1,131 1,131 ..

902 902 ..

304 304 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

137 137 ..

216 216 ..

252 252 ..

274 274 ..

217 217 ..

188 188 ..

GAMBIA, THE (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

1,130

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

431 51 14 2 195 86 109 2,236 3

Saudi Arabia 11% Other mul�lateral 38%

2018 2019 2020 2021 2022

Official creditors

Bilateral 31% Mul�lateral 69%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

IMF 13%

India 7% Kuwait 7% Other bilateral 7%

Islamic Dev. Bank 17%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

544 422 422 416 296 65 120 6 .. 6 .. .. .. 77 31 46 45

736 633 633 626 456 116 170 7 .. 7 .. .. .. 84 43 41 19

813 710 710 705 475 118 230 5 .. 5 .. .. .. 77 36 41 26

929 797 797 794 528 128 266 3 .. 3 .. .. .. 103 61 43 29

1,081 816 816 815 532 131 283 1 .. 1 .. .. .. 228 103 125 38

1,130 841 841 841 536 126 305 0 .. .. .. .. .. 248 129 119 40

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

43 43 ..

71 71 ..

109 109 ..

92 92 ..

51 51 ..

74 74 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

18 18 ..

32 32 ..

30 30 ..

23 23 ..

22 22 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

7 7 ..

8 8 ..

11 11 ..

9 9 ..

GEORGIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

23,982 163 104 22 14 4,316 2,338 1,978 23,035 4

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

Japan 1%

Bondholders 10%

Private 25%

Bilateral 15%

Mul�lateral 60% Other mul�lateral 28%

Other bilateral 1%

France 6% Germany 6%

Other commercial 15%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

Asian Dev. Bank 20%

World BankIBRD 13%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

8,790 6,418 3,274 2,448 1,802 1,359 645 827 750 77 3,143 .. 3,143 1,272 1,050 222 1,101

17,326 14,593 6,749 4,580 3,794 1,960 786 2,169 1,250 919 7,844 1,660 6,184 416 216 200 2,318

18,757 16,033 6,993 4,880 3,934 1,879 946 2,113 1,250 863 9,040 3,320 5,720 448 249 199 2,276

20,089 16,974 7,967 6,329 4,798 2,054 1,531 1,638 750 888 9,007 3,372 5,635 792 585 207 2,322

22,053 18,524 9,081 6,941 5,375 2,043 1,567 2,140 1,000 1,140 9,442 3,535 5,907 1,158 674 484 2,372

23,982 19,089 9,723 7,146 5,624 2,009 1,522 2,577 1,000 1,577 9,366 3,381 5,985 1,084 624 460 3,809

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,026 651 375

2,468 567 1,900

2,983 616 2,367

2,508 1,452 1,056

3,792 2,543 1,249

3,382 1,319 2,062

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

510 169 342

1,681 300 1,381

1,669 324 1,345

1,820 799 1,022

2,002 1,079 923

2,466 364 2,102

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

247 87 160

609 167 442

676 185 491

587 135 452

655 100 554

693 131 562

GHANA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

44,840

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit India 2%

169 63 12 4 1,146 -365 1,511 71,482 33

Other commercial 13%

2018 2019 2020 2021 2022

Official creditors

Private 58%

Interest (%)

Years

Other bilateral 3%

China 6%

Bilateral 12%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Germany 1%

Mul�lateral 30%

World BankIDA 16%

IMF 6%

Bondholders 45%

Other mul�lateral 8%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

17,985 14,956 5,399 4,270 2,749 1,868 1,521 1,130 .. 1,130 9,556 0 9,556 937 392 545 2,092

35,582 30,422 17,021 8,875 5,393 3,926 3,482 8,146 4,978 3,168 13,401 1,153 12,248 1,508 1,016 492 3,652

32,569 26,352 19,574 8,831 5,513 3,989 3,318 10,744 7,695 3,049 6,778 874 5,904 1,576 1,086 489 4,641

40,647 32,863 22,890 9,360 6,080 4,477 3,280 13,530 10,215 3,314 9,973 1,161 8,811 2,612 2,102 510 5,173

44,747 36,194 26,627 9,749 6,306 4,663 3,442 16,879 13,120 3,759 9,566 1,103 8,463 3,411 1,926 1,485 5,142

44,840 36,532 27,647 10,560 7,142 4,747 3,418 17,086 13,104 3,982 8,885 1,103 7,782 3,124 1,711 1,412 5,184

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

4,582 1,321 3,261

4,446 2,673 1,773

4,403 3,990 414

7,612 4,417 3,195

5,892 5,892 ..

2,632 2,432 200

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

171 171 0

2,801 1,760 1,041

8,406 1,369 7,037

1,534 1,534 ..

2,157 1,751 407

1,837 956 881

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

96 96 0

650 643 6

859 853 6

921 915 6

1,202 1,196 6

995 989 6

GRENADA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (thousand)

670.0 80.1 57.1

Other commercial 0.2%

6.2 4.4 111.3 -45.0 156.3 1,173.6 125.4

Bondholders 15%

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

Private 15%

Other mul�lateral 10%

Trinidad Tobago 5%

China 4%

Mul�ple lenders 2% Other bilateral 6%

Bilateral 17%

Multilateral 68% Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

World BankIDA 35%

Caribbean Dev. Bank 23%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

560.6 476.7 476.7 278.2 187.8 58.2 90.4 198.5 193.2 5.3 .. .. .. 46.3 29.1 17.2 37.6

554.5 499.1 499.1 370.3 278.7 131.1 91.7 128.8 126.7 2.1 .. .. .. 38.6 23.1 15.5 16.7

525.5 476.0 476.0 358.4 273.6 131.4 84.7 117.6 115.9 1.7 .. .. .. 35.6 20.2 15.4 13.8

658.5 497.6 497.6 390.6 305.0 161.4 85.6 107.0 105.4 1.6 .. .. .. 58.8 42.7 16.1 102.2

725.6 528.6 528.6 432.4 329.0 187.0 103.3 96.3 94.8 1.5 .. .. .. 76.6 38.9 37.6 120.4

670.0 536.0 536.0 450.5 352.5 211.6 98.0 85.5 84.2 1.3 .. .. .. 69.3 33.6 35.8 64.7

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

21.1 21.1 ..

38.3 38.3 ..

12.0 12.0 ..

44.9 44.9 ..

65.8 65.8 ..

46.0 46.0 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

15.1 15.1 ..

33.3 33.3 ..

34.2 34.2 ..

28.7 28.7 ..

30.7 30.7 ..

31.6 31.6 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

10.5 10.5 ..

17.4 17.4 ..

17.0 17.0 ..

15.6 15.6 ..

15.0 15.0 ..

14.7 14.7 ..

GUATEMALA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

24,992

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

130 27

Japan 1%

27 6 -707 -1,894 1,186 93,151 17

Other commercial 0.2%

2018 2019 2020 2021 2022

Official creditors

Other bilateral 0.4%

World Bank-IBRD 18%

Bondholders 57%

Private 57%

Mul�lateral 41%

IDB 16%

Interest (%)

Years

China 1%

Bilateral 2%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Brazil 1%

Other mul�lateral 6%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

15,043 13,149 5,559 4,600 4,241 1,372 359 959 955 4 7,589 5 7,584 309 0 309 1,585

24,275 22,397 8,428 5,470 4,977 1,718 493 2,958 2,930 28 13,969 1,650 12,319 279 0 279 1,599

25,035 23,419 9,843 5,188 4,686 1,641 502 4,655 4,630 25 13,576 1,500 12,076 278 0 278 1,338

24,813 23,136 11,061 5,209 4,820 1,758 389 5,853 5,830 23 12,075 700 11,375 289 0 289 1,388

26,952 24,732 11,710 4,861 4,509 1,689 352 6,849 6,830 19 13,022 1,700 11,322 856 0 856 1,364

24,992 23,711 11,701 5,052 4,754 2,114 298 6,649 6,630 19 12,009 3,700 8,309 814 0 814 467

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,472 881 592

882 406 476

2,020 1,812 208

1,957 1,745 212

2,092 1,061 1,030

3,146 1,096 2,050

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

949 264 685

416 342 74

994 394 599

2,252 539 1,713

476 393 84

4,143 1,081 3,062

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

636 284 352

714 267 447

999 408 591

1,226 521 705

1,044 496 547

1,084 514 570

100

GUINEA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

4,929

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

55 26 3 1 457 457 0 18,904 14

Other mul�lateral 20%

2018 2019 2020 2021 2022

Official creditors

IMF 11% Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

Other commercial 10% Private 10%

Mul�lateral 46%

World Bank-IDA 15%

China 30% Bilateral 44%

Other bilateral 8%

Saudi Arabia 3% Angola 3%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

3,245 2,925 2,925 2,900 1,875 1,248 1,025 25 .. 25 .. .. .. 205 48 158 115

2,595 1,989 1,989 1,966 823 344 1,142 24 .. 24 .. .. .. 464 321 143 142

3,540 2,865 2,865 2,797 1,028 471 1,770 68 .. 68 .. .. .. 481 339 142 193

4,109 3,291 3,291 3,063 1,239 572 1,823 228 .. 228 .. .. .. 668 520 148 150

4,608 3,498 3,498 3,215 1,406 621 1,809 283 .. 283 .. .. .. 886 455 431 224

4,929 3,791 3,686 3,265 1,431 616 1,834 421 .. 421 105 .. 105 884 475 410 254

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

36 36 ..

239 239 ..

998 998 ..

363 363 ..

325 325 ..

529 424 105

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

48 48 ..

82 82 ..

72 72 ..

38 38 ..

63 63 ..

145 145 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

21 21 ..

29 29 ..

30 30 ..

40 40 ..

50 50 ..

48 48 0

101

GUINEA-BISSAU (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

1,021

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

406 62

Kuwait 3%

27 4 1 -21 22 1,655 2

Bondholders 33% Private 33%

2018 2019 2020 2021 2022

Official creditors

Bilateral 13%

Multilateral 54% Interest (%)

Years

Other bilateral 3%

Angola 5%

Figure 2 Average terms on new debt commitments from official and private creditors 50

India 2%

Other mul�lateral 12%

West African Dev. Bank 23%

World Bank-IDA 19%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

1,096 979 979 979 491 289 488 .. .. .. .. .. .. 25 4 21 92

547 481 481 384 290 111 95 97 97 .. .. .. .. 53 34 19 14

648 566 566 440 344 126 96 126 126 .. .. .. .. 50 31 19 31

863 782 782 570 474 164 96 213 213 .. .. .. .. 49 29 20 32

1,073 930 930 608 481 182 127 322 322 .. .. .. .. 103 46 57 40

1,021 925 925 603 478 187 125 322 322 .. .. .. .. 95 41 54 1

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

9 9 ..

97 97 ..

68 68 ..

111 111 ..

56 56 ..

51 51 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

6 6 ..

9 9 ..

8 8 ..

11 11 ..

25 25 ..

30 30 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

4 4 ..

6 6 ..

8 8 ..

12 12 ..

19 19 ..

31 31 ..

102

GUYANA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

2,387

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

.. 17

Other commercial 2%

.. 1 4,944 536 4,408 14,252 1

Other Caribbean mul�lateral Dev. Bank 8% 8% Private 2%

2018 2019 2020 2021 2022

Official creditors

Mul�lateral 59%

China 28%

Venezuela, RB 5% Other bilateral 4%

Private creditors

Grace period Maturity Interest (%)

Bilateral 39%

IDB 43%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Grace period Maturity Interest (%)

United Kingdom 2%

Summary External Debt Data

2010

2018

2019

2020

2021

2022

1,408 885 885 869 533 9 336 16 0 16 0 .. 0 190 56 134 333

1,607 1,362 1,205 1,172 788 75 384 33 0 33 157 .. 157 121 0 121 124

1,530 1,361 1,255 1,223 815 83 408 32 0 32 106 .. 106 120 0 120 49

1,507 1,327 1,271 1,240 825 90 415 31 0 31 56 .. 56 125 0 125 54

1,890 1,467 1,342 1,312 910 92 402 30 0 30 125 .. 125 366 0 366 57

2,387 1,985 1,837 1,807 1,092 117 715 29 0 29 148 .. 148 348 0 348 54

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

123 123 0

138 138 ..

92 92 ..

48 48 ..

218 121 97

649 575 74

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

16 16 ..

106 55 51

105 54 51

103 52 51

85 57 28

110 60 50

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

11 11 ..

33 22 11

33 23 9

30 24 6

25 23 3

27 24 3

103

HAITI (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

2,560

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

185 13

OPEC Fund 2%

3 0 48 8 39 20,277 12

Mul�ple enders 7%

2018 2019 2020 2021 2022

Official creditors

Other commercial 2%

IMF 6% Private 1% Mul�lateral 10%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Other mul�lateral 1%

Bilateral 89%

Venezuela, RB 82%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

959 824 824 774 557 0 217 50 .. 50 .. .. .. 135 13 122 0

2,220 2,019 2,019 1,973 99 .. 1,874 45 .. 45 0 .. 0 201 91 110 0

2,214 2,012 2,012 1,968 96 .. 1,872 44 .. 44 0 .. 0 185 78 107 16

2,318 2,027 2,027 1,984 92 .. 1,891 43 .. 43 0 .. 0 291 181 111 0

2,604 2,102 2,098 2,057 86 .. 1,971 41 .. 41 4 .. 4 502 171 332 0

2,560 2,115 2,110 2,072 75 .. 1,997 37 .. 37 6 .. 6 445 143 301 0

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

288 288 ..

40 40 ..

3 3 ..

.. .. ..

87 83 4

32 30 2

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

122 122 ..

5 5 0

7 6 0

7 7 ..

12 12 ..

11 11 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

8 8 ..

3 3 0

2 2 ..

3 3 ..

19 19 ..

Note: Figure 2 shows no data values because the country did not have new commitments from 2018 to 2022.

104

HONDURAS (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

12,609

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Mul�ple lenders 3% Other commercial

133 43

16 5 1,185 361 824 29,212 10

Other bilateral 4%

Bondholders 17% Private 20%

2018 2019 2020 2021 2022

Official creditors

Other mul�lateral 18%

Bilateral 10%

Mul�lateral 70%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

China 2% Venezuela, RB 1%

IDB 33%

BCIE 19%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

4,008 3,413 2,834 2,704 1,907 602 796 131 .. 131 579 .. 579 220 30 191 374

9,167 8,293 7,351 5,183 4,395 937 788 2,168 1,700 468 942 .. 942 172 0 172 702

9,745 8,795 7,751 5,620 4,564 908 1,056 2,131 1,700 431 1,044 .. 1,044 171 0 171 778

11,065 9,773 8,589 6,392 5,404 1,034 988 2,197 1,800 397 1,184 .. 1,184 664 486 178 628

12,494 10,378 8,627 6,489 5,554 1,015 935 2,138 1,800 338 1,751 300 1,451 1,103 594 508 1,013

12,609 10,571 8,998 7,052 6,076 936 976 1,946 1,633 312 1,573 300 1,273 1,049 565 483 989

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

906 454 452

1,013 523 490

1,079 693 386

2,098 1,604 494

1,351 389 962

1,502 872 631

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

453 63 390

730 256 474

553 276 277

1,194 822 372

876 299 576

1,117 442 675

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

56 46 10

285 267 18

328 305 23

321 302 19

313 247 66

337 256 81

105

INDIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

616,863

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

78 19

Russian Federa�on 2% Germany 2%

8 2 44,865 14,359 30,506 3,317,300 1,417

Other commercial 15%

2018 2019 2020 2021 2022

Official creditors

Private 50%

Asian Dev. Bank 11%

Mul�lateral 34%

World BankIBRD 9%

Bondholders 35%

Interest (%)

Years

Other bilateral 1%

Bilateral 16%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Japan 11%

Other mul�lateral 14%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

290,428 227,853 100,563 72,499 46,513 37,068 25,986 28,065 14,700 13,364 127,290 13,217 114,073 6,127 0 6,127 56,448

521,176 411,719 180,540 81,146 54,310 36,464 26,836 99,394 73,809 25,585 231,179 13,962 217,216 5,533 0 5,533 103,924

561,017 448,737 192,007 84,513 56,551 36,809 27,962 107,495 81,351 26,144 256,729 19,197 237,532 5,501 0 5,501 106,780

564,979 455,716 192,805 96,151 64,454 39,577 31,696 96,654 71,333 25,322 262,911 26,822 236,089 5,730 0 5,730 103,533

611,987 474,183 205,282 99,657 67,713 39,742 31,944 105,625 75,093 30,531 268,902 32,393 236,509 23,160 0 23,160 114,644

616,863 465,673 205,239 101,872 70,160 38,257 31,711 103,367 72,077 31,291 260,434 33,698 226,736 22,023 0 22,023 129,168

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

43,406 24,337 19,069

52,174 19,033 33,141

71,710 24,617 47,093

67,698 22,418 45,280

61,278 30,078 31,201

44,214 19,360 24,854

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

19,018 5,164 13,854

46,229 21,016 25,213

34,762 13,220 21,543

63,444 24,346 39,098

35,724 13,693 22,031

44,379 14,347 30,032

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

4,675 1,063 3,612

13,976 2,615 11,361

12,888 3,284 9,605

11,197 1,655 9,543

12,229 2,517 9,712

15,078 3,246 11,832

106

INDONESIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

395,970

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Other commercial 2%

123 31 22 5 22,552 -1,007 23,559 1,282,834 276

2018 2019 2020 2021 2022

Official creditors

Private 76%

Mul�lateral 16%

Bondholders 73% Asian Dev. Bank 5%

Other mul�lateral 2%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Other bilateral 2%

World BankIBRD 9%

Bilateral 8%

Interest (%)

Years

France 1%

Japan 4%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Germany 2%

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

198,278 162,181 102,748 66,180 22,567 11,367 43,613 36,568 28,698 7,870 59,433 8,437 50,996 3,050 0 3,050 33,047

379,622 328,908 215,106 53,106 30,103 18,507 23,002 162,000 151,001 10,999 113,802 15,038 98,764 2,754 0 2,754 47,960

402,151 354,613 233,572 52,323 31,452 19,109 20,871 181,249 173,224 8,025 121,041 16,515 104,526 2,739 0 2,739 44,799

416,939 369,599 247,826 57,860 34,082 19,669 23,778 189,966 182,704 7,261 121,773 18,208 103,565 2,852 0 2,852 44,488

411,014 354,678 235,800 54,944 34,002 19,622 20,943 180,856 174,703 6,153 118,878 20,214 98,664 9,007 0 9,007 47,329

395,970 337,031 223,805 54,256 35,478 20,627 18,778 169,550 163,145 6,405 113,226 19,999 93,227 8,565 0 8,565 50,374

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

34,335 13,695 20,640

72,091 31,065 41,026

94,765 31,643 63,122

65,111 30,273 34,838

50,259 21,217 29,042

53,437 18,568 34,869

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

26,202 8,072 18,129

42,878 10,587 32,291

68,367 13,209 55,157

52,621 18,513 34,108

61,915 29,979 31,935

57,488 27,184 30,304

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

4,944 3,034 1,910

10,864 6,928 3,936

12,206 8,027 4,179

13,677 9,507 4,170

10,940 7,911 3,030

11,601 8,432 3,169

107

IRAN, ISLAMIC REPUBLIC OF (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

9,950

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

.. 3

Japan 3%

.. 0 1,472 -28 1,500 389,649 89

Other commercial 37%

2018 2019 2020 2021 2022

Official creditors

Private 37%

Bilateral 20%

Mul�lateral 43% Interest (%)

Years

Other bilateral 3%

India 13%

Figure 2 Average terms on new debt commitments from official and private creditors 50

China 1%

World BankIBRD 33%

ECO Trade and Dev. Bank 10%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

19,769 5,960 5,960 2,068 833 801 1,234 3,892 .. 3,892 0 .. 0 2,196 0 2,196 11,613

5,774 1,637 437 413 272 206 141 24 .. 24 1,200 .. 1,200 1,983 0 1,983 2,154

4,855 1,285 370 325 199 141 126 45 .. 45 915 .. 915 1,972 0 1,972 1,599

5,433 1,313 419 300 190 132 110 118 .. 118 894 .. 894 2,054 0 2,054 2,067

10,349 1,060 332 225 119 76 106 107 .. 107 727 .. 727 6,781 0 6,781 2,508

9,950 1,007 397 249 168 129 81 148 .. 148 610 .. 610 6,448 0 6,448 2,496

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

249 249 ..

0 0 ..

29 29 ..

116 116 ..

21 21 ..

141 141 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,532 1,532 ..

138 138 ..

256 93 163

263 84 178

254 88 167

169 52 117

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

136 136 ..

18 18 ..

33 15 18

26 15 11

46 7 39

36 7 29

108

IRAQ (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

22,588 .. 9 .. 2 -3,988 -1,900 -2,088 263,236 44

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

World BankIDA 1%

Bondholders 6% Other commercial 17%

Private World Bank22% IBRD 18% Mul�lateral 20%

Bilateral 58% Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

Other bilateral 19%

France 5%

Japan 27%

United States 7%

Private creditors

Grace period Maturity Interest (%) Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

27,836 22,514 22,514 17,451 3,497 3,466 13,955 5,062 2,000 3,062 .. .. .. 4,741 3,163 1,578 582

27,535 22,755 22,755 17,017 3,568 3,550 13,449 5,737 2,000 3,737 .. .. .. 4,019 2,450 1,569 762

26,388 22,864 22,864 16,891 3,623 3,618 13,268 5,973 2,000 3,973 .. .. .. 2,944 1,310 1,634 580

25,341 20,595 20,595 15,139 3,607 3,606 11,531 5,457 2,000 3,457 .. .. .. 4,126 307 3,820 620

22,588 17,801 17,801 13,817 3,462 3,460 10,356 3,984 1,000 2,984 .. .. .. 3,632 0 3,632 1,155

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

.. .. ..

1,876 1,876 ..

1,324 1,324 ..

1,709 1,709 ..

826 826 ..

1,620 1,620 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

.. .. ..

905 905 ..

1,074 1,074 ..

1,972 1,972 ..

2,528 2,528 ..

3,761 3,761 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

.. .. ..

852 852 ..

845 845 ..

803 803 ..

675 675 ..

591 591 ..

109

JAMAICA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

17,560

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

255 106

Germany 0.1%

20 8 156 -130 286 16,607 3

2018 2019 2020 2021 2022

Official creditors

IDB 18%

Bilateral 7% Bondholders 54%

Private 54%

Interest (%)

Years

Other bilateral 0.1%

China 7%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Iraq 0.1%

Mul�lateral 39%

World BankIBRD 11%

Other mul�lateral 10%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

14,193 11,916 7,609 3,271 2,352 579 919 4,338 3,786 552 4,307 4,290 17 1,188 785 403 1,089

16,392 13,114 9,759 3,645 2,940 865 705 6,114 6,064 50 3,355 1,175 2,180 1,074 710 364 2,205

16,011 12,764 9,407 3,585 2,915 886 670 5,822 5,810 12 3,357 1,775 1,582 978 616 362 2,269

15,914 12,680 9,161 3,576 2,947 945 629 5,585 5,585 0 3,519 1,750 1,769 1,449 1,072 377 1,785

17,782 13,731 9,009 3,644 3,012 1,062 632 5,364 5,364 .. 4,722 1,750 2,972 1,792 912 880 2,259

17,560 13,753 8,749 3,605 2,969 1,032 636 5,144 5,144 .. 5,004 1,750 3,254 1,580 743 837 2,228

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

2,360 1,285 1,075

1,962 294 1,668

1,609 1,009 600

683 270 413

1,583 380 1,203

532 250 281

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

345 337 9

498 456 43

1,953 1,355 598

771 521 250

524 524 ..

503 503 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

829 489 341

673 591 81

742 607 135

691 552 139

647 519 128

709 582 128

110

JORDAN (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

41,204 192 88 21 10 940 -101 1,041 46,946 11

Figure 2 Average terms on new debt commitments from official and private creditors

France 5%

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

Germany 3%

Japan 5%

Bondholders 40%

Private 41%

Other bilateral 6%

Bilateral 19%

Mul�lateral 40% Interest (%)

Years

Other commercial 1%

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

World BankIBRD 18%

IMF 9%

Other mul�lateral 13%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

16,894 7,588 6,323 5,284 2,526 1,040 2,757 1,040 881 159 1,265 .. 1,265 257 8 250 9,049

31,926 19,434 16,363 7,097 3,795 2,252 3,302 9,266 9,115 152 3,071 .. 3,071 981 756 225 11,511

33,494 20,467 16,853 8,215 4,731 2,985 3,484 8,638 8,500 138 3,614 .. 3,614 729 505 224 12,297

38,038 22,684 18,778 9,449 5,491 3,329 3,958 9,330 9,198 132 3,905 .. 3,905 1,271 1,038 233 14,084

41,718 23,897 19,866 10,419 6,468 3,723 3,951 9,447 9,340 107 4,031 .. 4,031 2,215 1,528 687 15,606

41,204 22,813 19,231 10,584 6,526 3,970 4,058 8,646 8,550 96 3,582 .. 3,582 2,609 1,955 653 15,782

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,508 1,358 150

2,782 2,013 769

2,824 2,049 775

4,052 3,448 604

3,820 3,405 415

2,641 2,641 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

506 480 26

749 591 158

1,777 1,545 231

2,089 1,775 313

2,311 2,022 289

3,423 2,974 449

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

161 145 16

603 504 99

742 589 153

580 523 56

643 604 39

774 639 135

111

KAZAKHSTAN (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

161,721

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

167 83

Japan 1%

46 23 7,833 1,309 6,524 193,943 20

China 7% World BankIBRD 14%

2018 2019 2020 2021 2022

Official creditors

Bondholders 66%

Bilateral 8%

Mul�lateral 26%

Private 66%

Asian Dev. Bank 8%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Other mul�lateral 4%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

119,151 109,757 3,845 3,845 2,785 1,830 1,060 0 .. 0 105,912 21,044 84,868 529 0 529 8,864

157,269 148,425 24,472 8,372 6,638 3,977 1,734 16,100 16,100 .. 123,954 7,908 116,046 478 0 478 8,366

159,282 149,784 25,006 7,634 6,010 3,802 1,624 17,372 17,372 .. 124,779 6,684 118,094 475 0 475 9,022

161,455 150,959 25,718 8,097 6,265 3,615 1,833 17,620 17,620 .. 125,242 6,361 118,881 495 0 495 10,001

160,815 146,169 27,240 8,833 6,794 3,463 2,039 18,406 18,406 .. 118,929 5,917 113,012 2,035 0 2,035 12,611

161,721 143,136 25,572 8,738 6,771 3,576 1,967 16,834 16,834 .. 117,564 5,220 112,345 1,935 0 1,935 16,650

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

45,054 1,522 43,532

33,912 3,504 30,408

31,801 1,975 29,826

34,185 1,567 32,618

22,818 2,358 20,460

35,867 623 35,245

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

34,639 278 34,361

29,807 581 29,226

29,334 1,433 27,901

27,125 1,082 26,042

27,289 461 26,829

38,596 1,981 36,615

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

4,517 54 4,463

3,530 913 2,617

3,188 1,091 2,098

3,336 1,005 2,331

3,652 920 2,732

4,800 973 3,827

112

KENYA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

41,563

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

299 37

Other commercial 3%

24 3 1,925 1,680 246 111,679 54

2018 2019 2020 2021 2022

Official creditors

France 2% Other bilateral 3%

China 18%

Bondholders 19% Private 22% Other mul�lateral 14%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Japan 4%

Bilateral 27%

Mul�lateral 51%

African Dev. Bank 9%

World Bank-IDA 28%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

8,885 7,027 7,027 6,754 4,110 3,238 2,644 273 .. 273 .. .. .. 817 417 400 1,041

31,434 28,009 26,988 20,364 10,108 5,802 10,256 6,624 4,750 1,874 1,021 .. 1,021 879 517 361 2,546

34,970 31,631 30,814 23,721 12,709 7,125 11,012 7,093 6,100 993 817 .. 817 720 361 359 2,619

38,038 34,354 33,533 26,135 15,111 9,334 11,024 7,399 6,100 1,299 821 .. 821 1,391 1,017 374 2,293

41,219 35,871 35,228 26,898 15,780 10,228 11,118 8,330 7,100 1,230 644 .. 644 2,913 1,821 1,092 2,435

41,563 35,606 35,037 26,839 16,720 11,053 10,120 8,198 7,100 1,098 569 .. 569 3,389 2,351 1,038 2,567

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

532 532 ..

6,622 6,248 374

6,722 6,712 10

3,417 3,273 144

3,406 3,406 ..

2,958 2,882 76

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

260 260 ..

1,567 1,371 196

3,009 2,799 210

1,465 1,311 154

1,334 1,165 169

2,016 1,872 143

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

90 90 ..

996 941 55

1,242 1,181 61

1,195 1,150 45

952 916 36

1,118 1,089 29

113

KOSOVO (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

3,639

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

92 38

Bondholders 1%

8 3 1,091 416 675 9,524 2

2018 2019 2020 2021 2022

Official creditors

Other mul�lateral 42%

Germany 4%

Private 5%

World BankIDA Bilateral 33% 4% Mul�lateral 91%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Other commercial 4%

World BankIBRD 16%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

1,456 886 319 319 319 319 0 .. .. .. 567 .. 567 114 29 85 455

2,326 1,265 305 297 240 225 56 8 .. 8 961 .. 961 260 183 77 800

2,428 1,357 320 304 254 220 50 16 .. 16 1,037 .. 1,037 225 148 77 846

3,088 1,911 517 488 441 314 46 30 .. 30 1,394 .. 1,394 216 136 80 962

3,344 1,982 596 557 521 313 36 39 7 32 1,386 .. 1,386 260 72 188 1,102

3,639 2,154 642 605 578 342 26 37 7 31 1,511 .. 1,511 234 55 179 1,251

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

169 0 169

225 25 200

283 44 239

567 192 375

647 152 495

548 118 430

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

76 14 61

208 21 187

171 24 148

251 27 224

327 33 293

267 39 229

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

34 11 23

55 11 45

47 10 37

47 11 36

18 11 7

15 10 5

114

KYRGYZ REPUBLIC (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

9,525 265 92 22 8 637 619 18 10,393 7

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

Other mul�lateral 18%

World BankIDA 15%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

Bilateral 51%

China 41%

Asian Dev. Bank 16%

Other bilateral 4%

Private creditors

Grace period Maturity Interest (%)

Mul�lateral 49%

Grace period Maturity Interest (%)

Türkiye 2%

Japan 4%

Summary External Debt Data

2010

2018

2019

2020

2021

2022

4,118 3,616 2,446 2,446 1,296 649 1,150 .. .. .. 1,171 .. 1,171 307 177 130 195

8,164 7,422 3,653 3,653 1,448 660 2,205 .. .. .. 3,769 0 3,768 285 167 118 457

8,454 7,680 3,712 3,712 1,462 657 2,250 .. .. .. 3,968 0 3,968 258 140 117 517

8,676 7,653 3,844 3,844 1,588 677 2,255 .. .. .. 3,809 0 3,809 498 376 122 525

9,061 7,825 3,959 3,959 1,704 653 2,255 .. .. .. 3,866 0 3,866 697 340 357 539

9,525 7,949 4,031 4,031 1,839 636 2,192 .. .. .. 3,918 0 3,918 642 302 339 935

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

672 151 521

681 144 537

898 189 708

391 166 224

626 289 336

755 380 375

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

462 38 424

432 101 331

630 122 509

509 125 384

464 117 347

510 187 324

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

39 23 15

199 54 145

170 56 114

104 55 49

93 40 53

210 57 153

115

LAO PEOPLE’S DEMOCRATIC REPUBLIC (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

18,701

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Other commercial 5%

215 127 13 8 387 -249 636 14,767 8

Other mul�lateral 2%

World BankIDA 7%

2018 2019 2020 2021 2022

Official creditors

Asian Dev. Bank 8%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

Private 16% Multilateral 18%

Bilateral 66%

China 51%

Other bilateral 7%

Korea, Rep. 3%

Private creditors

Grace period Maturity Interest (%)

Bondholders 11%

Grace period Maturity Interest (%)

Thailand 6%

Summary External Debt Data

2010

2018

2019

2020

2021

2022

6,554 6,410 3,751 3,652 2,084 655 1,569 98 .. 98 2,659 .. 2,659 88 10 78 56

15,871 15,397 9,471 7,584 1,577 588 6,007 1,887 1,596 291 5,926 560 5,366 70 0 70 404

18,972 18,317 10,199 8,082 1,707 659 6,375 2,117 1,606 511 8,118 691 7,426 70 0 70 585

20,499 19,441 10,660 8,525 1,823 717 6,701 2,135 1,368 767 8,782 692 8,090 73 0 73 985

19,232 18,158 10,271 8,585 1,809 740 6,777 1,686 981 705 7,886 779 7,107 213 0 213 861

18,701 17,749 10,131 8,501 1,773 756 6,728 1,629 1,076 553 7,618 1,041 6,577 202 0 202 750

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

460 267 193

1,700 1,559 141

3,356 1,169 2,186

1,374 706 668

551 356 196

698 431 268

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

217 59 159

417 417 ..

506 504 2

443 439 4

1,607 539 1,067

836 306 531

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

78 28 50

334 222 112

398 268 130

335 201 134

267 125 142

265 115 150

116

LEBANON (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

67,109

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

514 .. 33 .. -1,448 -1,680 232 .. 5

Bilateral 1%

2018 2019 2020 2021 2022

Official creditors

Mul�lateral 5% Private 94%

Interest (%)

Years

AFESD 2% Other mul�lateral 1%

Figure 2 Average terms on new debt commitments from official and private creditors 50

World Bank-IBRD 2%

Kuwait 1%

Bondholders 94%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

47,819 43,857 20,386 2,358 1,368 321 990 18,028 17,422 606 23,471 500 22,971 395 98 298 3,567

79,650 73,834 33,072 1,943 1,369 510 574 31,128 30,964 164 40,763 600 40,163 269 0 269 5,547

73,893 68,663 33,319 1,875 1,373 536 502 31,444 31,314 130 35,343 600 34,743 267 0 267 4,963

68,874 58,442 33,361 1,938 1,461 615 476 31,423 31,314 109 25,081 600 24,481 278 0 278 10,154

66,900 52,923 33,277 1,892 1,469 663 423 31,385 31,314 71 19,646 600 19,046 1,120 0 1,120 12,857

67,109 50,529 33,376 1,994 1,604 846 390 31,381 31,314 67 17,154 600 16,554 1,065 0 1,065 15,515

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

9,615 2,186 7,430

20,746 5,716 15,030

8,597 3,173 5,424

202 202 ..

145 145 ..

242 242 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

8,395 2,477 5,918

11,996 2,589 9,407

13,761 2,917 10,844

10,458 196 10,262

5,638 202 5,436

2,603 111 2,492

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

2,735 1,406 1,328

4,275 2,150 2,125

4,597 2,142 2,455

2,287 157 2,130

1,561 47 1,514

1,221 32 1,188

117

LESOTHO (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

1,810

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Other commercial 0.3%

108 60 18 10 1 35 -34 2,999 2

Private 0.3%

2018 2019 2020 2021 2022

Official creditors

African Dev. Bank 15%

Saudi Arabia 2% Other bilateral 2%

Bilateral 22%

Mul�lateral 78%

Interest (%)

Years

China 16%

Other mul�lateral 21%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Kuwait 2%

World Bank-IDA 42%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

788 709 709 688 633 330 55 21 .. 21 .. .. .. 79 28 51 0

1,463 1,369 809 805 697 338 108 5 .. 5 560 .. 560 94 48 46 1

1,583 1,504 856 852 722 363 131 4 .. 4 648 .. 648 79 34 45 0

1,738 1,616 931 927 755 400 171 4 .. 4 685 .. 685 119 72 47 2

1,833 1,633 978 974 760 424 215 4 .. 4 655 .. 655 198 58 140 3

1,810 1,614 968 965 743 427 222 3 .. 3 645 .. 645 182 49 133 14

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

45 45 ..

43 43 ..

179 91 88

117 79 38

106 106 ..

84 84 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

19 19 ..

51 42 8

37 37 ..

44 44 ..

66 35 31

54 45 9

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

8 8 ..

17 17 ..

24 24 ..

16 16 ..

262 262 ..

238 238 ..

118

LIBERIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

1,904

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

153 51

Saudi Arabia 3%

6 2 1,080 132 948 3,754 5

Other mul�lateral 21% Bilateral 8%

15 12

2018 2019 2020 2021 2022

Official creditors

IMF 19%

Mul�lateral 92%

Interest (%)

Years

Other bilateral 0.3%

China 4%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Kuwait 2%

World BankIDA 51%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

419 183 183 183 63 .. 120 0 .. .. .. .. .. 235 44 191 0

1,158 768 713 713 597 368 116 0 .. .. 55 .. 55 389 217 172 0

1,267 870 822 822 705 455 117 .. .. .. 49 .. 49 396 225 171 0

1,462 989 948 948 828 550 120 .. .. .. 41 .. 41 473 294 179 0

1,849 1,050 1,017 1,017 898 616 120 .. .. .. 33 .. 33 798 278 520 0

1,904 1,147 1,110 1,110 995 703 114 .. .. .. 37 .. 37 757 263 495 0

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

0 0 ..

153 151 2

120 119 1

112 110 1

99 99 ..

170 148 22

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

4 4 ..

13 5 8

14 6 8

22 14 8

18 10 8

37 19 18

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

1 1 ..

8 7 1

11 10 1

10 9 0

13 12 0

119

MADAGASCAR (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

5,938

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

125 41 5 1 892 823 69 14,531 30

Private 2%

2018 2019 2020 2021 2022

Official creditors

Bilateral 16%

Mul�lateral 82%

IMF 18%

Interest (%)

Years

Other bilateral 4%

China 7%

Other mul�lateral 21%

Figure 2 Average terms on new debt commitments from official and private creditors

Japan 2%

France 3%

Other commercial 2%

World Bank-IDA 43%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

2,756 2,054 2,039 2,031 1,575 1,161 456 8 .. 8 15 .. 15 278 97 180 425

3,720 2,984 2,901 2,737 2,347 1,648 390 164 .. 164 84 .. 84 465 302 163 271

4,045 3,218 3,117 2,963 2,488 1,686 475 154 .. 154 101 .. 101 545 383 162 281

4,841 3,612 3,508 3,362 2,809 1,874 553 146 .. 146 104 .. 104 956 788 169 273

5,345 3,811 3,715 3,598 2,986 2,010 612 118 .. 118 95 .. 95 1,304 812 492 230

5,938 4,441 3,934 3,835 3,059 2,043 776 99 .. 99 507 420 87 1,317 850 468 180

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

198 198 ..

361 295 66

327 300 26

347 336 11

413 413 ..

905 485 420

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

39 37 1

81 72 9

76 67 9

82 73 9

105 96 9

109 100 9

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

16 16 0

33 29 4

36 30 6

37 31 6

39 32 6

72 36 37

120

MALAWI (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

3,338

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

285 26 12 1 462 274 189 12,925 20

Other mul�lateral 27%

2018 2019 2020 2021 2022

Official creditors

Bilateral 14%

Mul�lateral 86%

IMF 15%

Interest (%)

Years

Other bilateral 1%

China 8%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Kuwait 1%

India 4%

World BankIDA 44%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

1,021 730 730 724 586 243 138 5 .. 5 .. .. .. 248 146 102 43

2,266 1,926 1,926 1,926 1,487 917 439 .. .. .. .. .. .. 314 222 92 25

2,429 2,021 2,021 2,021 1,600 969 421 .. .. .. .. .. .. 339 248 92 68

2,943 2,237 2,237 2,237 1,799 1,104 438 .. .. .. .. .. .. 528 432 96 178

3,198 2,379 2,379 2,379 1,929 1,177 451 .. .. .. .. .. .. 673 394 279 146

3,338 2,544 2,544 2,544 2,119 1,319 425 .. .. .. .. .. .. 704 438 265 91

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

81 81 ..

223 223 ..

168 168 ..

193 193 ..

245 245 ..

340 340 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

13 13 ..

42 42 ..

62 62 ..

52 52 ..

60 60 ..

77 77 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

7 7 ..

12 12 ..

17 17 ..

21 21 ..

22 22 ..

24 24 ..

121

MALDIVES (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

4,039

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

79 72 14 12 665 -57 722 5,630 1

Other commercial 18%

Private 38%

2018 2019 2020 2021 2022

Official creditors

Bondholders 19%

Mul�lateral 15%

Other mul�lateral 9% Saudi Arabia 4%

World BankIDA 3%

Private creditors

Grace period Maturity Interest (%)

Bilateral 47%

India 10%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

China 30%

Grace period Maturity Interest (%)

OPEC Fund 3%

Other bilateral 4%

Summary External Debt Data

2010

2018

2019

2020

2021

2022

917 743 628 536 301 99 236 92 .. 92 115 .. 115 28 16 12 146

2,323 2,073 2,004 1,294 340 85 954 710 350 360 69 .. 69 11 1 11 238

2,679 2,332 2,228 1,446 384 92 1,062 782 350 432 104 .. 104 11 0 11 336

3,703 3,212 2,853 1,990 413 106 1,576 864 350 514 359 .. 359 42 31 11 449

4,163 3,546 3,135 1,824 443 101 1,381 1,311 850 461 411 .. 411 69 30 39 549

4,039 3,476 3,067 1,907 440 95 1,467 1,161 600 561 409 .. 409 65 28 37 497

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

168 142 26

1,124 1,124 ..

613 562 51

1,070 775 295

1,037 934 102

501 450 51

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

60 51 9

372 334 38

364 331 33

231 191 40

706 656 50

524 470 53

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

11 9 1

57 55 3

84 80 3

78 74 5

91 85 5

150 134 16

122

MALI (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

6,343

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

116 35

United Arab Emirates 5%

6 2 487 235 253 18,068 23

China 9%

Other mul�lateral 26%

Bilateral 28%

2018 2019 2020 2021 2022

Official creditors

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

France 6%

African Dev. Bank 12%

Mul�lateral 72%

Other bilateral 8%

World Bank-IDA 34%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

2,439 2,246 2,246 2,241 1,788 840 453 5 .. 5 .. .. .. 187 49 138 6

4,595 4,046 4,046 4,046 3,055 1,682 990 0 .. 0 .. .. .. 441 316 124 109

4,998 4,452 4,452 4,452 3,391 1,970 1,061 0 .. 0 .. .. .. 447 323 124 100

5,814 5,061 5,061 5,061 3,795 2,146 1,266 .. .. .. .. .. .. 681 552 129 72

6,402 5,371 5,371 5,371 3,781 2,131 1,590 .. .. .. .. .. .. 946 571 375 85

6,343 5,411 5,411 5,411 3,776 2,033 1,635 .. .. .. .. .. .. 880 523 357 53

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

310 310 ..

388 388 ..

595 595 ..

555 555 ..

730 730 ..

515 515 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

47 47 ..

121 121 ..

141 141 ..

196 196 ..

211 211 ..

228 228 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

21 21 ..

40 40 ..

47 47 ..

37 37 ..

59 59 ..

60 60 ..

123

MAURITANIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

4,604

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

108 45 8 3 1,312 -89 1,402 10,219 5

2018 2019 2020 2021 2022

Official creditors

World BankIDA 9%

Bilateral 38%

China 8% Kuwait 7%

Mul�lateral 62%

Other bilateral 8%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

Saudi Arabia 16%

Other mul�lateral 22%

AFESD 30%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

3,556 2,326 2,326 2,325 1,501 316 824 1 .. 1 .. .. .. 145 50 95 1,086

5,224 3,951 3,951 3,951 2,284 382 1,667 .. .. .. .. .. .. 221 135 86 1,052

5,371 4,044 4,044 4,044 2,386 388 1,658 .. .. .. .. .. .. 244 159 85 1,083

5,717 4,217 4,217 4,217 2,490 418 1,727 .. .. .. .. .. .. 424 336 89 1,075

4,813 4,038 4,038 4,038 2,355 415 1,683 .. .. .. .. .. .. 594 335 259 180

4,604 3,841 3,841 3,841 2,251 385 1,590 .. .. .. .. .. .. 556 310 246 206

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

412 412 ..

270 270 ..

374 374 ..

232 232 ..

129 129 ..

154 154 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

77 77 ..

270 270 ..

266 266 ..

210 210 ..

336 336 ..

261 261 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

35 35 ..

92 92 ..

88 88 ..

59 59 ..

57 57 ..

66 66 ..

124

MAURITIUS (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

17,365 146 132 8 7 4,313 2,771 1,542 13,175 1

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

France 15% Other commercial 37%

African Dev. Bank 16%

Bondholders 0.2%

Other mul�lateral 0.4%

Grace period Maturity Interest (%)

India 12%

Bilateral 42%

Mul�lateral 21%

Private creditors

Grace period Maturity Interest (%)

Private 37%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

Japan 8% Other bilateral 8%

World Bank-IBRD 4%

Summary External Debt Data

2010

2018

2019

2020

2021

2022

7,929 6,294 1,007 888 501 204 387 119 .. 119 5,287 .. 5,287 149 0 149 1,485

11,234 6,244 1,434 1,411 757 231 654 24 5 19 4,810 309 4,501 135 0 135 4,855

12,361 6,515 1,386 1,366 789 207 577 20 7 13 5,130 468 4,661 134 0 134 5,712

12,402 5,996 1,917 1,883 790 189 1,093 33 8 26 4,079 399 3,681 139 0 139 6,267

14,706 6,965 2,826 2,004 702 158 1,302 822 9 814 4,139 381 3,757 326 0 326 7,414

17,365 8,736 3,100 1,943 633 131 1,310 1,157 7 1,150 5,636 666 4,970 310 0 310 8,318

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

2,568 356 2,212

3,861 64 3,797

2,794 134 2,660

1,636 784 851

3,164 1,163 2,001

2,150 522 1,628

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

2,118 69 2,049

2,849 150 2,699

2,499 159 2,341

2,243 341 1,902

2,390 164 2,227

278 147 131

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

73 17 56

297 28 269

622 29 593

314 27 287

286 20 267

483 38 444

125

MEXICO (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

600,423 93 43 8 4 45,608 15,940 29,668 1,384,249 128

IDB

2018 2019 2020 2021 2022

Official creditors

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Private creditors

Grace period Maturity Interest (%) Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

306,835 259,383 145,925 25,389 21,433 12,462 3,956 120,536 97,656 22,880 113,458 32,898 80,560 4,391 0 4,391 43,061

605,852 545,751 297,827 32,605 29,794 14,611 2,811 265,222 237,163 28,059 247,924 90,263 157,661 3,965 0 3,965 56,135

609,312 549,912 306,433 33,476 30,989 14,942 2,487 272,957 247,179 25,778 243,479 96,452 147,027 3,943 0 3,943 55,457

602,686 552,201 309,061 34,877 32,215 15,714 2,662 274,184 250,632 23,552 243,140 99,950 143,190 4,106 0 4,106 46,378

594,284 531,296 290,868 33,844 31,144 15,237 2,699 257,024 237,190 19,835 240,428 97,286 143,142 15,946 0 15,946 47,041

600,423 530,495 293,095 33,597 31,234 15,596 2,363 259,498 241,697 17,802 237,400 92,214 145,186 15,163 0 15,163 54,764

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

62,651 41,812 20,839

49,764 25,731 24,033

55,190 37,532 17,658

56,658 33,031 23,627

47,450 27,421 20,028

36,766 24,259 12,507

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

21,683 13,941 7,742

32,563 15,051 17,512

43,237 25,172 18,065

47,968 25,548 22,420

55,437 35,863 19,573

28,550 13,015 15,535

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

8,658 5,859 2,799

23,584 15,899 7,686

22,982 17,120 5,862

21,676 16,415 5,261

21,555 16,155 5,400

18,377 11,509 6,869

126

MOLDOVA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

9,723 141 67

823 571 14,486 3

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

Other mul�lateral 44%

Japan 2%

Poland 1% Other bilateral 1%

World BankIDA 27% Bilateral 6%

Private 0.6%

Mul�lateral 93%

Interest (%)

Years

France 3%

Other commercial 0.6%

10 5

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

IMF 22%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

4,725 2,745 839 816 565 479 251 23 .. 23 1,906 .. 1,906 509 327 181 1,471

7,286 4,925 1,450 1,425 1,152 712 273 25 .. 25 3,476 .. 3,476 496 332 164 1,865

7,299 5,074 1,464 1,440 1,226 716 214 24 .. 24 3,610 .. 3,610 458 295 163 1,768

7,916 5,251 1,761 1,736 1,574 792 163 24 .. 24 3,490 .. 3,490 669 499 170 1,996

9,035 5,772 1,819 1,799 1,700 813 99 20 .. 20 3,953 500 3,453 912 516 396 2,350

9,723 6,268 2,260 2,244 2,058 928 186 16 .. 16 4,008 500 3,508 1,008 631 377 2,448

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

464 94 370

551 138 413

549 130 419

815 312 503

1,191 305 886

1,013 641 372

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

306 55 251

375 89 286

427 101 325

544 122 422

508 140 368

430 113 317

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

49 16 33

67 22 44

63 23 40

65 20 45

110 21 89

109 23 86

127

MONGOLIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

33,765

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Other commercial 0.4%

298 229

Other mul�lateral 5%

29 22 1,739 1,481 258 14,735 3

Private 25%

2018 2019 2020 2021 2022

Official creditors

World BankIDA 7%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

China 28%

Bondholders 25% Bilateral 44%

Mul�lateral 31%

Japan 10%

Asian Dev. Bank 19%

Korea, Rep. 2% Other bilateral 4%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

5,928 5,290 1,782 1,776 1,073 403 703 7 0 7 3,508 .. 3,508 273 198 75 365

29,808 26,404 8,006 4,384 1,878 570 2,507 3,622 3,400 222 18,398 1,865 16,533 287 219 68 3,118

31,573 28,399 8,348 4,787 2,099 579 2,688 3,562 3,400 162 20,050 2,228 17,822 285 217 67 2,889

32,360 30,678 11,189 7,691 2,692 760 5,000 3,498 3,432 66 19,489 1,318 18,171 401 331 70 1,281

34,340 32,441 11,580 7,839 2,876 809 4,963 3,741 3,637 104 20,861 1,346 19,515 483 318 165 1,417

33,765 31,250 10,433 7,687 3,011 798 4,676 2,747 2,700 47 20,816 771 20,046 436 279 157 2,079

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

2,929 67 2,863

8,363 1,098 7,265

12,750 520 12,229

3,604 1,670 1,935

3,939 1,568 2,370

3,552 460 3,092

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

139 121 18

6,614 630 5,984

11,137 171 10,966

2,193 817 1,376

2,223 1,019 1,204

2,710 1,119 1,591

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

89 20 70

1,037 244 793

504 309 196

508 320 189

375 269 105

407 276 131

128

MONTENEGRO (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

8,815

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

28 16 352 -203 554 6,219 1

Other commercial 12%

2018 2019 2020 2021 2022

Official creditors

Private 58%

Interest (%)

Years

Other bilateral 1%

China 21%

Bilateral 24%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Spain 0.6%

Germany 2%

247 142

Mul�lateral 18%

Bondholders 46%

Other mul�lateral 9% World BankIBRD 5%

EIB 4%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

4,503 4,277 1,349 818 546 306 271 531 267 264 2,928 .. 2,928 40 0 40 186

7,159 6,908 3,425 1,442 571 271 871 1,984 1,394 589 3,483 .. 3,483 36 0 36 215

7,585 7,273 3,709 1,534 539 243 995 2,175 1,740 435 3,564 .. 3,564 36 0 36 277

9,469 8,933 4,842 1,675 654 252 1,021 3,168 2,427 741 4,091 .. 4,091 124 87 37 411

9,235 8,817 4,305 1,669 661 232 1,008 2,636 1,982 654 4,512 .. 4,512 202 85 117 216

8,815 8,424 3,965 1,621 637 208 984 2,344 1,867 477 4,459 .. 4,459 192 81 112 199

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

676 383 293

1,452 1,157 295

1,720 787 933

2,333 1,328 1,004

1,198 213 985

622 164 458

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

59 59 ..

1,421 591 830

1,292 443 849

1,009 517 492

1,009 456 553

808 305 503

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

33 33 ..

231 102 129

207 105 102

159 108 51

294 239 55

189 97 91

129

MOROCCO (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

64,713

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Germany 5%

109 49 10 5 2,746 1,108 1,637 132,376 37

Bondholders 23%

Bilateral 16%

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

Mul�lateral 51% Interest (%)

Years

Private 33%

Other bilateral 4%

Japan 2%

Other commercial 10%

Figure 2 Average terms on new debt commitments from official and private creditors 50

France 5%

Other mul�lateral 20%

World BankIBRD 20%

African Dev. Bank 11%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

27,296 23,684 21,095 17,249 10,186 2,518 7,063 3,846 1,336 2,510 2,589 .. 2,589 865 0 865 2,747

50,411 42,185 33,485 23,149 15,668 5,529 7,481 10,336 6,390 3,946 8,700 .. 8,700 781 0 781 7,446

55,000 45,528 36,493 23,625 16,669 6,414 6,956 12,868 7,590 5,278 9,036 .. 9,036 776 0 776 8,695

65,712 53,660 43,652 27,113 19,693 7,886 7,419 16,539 10,912 5,627 10,008 .. 10,008 3,906 3,098 809 8,146

65,373 52,210 42,108 25,857 19,054 8,118 6,803 16,251 11,602 4,649 10,102 .. 10,102 4,085 2,099 1,986 9,079

64,713 50,884 41,064 26,800 19,907 8,669 6,893 14,263 9,897 4,367 9,820 .. 9,820 3,884 1,996 1,888 9,945

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

4,999 3,882 1,116

3,274 1,813 1,462

6,737 5,483 1,253

9,296 8,179 1,117

5,332 4,172 1,160

4,593 4,187 407

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

2,428 1,274 1,154

2,818 2,135 682

2,986 2,106 880

4,037 3,360 677

4,292 3,502 790

4,351 3,665 686

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

850 820 31

1,090 934 155

1,060 954 106

1,040 934 106

1,156 1,015 141

1,097 997 99

130

MOZAMBIQUE (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

64,028 667 374 63 35 2,038 1,717 321 17,128 33

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

Other commercial 4% Japan 4% India 3%

China 17%

Bondholders 9% Other mul�lateral 11%

Private 13%

African Dev. Bank 9%

Mul�lateral 50%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

Bilateral 37% Other bilateral 14%

World Bank-IDA 29%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

11,231 10,263 3,263 3,167 2,262 1,491 905 96 .. 96 7,001 .. 7,001 357 190 168 610

49,810 48,259 10,216 8,397 4,255 2,904 4,142 1,819 727 1,093 38,043 .. 38,043 303 152 151 1,248

54,212 52,288 10,384 8,607 4,455 3,039 4,152 1,778 900 878 41,903 .. 41,903 375 225 151 1,549

58,708 56,282 10,554 8,983 4,746 3,224 4,236 1,572 900 672 45,727 .. 45,727 689 532 157 1,738

62,733 59,926 10,305 8,859 4,675 3,147 4,184 1,446 900 546 49,621 .. 49,621 947 490 457 1,860

64,028 62,216 9,630 8,306 4,475 2,984 3,832 1,324 900 424 52,586 .. 52,586 1,027 592 435 785

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

3,810 419 3,391

4,238 632 3,606

4,364 503 3,861

4,139 315 3,824

10,104 366 9,738

6,156 218 5,938

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

39 39 ..

327 327 ..

480 480 ..

473 473 ..

6,264 420 5,844

3,484 511 2,973

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

149 47 102

1,611 136 1,474

1,359 138 1,220

733 158 575

798 133 665

2,516 158 2,358

131

MYANMAR (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

12,530

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

95 22 7 2 1,030 -219 1,250 58,080 54

Other commercial 16% Other mul�lateral 7%

2018 2019 2020 2021 2022

Official creditors

Asian Dev. Bank 7%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Japan 34%

Private 16% Mul�lateral 28%

World Bank-IDA 15%

Bilateral 56%

China 7%

Other bilateral 10%

Germany 4%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

9,990 8,433 8,433 7,482 1,447 799 6,035 952 .. 952 .. .. .. 378 0 378 1,179

10,729 10,283 10,268 7,662 1,859 1,266 5,804 2,606 .. 2,606 14 .. 14 342 0 342 105

11,178 10,772 10,744 8,365 2,081 1,468 6,283 2,380 .. 2,380 28 .. 28 340 0 340 66

13,399 12,605 12,570 10,141 2,629 1,804 7,512 2,429 .. 2,429 35 .. 35 726 372 354 68

13,750 11,958 11,796 9,669 2,676 1,769 6,994 2,127 .. 2,127 162 .. 162 1,761 723 1,037 32

12,530 10,824 10,450 8,694 2,485 1,641 6,209 1,755 .. 1,755 374 .. 374 1,674 688 986 32

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

714 714 ..

793 793 ..

1,040 976 65

1,671 1,589 81

697 498 199

533 311 222

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

201 201 ..

546 532 14

506 454 51

488 414 74

721 637 84

753 743 10

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

40 40 ..

287 287 ..

186 176 10

112 97 15

157 149 7

172 156 15

132

NEPAL (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

9,140 277 22

Japan 4%

3 2018 2019 2020 2021 2022

Official creditors

India 3%

China 3% Other bilateral 1%

Bilateral 12%

Asian Dev. Bank 32%

Mul�lateral 88% Interest (%)

Years

2018 2019 2020 2021 2022

Other mul�lateral 7%

11 1 806 740 65 41,067 31

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

World Bank-IDA 50%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

3,787 3,507 3,507 3,504 3,130 1,426 374 3 .. 3 .. .. .. 219 114 105 61

5,511 5,103 4,974 4,974 4,458 2,477 516 0 .. 0 129 .. 129 156 61 95 252

6,516 5,966 5,847 5,847 5,083 2,877 765 0 .. 0 118 .. 118 147 53 94 403

7,906 7,175 7,057 7,057 6,157 3,469 900 0 .. 0 118 .. 118 370 272 98 361

8,821 7,925 7,759 7,759 6,758 3,966 1,002 0 .. 0 166 .. 166 560 255 306 335

9,140 8,186 7,957 7,957 6,981 4,155 976 0 .. 0 229 .. 229 633 342 291 322

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

126 126 ..

1,017 955 63

1,098 1,098 ..

1,158 1,158 ..

1,170 1,122 48

921 835 86

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

148 148 ..

181 174 8

205 194 11

205 205 ..

213 213 ..

268 244 24

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

32 32 ..

45 41 4

57 52 6

60 54 6

66 63 2

68 65 3

133

NICARAGUA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

14,867

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Costa Rica 5%

186 102 30 17 1,613 358 1,255 14,543 7

Other mul�lateral 22% Bilateral 17%

2018 2019 2020 2021 2022

Official creditors

Mul�lateral 83%

BCIE 27%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

Korea, 3%

Spain 2%

Other bilateral 7%

IDB 34%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

7,017 5,256 2,704 2,694 1,661 447 1,033 11 .. 11 2,552 .. 2,552 359 167 192 1,402

13,003 11,432 5,108 5,083 3,914 624 1,170 24 .. 24 6,324 .. 6,324 195 22 173 1,376

13,610 12,224 5,428 5,402 4,215 692 1,187 26 .. 26 6,796 .. 6,796 181 9 172 1,205

13,760 12,350 5,903 5,879 4,653 771 1,225 25 .. 25 6,446 .. 6,446 369 190 179 1,042

14,583 12,798 6,407 6,386 5,193 872 1,193 21 .. 21 6,391 .. 6,391 705 182 523 1,080

14,867 13,053 6,719 6,701 5,550 886 1,151 18 .. 18 6,335 .. 6,335 670 173 497 1,143

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,181 267 914

2,286 572 1,714

2,206 509 1,697

1,482 652 830

2,220 811 1,409

2,486 660 1,827

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

459 56 403

1,868 135 1,733

1,430 176 1,254

1,491 230 1,261

1,634 257 1,377

2,164 295 1,869

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

103 34 70

276 94 183

322 119 203

289 117 171

197 112 85

230 133 97

134

NIGER (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

5,416

18 2 1,278 697 581 14,059 26

3 2018 2019 2020 2021 2022

Official creditors

China 4%

France 4%

Saudi Arabia 1% Other bilateral 4%

Other mul�lateral 28%

Private 3%

Bilateral 14%

Mul�lateral 83%

Interest (%)

Years

2018 2019 2020 2021 2022

Other commercial 4%

349 39

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

World Bank-IDA 45%

West African Dev. Bank 10%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

1,534 1,206 1,206 1,205 664 275 541 1 .. 1 0 .. 0 158 61 97 170

3,177 2,805 2,805 2,805 2,081 1,044 724 .. .. .. .. .. .. 311 224 88 61

3,585 3,155 3,155 3,155 2,452 1,347 703 .. .. .. .. .. .. 346 259 87 84

4,553 4,006 4,006 3,787 3,058 1,694 729 219 .. 219 .. .. .. 498 407 91 48

4,967 4,238 4,238 4,036 3,312 1,863 724 202 .. 202 .. .. .. 687 423 265 42

5,416 4,636 4,636 4,453 3,756 2,310 698 183 .. 183 .. .. .. 737 486 252 43

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

279 279 ..

278 278 ..

422 422 ..

745 745 ..

556 556 ..

801 801 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

16 9 7

72 72 ..

94 94 ..

122 122 ..

129 129 ..

189 189 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

8 8 0

44 44 ..

35 35 ..

50 50 ..

64 64 ..

65 65 ..

135

NIGERIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

98,335

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

11 2 8,654 8,588 66 460,252 219

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

Other bilateral 0.3%

Bilateral 12% Bondholders 38%

Private 41% Mul�lateral 47%

Interest (%)

Years

Germany 0.3%

China 10%

Figure 2 Average terms on new debt commitments from official and private creditors

France 1%

Other commercial 4%

139 21

Other mul�lateral 8%

World BankIDA 31%

IMF 8%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

28,262 16,241 4,686 4,686 4,304 3,705 381 0 .. .. 11,556 .. 11,556 2,580 0 2,580 9,441

66,566 50,437 25,290 14,122 10,972 8,557 3,150 11,168 11,168 .. 25,147 6,017 19,130 2,330 0 2,330 13,798

77,709 54,534 27,612 16,443 12,565 9,959 3,878 11,168 11,168 .. 26,922 6,367 20,555 2,317 0 2,317 20,858

82,833 58,461 32,113 18,573 14,328 11,415 4,246 13,540 11,168 2,371 26,349 5,817 20,531 5,948 3,535 2,413 18,424

90,887 63,240 36,205 19,775 15,261 12,310 4,514 16,430 14,668 1,762 27,035 5,900 21,135 9,073 3,435 5,637 18,574

98,335 67,830 40,004 22,161 16,992 13,996 5,169 17,843 16,365 1,478 27,826 4,550 23,276 8,627 3,267 5,361 21,879

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,111 1,051 60

12,663 7,386 5,277

9,212 2,695 6,517

7,621 4,402 3,219

11,098 6,093 5,005

10,333 5,924 4,409

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,189 248 942

4,942 735 4,207

5,037 295 4,742

4,243 451 3,792

5,846 1,527 4,319

5,049 1,431 3,618

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

59 59 ..

1,412 699 713

1,813 1,096 717

1,811 1,115 696

1,721 1,118 603

1,944 1,485 459

136

NORTH MACEDONIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

11,572

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

9 7 1,369 1,052 317 12,976 2

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

Other bilateral 0.1%

World BankIBRD 11%

Bilateral 11% Private 52% Bondholders 47%

EIB 6%

Mul�lateral 37%

Interest (%)

Years

Japan 0.4%

China 10%

Figure 2 Average terms on new debt commitments from official and private creditors

Germany 1%

Other commercial 5%

112 89

Other mul�lateral 20%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

5,159 3,840 1,880 1,369 1,127 681 242 512 434 77 1,959 .. 1,959 101 0 101 1,218

8,667 7,238 4,061 1,865 1,245 614 620 2,196 1,864 332 3,177 1 3,176 91 0 91 1,339

9,000 7,506 4,163 2,051 1,387 732 665 2,112 1,829 283 3,343 7 3,336 91 0 91 1,403

10,324 8,738 5,102 2,390 1,735 856 655 2,712 2,638 74 3,637 8 3,629 297 202 95 1,289

10,644 8,721 5,092 2,391 1,770 799 621 2,701 2,662 39 3,629 7 3,622 476 196 280 1,447

11,572 9,042 5,094 2,307 1,690 761 617 2,787 2,507 280 3,948 7 3,941 565 299 266 1,965

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

596 197 399

1,401 794 607

827 383 444

1,803 1,202 601

1,752 1,178 574

1,129 502 626

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

443 98 344

1,077 406 671

513 219 293

948 625 323

1,241 829 412

680 238 442

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

128 56 71

159 105 54

151 115 36

149 112 36

191 129 62

150 107 43

137

PAKISTAN (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

126,942

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

320 34 42 4 740 -536 1,276 371,237 236

Other commercial 10% Bondholders 9%

Figure 2 Average terms on new debt commitments from official and private creditors 15

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

Interest (%)

Years

Other mul�lateral 13%

China 25%

Private 19%

Bilateral 37% Japan 4%

Mul�lateral 44%

Asian Dev. Bank 15%

World Bank-IDA 16%

Other bilateral 6%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Saudi Arabia 2%

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

63,483 48,558 44,085 42,434 24,670 11,806 17,764 1,651 1,550 101 4,473 250 4,223 10,258 8,736 1,522 4,667

100,199 84,835 73,149 56,664 27,880 15,162 28,784 16,485 7,300 9,185 11,687 12 11,675 7,276 5,901 1,375 8,088

110,178 92,825 78,396 62,467 30,141 15,305 32,326 15,930 5,300 10,630 14,428 12 14,416 8,097 6,730 1,367 9,256

118,049 101,917 87,009 69,004 33,340 17,176 35,664 18,004 5,300 12,704 14,909 12 14,897 8,902 7,479 1,424 7,230

130,873 110,958 95,413 73,194 34,323 18,262 38,871 22,219 8,300 13,919 15,545 0 15,545 10,841 6,733 4,108 9,074

126,942 106,652 91,520 73,050 36,144 18,071 36,907 18,469 8,300 10,169 15,133 .. 15,133 11,522 7,615 3,906 8,768

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

3,960 1,869 2,091

12,052 9,853 2,199

14,401 11,042 3,358

14,441 13,066 1,375

18,992 17,477 1,515

10,719 10,067 652

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

3,046 2,163 883

3,327 2,888 439

7,500 6,884 616

7,190 6,295 895

8,867 7,989 879

12,169 11,105 1,064

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

891 791 100

2,274 1,840 434

2,705 2,166 539

2,258 1,701 557

2,179 1,741 437

3,197 2,660 536

138

PAPUA NEW GUINEA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

18,700 128 64 31 15 -1,225 327 29,417 10

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

Other mul�lateral 6%

Bondholders 7%

Other commercial 1%

Australia 19% World Bank-IDA 8%

Private 8%

Bilateral 42%

China 17%

Mul�lateral 50% Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

Japan 7%

Asian Dev. Bank 35%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

5,987 5,380 1,042 1,009 712 225 297 33 .. 33 4,337 .. 4,337 193 0 193 414

17,724 17,085 3,411 2,374 1,633 446 741 1,037 500 537 13,674 .. 13,674 175 0 175 464

18,745 17,914 4,313 3,161 1,853 446 1,307 1,152 500 652 13,601 .. 13,601 174 0 174 657

18,047 17,088 5,142 4,210 2,565 480 1,646 931 500 431 11,947 .. 11,947 560 379 181 399

19,710 15,903 6,046 5,452 2,923 562 2,529 594 500 94 9,858 .. 9,858 897 368 529 2,910

18,700 14,799 6,747 6,167 3,159 545 3,008 580 500 80 8,052 .. 8,052 853 350 503 3,047

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

3,153 37 3,116

3,046 1,234 1,812

1,501 1,201 300

1,538 1,538 ..

2,552 1,539 1,013

2,860 1,192 1,668

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

758 67 691

2,029 93 1,937

1,568 281 1,286

1,095 845 250

3,716 538 3,178

3,927 240 3,688

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

50 16 33

741 88 653

772 149 623

201 143 58

332 107 226

516 130 386

139

PARAGUAY (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

24,515

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

162 60

Japan 1%

3 2018 2019 2020 2021 2022

Official creditors

Other bilateral 0.04%

IDB 25%

Bondholders 48%

Private 47%

Interest (%)

Years

2018 2019 2020 2021 2022

Spain 0.3%

14 5 1,967 1,508 459 40,576 7

Figure 2 Average terms on new debt commitments from official and private creditors

Venezuela, RB 1%

Bilateral 2% Mul�lateral 51%

Other mul�lateral 11%

Corporacion Andina de Fomento 14%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

16,123 14,951 2,390 2,123 1,510 270 613 267 .. 267 12,561 .. 12,561 147 0 147 1,025

17,183 14,761 6,401 2,978 2,790 636 188 3,423 3,410 13 8,359 600 7,759 132 0 132 2,290

17,640 15,240 7,182 3,272 3,062 619 210 3,910 3,910 0 8,058 600 7,458 132 0 132 2,268

20,727 18,672 10,257 4,897 4,653 852 244 5,360 5,360 0 8,415 1,150 7,265 137 0 137 1,918

22,193 19,918 11,346 5,490 5,230 882 259 5,856 5,856 0 8,572 1,450 7,122 403 0 403 1,872

24,515 21,815 12,774 6,703 6,460 887 243 6,071 6,071 0 9,041 1,150 7,891 384 0 384 2,316

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

2,076 308 1,769

1,535 1,003 533

1,453 994 459

4,334 3,281 1,053

2,013 1,669 344

2,424 1,988 436

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

314 240 75

1,717 208 1,510

961 207 754

667 218 449

740 552 188

1,360 535 825

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

183 65 118

698 254 444

497 330 167

460 359 101

492 365 127

674 469 206

140

PERU (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

88,084

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

120 39

Germany 1%

10 3 11,702 2,094 9,609 227,006 34

World BankIBRD 12% Bilateral 2%

2018 2019 2020 2021 2022

Official creditors

Mul�lateral 22%

IDB 8%

Private 76% Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

Japan 1%

Bondholders 76% Other mul�lateral 2%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

42,154 34,822 20,009 10,672 7,870 2,965 2,802 9,337 9,311 26 14,813 727 14,086 939 0 939 6,393

66,769 55,923 18,145 4,447 3,426 1,145 1,021 13,698 13,698 .. 37,778 15,510 22,268 848 0 848 9,998

64,247 54,837 18,606 4,916 3,843 1,564 1,074 13,690 13,690 .. 36,231 16,285 19,946 843 0 843 8,567

73,549 62,387 28,027 7,174 6,123 3,441 1,051 20,853 20,853 .. 34,360 17,800 16,560 878 0 878 10,284

86,461 73,532 39,854 9,131 8,271 4,685 860 30,722 30,722 .. 33,679 18,345 15,334 2,644 0 2,644 10,285

88,084 75,043 40,699 9,635 8,917 4,860 718 31,064 31,064 .. 34,345 17,415 16,930 2,514 0 2,514 10,527

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

5,425 3,862 1,563

3,513 569 2,945

3,291 1,866 1,425

11,457 9,427 2,030

15,597 12,592 3,005

5,698 2,046 3,652

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

4,060 3,490 570

4,583 1,263 3,320

4,327 1,356 2,972

4,191 290 3,901

2,779 396 2,382

3,847 861 2,986

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

2,550 1,096 1,454

2,328 982 1,346

2,103 979 1,124

2,049 919 1,130

2,293 1,109 1,184

3,070 1,404 1,666

141

PHILIPPINES (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

111,217

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Other commercial 1%

99 26 8 2 11,119 8,679 2,440 428,117 116

2018 2019 2020 2021 2022

Official creditors

Bondholders 43%

Private 44%

Asian Dev. Bank 22%

Mul�lateral 41%

World Bank-IBRD 17%

Other mul�lateral 2%

Private creditors

Summary External Debt Data

Other bilateral 1%

Bilateral 15%

Interest (%)

Years

Korea, Rep. 1%

Japan 12%

Figure 2 Average terms on new debt commitments from official and private creditors 50

France 1%

2010

2018

2019

2020

2021

2022

65,346 53,544 45,082 23,209 8,372 2,738 14,837 21,873 20,590 1,283 8,462 1,651 6,811 1,290 0 1,290 10,512

78,990 61,756 38,377 20,076 12,058 5,842 8,018 18,301 17,636 665 23,379 5,187 18,192 1,165 0 1,165 16,068

83,644 65,277 41,753 21,554 13,180 6,456 8,375 20,199 19,081 1,118 23,524 7,041 16,483 1,159 0 1,159 17,208

98,498 83,083 56,499 29,416 19,672 8,100 9,744 27,083 26,062 1,021 26,584 9,551 17,033 1,207 0 1,207 14,209

106,448 87,445 59,710 32,801 22,930 9,740 9,871 26,909 26,256 652 27,735 10,242 17,493 3,913 0 3,913 15,090

111,217 90,877 62,610 35,059 25,395 10,649 9,664 27,551 27,158 393 28,266 9,867 18,399 3,721 0 3,721 16,619

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

10,928 8,251 2,677

9,887 5,011 4,876

11,355 7,035 4,320

21,033 15,043 5,990

16,721 11,937 4,784

12,820 9,582 3,238

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

8,341 6,813 1,527

6,237 2,382 3,855

7,368 4,109 3,259

6,297 3,356 2,941

9,279 5,651 3,629

5,671 3,167 2,504

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

3,112 2,977 135

2,564 2,300 264

3,212 2,417 795

2,975 2,296 679

2,858 2,105 752

3,278 2,340 938

142

RUSSIAN FEDERATION (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

376,117

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit India 0.6%

55 17

Korea, Rep. 0.2%

15 5 -125,199 -94,296 -30,904 2,196,713 144

Bondholders 33% Bilateral 1%

2018 2019 2020 2021 2022

Official creditors

Other commercial 67%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors Private 99%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

417,886 348,938 165,665 7,637 3,087 2,618 4,550 158,028 25,510 132,518 183,273 2,100 181,173 8,735 0 8,735 60,214

477,785 415,696 195,226 966 476 428 489 194,260 64,594 129,666 220,470 19,890 200,580 7,888 0 7,888 54,201

485,793 409,644 201,325 772 353 315 420 200,553 82,772 117,781 208,319 27,126 181,193 7,843 0 7,843 68,306

460,934 390,911 193,502 800 261 236 539 192,702 79,082 113,620 197,409 29,324 168,085 8,169 0 8,169 61,854

472,158 369,952 176,769 1,084 194 178 890 175,685 73,922 101,763 193,184 25,451 167,733 25,248 0 25,248 76,958

376,117 286,543 136,086 997 10 .. 987 135,089 44,443 90,646 150,458 23,470 126,988 24,008 0 24,008 65,566

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

70,301 49,805 20,496

51,285 32,406 18,878

72,025 39,084 32,941

72,350 43,569 28,780

58,603 10,262 48,341

2,751 235 2,517

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

42,974 30,001 12,973

90,548 53,051 37,497

78,405 32,975 45,430

92,298 52,263 40,035

79,085 26,363 52,722

85,655 40,338 45,317

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

12,291 1,707 10,584

19,051 8,930 10,121

17,259 7,306 9,953

17,324 8,182 9,142

16,264 7,725 8,539

11,610 5,076 6,533

143

RWANDA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

9,690

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

321 74

Other commercial 6%

12 3 931 629 302 13,033 14

China 5%

2018 2019 2020 2021 2022

Official creditors

Private 18%

Other mul�lateral 11%

Other bilateral 4%

Bilateral 13%

Mul�lateral 69%

Interest (%)

Years

France 2%

Bondholders 12%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Japan 2%

African Dev. Bank 16%

World BankIDA 42%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

1,233 1,086 759 759 639 259 120 .. .. .. 327 .. 327 133 15 118 14

5,681 5,019 3,249 2,849 2,467 1,610 382 400 400 .. 1,769 .. 1,769 308 201 107 354

6,515 5,866 3,929 3,465 2,979 1,897 486 464 421 43 1,937 .. 1,937 306 199 106 343

8,194 7,295 5,122 4,377 3,737 2,432 640 745 475 270 2,173 .. 2,173 520 410 111 378

9,318 8,226 5,794 4,739 3,924 2,575 815 1,055 775 280 2,432 .. 2,432 678 356 322 414

9,690 8,701 6,145 4,970 4,135 2,696 835 1,174 765 410 2,556 .. 2,556 613 306 307 376

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

182 63 119

852 497 355

1,044 727 318

1,368 1,086 282

1,483 1,207 276

822 659 163

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

41 8 33

155 29 126

185 31 154

102 52 50

424 406 18

124 85 39

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

10 6 4

101 51 50

133 56 78

148 61 87

148 55 93

183 81 102

144

SAMOA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (thousand)

459.3 245.0 56.8 20.5 4.7 2.2 -4.3 6.5 808.5 222.4

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

Other mul�lateral 9% Asian Dev. Bank 19% Mul�lateral 56%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

Bilateral 44%

World Bank-IDA 28%

China 37%

Japan 7%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

325.1 299.1 299.1 299.1 219.2 99.3 79.9 .. .. .. .. .. .. 26.0 8.9 17.1 0.0

446.5 406.0 403.2 403.2 208.1 104.9 195.1 .. .. .. 2.8 .. 2.8 24.3 8.9 15.4 16.3

434.9 389.6 387.6 387.6 205.8 110.3 181.8 .. .. .. 2.0 .. 2.0 21.0 5.6 15.3 24.3

477.2 395.8 393.8 393.8 206.1 114.6 187.8 .. .. .. 2.0 .. 2.0 43.5 27.5 16.0 37.9

493.3 382.2 380.9 380.9 189.2 107.8 191.7 .. .. .. 1.3 .. 1.3 62.4 25.1 37.3 48.7

459.3 330.2 328.8 328.8 173.1 99.1 155.7 .. .. .. 1.4 .. 1.4 57.8 22.3 35.4 71.3

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

78.9 78.9 ..

24.7 22.0 2.8

9.3 9.3 ..

3.1 3.1 0.0

0.0 0.0 ..

3.5 3.4 0.1

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

7.2 7.2 ..

21.9 21.9 ..

22.1 21.3 0.8

18.1 18.1 ..

12.0 11.3 0.7

28.8 28.8 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

3.3 3.3 ..

6.9 6.1 0.8

6.0 5.6 0.4

3.9 3.8 0.1

2.7 2.6 0.0

5.2 5.2 0.0

Note: Figure 2 shows no data values because the country did not have new commitments from 2018 to 2022.

145

SÃO TOMÉ AND PRÍNCIPE (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (thousand)

391.5

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

352.4 71.1

Other bilateral 2%

7.2 1.5 1.3 1.3 .. 550.7 227.4

IMF 10% Italy 8%

AfDB 6%

2018 2019 2020 2021 2022

Official creditors

Private 3%

Portugal 16%

Bilateral 72%

Interest (%)

Years

Other mul�lateral 9%

Mul�lateral 25%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Other commercial 3%

Angola 46%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

181.1 145.3 145.3 145.3 37.3 14.2 108.0 .. .. .. .. .. .. 15.9 4.9 10.9 19.9

248.8 223.3 223.3 213.3 46.9 11.5 166.4 10.0 .. 10.0 .. .. .. 16.8 6.9 9.9 8.8

277.1 240.7 240.7 230.7 48.9 11.1 181.8 10.0 .. 10.0 .. .. .. 18.8 9.0 9.8 17.6

316.7 256.4 256.4 246.4 55.9 11.3 190.6 10.0 .. 10.0 .. .. .. 37.0 26.8 10.2 23.3

331.3 249.4 249.4 239.4 54.0 10.7 185.4 10.0 .. 10.0 .. .. .. 60.5 30.7 29.8 21.4

391.5 309.1 309.1 299.1 51.1 9.9 248.0 10.0 .. 10.0 .. .. .. 62.0 33.6 28.3 20.5

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

19.8 19.8 ..

5.6 5.6 ..

7.3 7.3 ..

5.9 5.9 ..

2.3 2.3 ..

2.6 2.6 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

1.2 1.2 ..

2.7 2.7 ..

4.8 4.8 ..

1.3 1.3 ..

2.0 2.0 ..

4.9 4.9 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

0.3 0.3 ..

1.3 1.3 ..

3.4 3.4 ..

1.2 1.2 ..

0.6 0.6 ..

2.2 2.2 ..

146

SENEGAL (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

32,126

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

467 119 28 7 6,438 3,851 2,586 26,944 17

Other commercial 5% China 8%

Bondholders 27%

2018 2019 2020 2021 2022

Official creditors

Private 31%

Other mul�lateral 16%

Other bilateral 4%

France 6%

Bilateral 20%

Mul�lateral 49% Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

India 1%

World BankIDA 24%

African Dev. Bank 9%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

4,650 4,198 3,151 2,951 1,973 1,023 978 200 200 .. 1,048 .. 1,048 451 213 238 0

18,982 16,549 11,146 6,670 3,761 2,070 2,909 4,476 4,151 325 5,403 .. 5,403 242 27 215 2,191

19,243 17,293 12,267 7,815 4,845 2,657 2,970 4,452 4,122 330 5,026 .. 5,026 219 4 214 1,731

23,286 20,976 14,025 9,360 5,932 3,102 3,428 4,665 4,158 506 6,952 .. 6,952 689 466 223 1,621

28,513 24,437 14,434 9,514 6,185 3,257 3,330 4,920 4,235 685 10,004 .. 10,004 1,285 634 651 2,791

32,126 26,915 14,524 9,648 6,617 3,661 3,031 4,876 4,118 758 12,391 .. 12,391 1,609 990 619 3,602

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,045 355 690

4,807 3,338 1,469

1,650 1,650 ..

3,430 1,504 1,926

5,130 2,078 3,052

3,277 1,304 1,973

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

84 84 ..

307 307 ..

806 429 377

423 423 ..

1,067 1,067 ..

626 626 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

101 64 37

433 293 140

497 367 131

565 384 181

979 379 600

1,133 390 743

147

SERBIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

44,160

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

109 73

Other commercial 3%

14 9 7,051 4,046 3,005 60,332 7

China 11% United Arab Emirates 8% Bondholders 37%

2018 2019 2020 2021 2022

Official creditors

Bilateral 30%

Private 40%

Mul�lateral 30% Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

Russian Federa�on 4%

Other mul�lateral 10%

Other bilateral 7% World BankIBRD 11%

EIB 9%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

32,907 27,389 9,477 8,011 4,848 2,499 3,163 1,466 .. 1,466 17,912 165 17,747 2,720 2,034 685 2,798

31,054 28,802 15,089 11,566 5,861 2,799 5,704 3,523 3,500 23 13,713 .. 13,713 619 0 619 1,633

32,109 29,332 15,341 11,768 5,743 2,708 6,025 3,573 3,552 21 13,990 .. 13,990 615 0 615 2,162

38,041 35,497 18,370 12,046 6,064 2,891 5,982 6,324 6,303 21 17,127 .. 17,127 641 0 641 1,902

41,166 37,671 20,619 12,043 5,776 2,655 6,267 8,575 8,287 289 17,053 .. 17,053 1,501 0 1,501 1,993

44,160 39,127 21,852 13,062 5,540 2,440 7,522 8,790 8,166 624 17,274 .. 17,274 2,473 1,046 1,428 2,561

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

4,594 1,365 3,230

4,709 1,502 3,207

7,846 3,125 4,721

8,248 4,205 4,043

8,274 5,105 3,169

7,294 3,248 4,046

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

3,431 351 3,081

4,813 2,501 2,312

6,150 2,745 3,406

4,411 2,219 2,193

4,956 1,713 3,243

4,917 1,093 3,825

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

759 321 438

734 546 188

718 515 203

593 479 114

694 404 289

773 422 350

148

SIERRA LEONE (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

2,331 185 60 9 3 220 -30 250 3,913 9

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

Kuwait 3% Other commercial 9%

Korea, Rep. 3%

China 4%

Other bilateral 4%

Private Bilateral 9% 13%

Other mul�lateral 23%

IMF 28%

Mul�lateral 78% Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

World Bank-IDA 26%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

931 661 661 450 371 155 78 211 .. 211 .. .. .. 266 113 153 4

1,757 1,068 1,068 874 687 284 187 193 .. 193 .. .. .. 501 363 138 189

1,856 1,166 1,166 979 759 348 221 187 .. 187 .. .. .. 503 365 138 187

2,109 1,273 1,273 1,094 856 432 238 179 .. 179 .. .. .. 652 509 143 184

2,451 1,310 1,310 1,142 893 464 250 168 .. 168 .. .. .. 959 541 417 181

2,331 1,278 1,278 1,113 878 466 235 165 .. 165 .. .. .. 892 495 397 162

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

66 66 ..

61 61 ..

142 142 ..

129 129 ..

100 100 ..

50 50 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

5 5 ..

29 29 ..

40 40 ..

45 45 ..

53 53 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

4 4 ..

7 7 ..

10 10 ..

6 6 ..

7 7 ..

9 9 ..

149

SOLOMON ISLANDS (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

503.0

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

105.1 31.3

Mul�ple lenders 2%

2.5 0.7 69.8 39.3 30.5 1,607.1 0.7

Japan 10%

Other mul�lateral 18%

Bilateral 12%

2018 2019 2020 2021 2022

Official creditors

Mul�lateral 88%

World BankIDA 32%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors Asian Dev. Bank 38%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

230.8 201.9 125.3 125.2 105.6 41.7 19.6 0.1 .. 0.1 76.6 .. 76.6 24.9 9.6 15.3 4.0

323.5 263.4 96.0 96.0 87.5 36.6 8.5 .. .. .. 167.4 .. 167.4 17.1 3.3 13.8 43.0

350.5 299.3 98.1 98.1 90.7 38.5 7.4 .. .. .. 201.3 .. 201.3 15.0 1.3 13.7 36.2

428.9 376.8 124.0 124.0 117.8 47.8 6.3 .. .. .. 252.8 .. 252.8 25.3 11.1 14.3 26.8

483.2 359.8 140.8 140.8 113.8 46.7 27.0 .. .. .. 219.0 .. 219.0 71.7 29.9 41.8 51.7

503.0 377.8 154.8 154.8 132.0 58.0 22.8 .. .. .. 223.0 .. 223.0 67.9 28.2 39.7 57.3

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

36.8 0.0 36.8

36.8 6.1 30.7

18.0 7.6 10.4

95.3 27.4 67.9

28.7 25.9 2.8

41.2 26.1 15.1

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

17.5 8.6 8.9

29.5 4.8 24.7

9.8 5.1 4.7

5.7 5.2 0.5

9.1 5.1 4.0

7.3 4.9 2.4

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

3.2 1.7 1.5

6.0 1.1 4.9

3.2 1.1 2.1

2.6 1.1 1.5

2.1 1.4 0.7

2.0 1.2 0.8

150

SOMALIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

4,164 231 52 1 0 650 14 636 8,081 18

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

World Bank-IDA 4% Other mul�lateral 8%

IMF 14%

6 3

10 0

2018 2019 2020 2021 2022

Official creditors

Bilateral 74%

Other bilateral 17%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

United States 37%

Mul�lateral 26%

France 5%

Russian Federa�on 15%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

2,934 1,879 1,879 1,879 773 443 1,106 .. .. .. .. .. .. 244 172 72 811

5,558 2,080 2,080 2,080 716 413 1,363 .. .. .. .. .. .. 220 155 65 3,259

5,621 2,077 2,077 2,077 714 411 1,363 .. .. .. .. .. .. 219 154 64 3,325

4,658 2,637 2,637 2,637 373 138 2,264 .. .. .. .. .. .. 444 371 73 1,578

4,211 2,341 2,341 2,341 366 122 1,976 .. .. .. .. .. .. 650 360 290 1,220

4,164 2,339 2,339 2,339 338 105 2,001 .. .. .. .. .. .. 646 371 276 1,178

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

0 0 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

0 0 ..

350 350 ..

15 15 ..

14 14 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

0 0 ..

131 131 ..

1 1 ..

151

SOUTH AFRICA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

172,133

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

117 43

Other commercial 7%

18 7 15,030 5,893 9,137 397,439 60

2018 2019 2020 2021 2022

Official creditors

Germany 0.2%

IMF 4% World BankIBRD 3%

Private 84% Interest (%)

Years

France 0.5%

Bilateral 4%

Figure 2 Average terms on new debt commitments from official and private creditors 50

China 4%

Mul�lateral 12%

Bondholders 77%

Other mul�lateral 5%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

115,322 80,499 36,329 1,237 1,139 384 99 35,092 30,676 4,416 44,170 8,786 35,384 2,750 0 2,750 32,073

180,184 129,833 88,667 6,797 4,866 2,277 1,931 81,870 70,911 10,958 41,166 4,521 36,645 2,483 0 2,483 47,868

190,738 143,773 102,054 7,708 4,870 2,239 2,839 94,345 84,762 9,584 41,719 4,737 36,982 2,469 0 2,469 44,496

175,417 131,374 99,435 9,263 5,859 2,082 3,404 90,172 81,186 8,986 31,939 2,700 29,239 6,966 4,395 2,571 37,077

169,438 122,284 95,178 10,358 6,646 1,853 3,712 84,820 77,723 7,097 27,106 2,870 24,236 10,862 4,270 6,592 36,292

172,133 118,855 91,617 11,424 7,290 2,787 4,135 80,192 73,359 6,833 27,239 2,823 24,416 10,329 4,061 6,268 42,949

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

12,113 8,889 3,224

18,267 12,237 6,029

21,690 14,551 7,138

12,830 3,809 9,020

11,103 3,198 7,905

19,690 6,017 13,673

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

3,474 1,682 1,792

21,654 11,393 10,261

13,796 3,392 10,403

20,614 6,450 14,163

19,847 7,014 12,833

20,453 9,196 11,258

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

2,177 1,559 618

6,241 4,308 1,933

6,563 4,281 2,282

6,243 4,664 1,579

5,904 4,317 1,587

5,588 4,101 1,487

152

SRI LANKA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

58,713

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

358 81 19 4 810 384 426 72,489 22

Other commercial 8%

Bondholders 32%

2018 2019 2020 2021 2022

Official creditors

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

China 16% Private 40%

Bilateral 31%

Mul�lateral 29%

Other mul�lateral 6%

World Bank-IDA 8%

Japan 7% India 5%

Asian Dev. Bank 15%

Other bilateral 3%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

21,684 17,349 16,430 13,400 6,089 2,531 7,311 3,029 2,000 1,029 919 0 919 1,920 1,311 609 2,416

52,920 43,194 34,355 18,952 8,060 3,210 10,892 15,403 12,400 3,003 8,839 262 8,577 1,545 995 550 8,181

56,118 45,812 36,986 19,396 8,254 3,226 11,142 17,590 15,050 2,540 8,826 175 8,651 1,864 1,317 547 8,442

56,874 46,552 37,568 20,742 9,135 3,492 11,607 16,826 14,050 2,776 8,984 175 8,809 1,927 1,357 570 8,396

58,733 47,513 38,482 22,143 9,750 3,740 12,393 16,339 13,050 3,289 9,032 175 8,857 2,593 1,263 1,330 8,626

58,713 47,795 38,481 22,663 10,273 3,837 12,390 15,817 12,550 3,267 9,314 175 9,139 2,326 1,062 1,265 8,591

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

3,091 2,994 97

7,256 5,097 2,158

7,071 6,235 836

3,392 2,856 536

4,529 4,246 283

3,332 2,506 826

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

727 582 145

5,523 3,190 2,333

4,431 3,582 849

3,323 2,861 461

3,043 2,808 235

2,018 1,475 543

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

616 596 20

1,546 1,247 300

1,542 1,384 159

1,590 1,492 97

1,522 1,337 185

787 540 248

153

ST. LUCIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (thousand)

909.3

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Trinidad and Tobago 1%

72.0 45.7 4.1 2.6 71.7 13.4 58.2 1,989.9 179.9

Mul�ple enders 16% Bilateral 18%

2018 2019 2020 2021 2022

Official creditors

Bondholders 33%

Other bilateral 0.1%

Caribbean Dev. Bank 24%

Mul�lateral 49%

World Bank-IDA 20%

Other mul�lateral 5%

Private creditors

Grace period Maturity Interest (%)

Private 33%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

Kuwait 1%

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

584.8 326.4 326.4 263.2 242.5 80.3 20.7 63.2 63.2 .. .. .. .. 33.0 10.6 22.4 225.3

615.5 499.5 499.5 242.6 211.3 85.6 31.3 256.9 256.9 .. .. .. .. 24.8 4.6 20.3 91.1

638.9 542.2 542.2 270.7 222.7 86.6 48.0 271.5 271.5 .. .. .. .. 21.7 1.6 20.1 75.0

733.8 603.6 603.6 351.2 277.9 108.3 73.4 252.4 252.4 .. .. .. .. 52.4 31.4 21.0 77.9

892.7 721.7 721.7 478.1 340.9 150.2 137.2 243.6 243.6 .. .. .. .. 79.0 30.0 49.1 92.0

909.3 736.6 736.6 481.4 344.4 156.7 137.1 255.2 255.2 .. .. .. .. 75.2 28.5 46.7 97.5

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

36.4 36.4 ..

10.8 10.8 ..

48.2 48.2 ..

94.3 94.3 ..

148.0 148.0 ..

28.6 28.6 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

30.5 30.5 ..

19.1 19.1 ..

19.8 19.8 ..

17.7 17.7 ..

18.7 18.7 ..

20.6 20.6 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

10.8 10.8 ..

24.9 24.9 ..

26.1 26.1 ..

24.7 24.7 ..

25.0 25.0 ..

28.1 28.1 ..

154

ST. VINCENT AND THE GRENADINES (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (thousand)

581.0 217.5 62.7

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Other Mul�ple commercial lenders 1% 7%

Bondholders 0.3%

13.5 3.9 140.1 59.4 80.8 926.7 103.9

Private 1%

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

Interest (%)

Years

Bilateral 12%

Other bilateral 1%

Other mul�lateral 20%

Figure 2 Average terms on new debt commitments from official and private creditors 50

United Arab Emirates 2% Kuwait 1%

Caribbean Dev. Bank 29%

World Bank-IDA 39%

Multilateral 87%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

295.9 278.0 278.0 229.2 211.0 26.5 18.2 48.7 .. 48.7 .. .. .. 17.9 5.8 12.2 0.0

323.3 305.4 305.4 286.6 241.1 31.8 45.5 18.8 9.1 9.6 .. .. .. 18.0 7.0 11.0 0.0

351.3 335.9 335.9 320.3 270.8 69.1 49.5 15.6 7.9 7.7 .. .. .. 15.4 4.4 10.9 0.0

414.6 383.3 383.3 372.2 321.7 117.1 50.5 11.1 4.0 7.1 .. .. .. 31.3 19.9 11.4 0.0

529.2 472.8 472.8 462.3 411.1 202.0 51.3 10.5 2.7 7.7 .. .. .. 56.3 29.6 26.8 0.0

581.0 528.0 528.0 520.1 453.9 214.3 66.1 8.0 1.5 6.4 .. .. .. 53.0 27.6 25.5 0.0

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

78.1 78.1 ..

23.3 23.3 ..

58.6 58.6 ..

69.2 69.2 ..

114.4 114.4 ..

87.3 87.3 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

26.2 26.2 ..

30.3 30.3 ..

27.9 27.9 ..

24.4 24.4 ..

23.1 23.1 ..

27.4 27.4 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

10.0 10.0 ..

7.1 7.1 ..

8.2 8.2 ..

7.3 7.3 ..

6.7 6.7 ..

7.9 7.9 ..

155

SUDAN (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

22,433

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

352 44 3 0 446 -128 574 50,808 47

Saudi Arabia 13%

Other commercial 29% Private 29%

2018 2019 2020 2021 2022

Official creditors

Other mul�lateral 8%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

Kuwait 7%

Mul�lateral 22%

AFESD 6%

China 6%

Bilateral 49%

Other bilateral 23% IMF 8%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

22,593 14,638 14,638 11,992 3,378 1,290 8,614 2,645 .. 2,645 .. .. .. 664 390 274 7,292

21,805 15,762 15,762 11,166 3,411 1,206 7,755 4,596 .. 4,596 .. .. .. 542 294 248 5,500

22,844 16,794 16,794 12,164 3,672 1,201 8,492 4,630 .. 4,630 .. .. .. 528 282 246 5,522

23,811 17,084 17,084 12,258 3,747 1,234 8,512 4,826 .. 4,826 .. .. .. 548 291 256 6,179

22,968 15,611 15,611 10,860 2,521 346 8,339 4,751 .. 4,751 .. .. .. 2,505 1,388 1,117 4,852

22,433 15,253 15,253 10,526 2,375 294 8,151 4,727 .. 4,727 .. .. .. 2,382 1,320 1,062 4,798

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

935 935 ..

65 65 ..

1,152 1,152 ..

8 8 ..

4 4 ..

0 0 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

400 400 ..

159 159 ..

139 139 ..

111 111 ..

1,238 1,238 ..

147 147 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

84 84 ..

50 50 ..

39 39 ..

30 30 ..

449 449 ..

23 23 ..

156

SURINAME (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

4,209

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

161 127 13 11 53 118 -64 3,304 1

Other mul�lateral IMF 8% 4%

2018 2019 2020 2021 2022

Official creditors

IDB 29%

Summary External Debt Data

Private 35%

Other commercial 6%

China 19%

Other bilateral 1% France 2%

Private creditors

Grace period Maturity Interest (%)

Mul�lateral 42%

Bilateral 23%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Bondholders 29%

Grace period Maturity Interest (%)

India 2%

2010

2018

2019

2020

2021

2022

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

3,540 3,016 1,717 1,032 619 .. 412 686 550 136 1,298 .. 1,298 203 81 123 321

3,928 3,386 1,987 1,158 636 0 522 829 675 154 1,399 .. 1,399 182 60 122 359

3,886 3,385 2,059 1,213 656 5 557 846 675 171 1,326 2 1,324 148 21 127 353

4,154 3,295 2,045 1,208 647 5 561 837 675 162 1,250 2 1,248 351 55 296 508

4,209 3,442 2,259 1,440 886 6 555 819 675 144 1,183 2 1,181 387 105 282 381

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

.. .. ..

781 143 638

738 359 379

266 80 186

304 49 255

501 301 200

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

.. .. ..

351 94 257

360 82 279

306 42 264

310 59 251

291 56 236

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

.. .. ..

136 86 49

153 101 52

107 58 49

50 24 26

46 25 22

157

SYRIAN ARAB REPUBLIC (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

4,848

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Other commercial 0.5%

.. .. .. .. 10 10 .. .. 22

Other mul�lateral 8% EIB 16%

2018 2019 2020 2021 2022

Official creditors

Private 1% Multilateral 40%

Bilateral 59%

AFESD 17%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Russian Federa�on 15% Japan 10%

Germany 9%

Other bilateral 25%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

5,277 4,284 4,284 4,261 1,698 15 2,563 23 .. 23 .. .. .. 430 0 430 562

4,584 3,647 3,647 3,630 1,472 14 2,158 17 .. 17 .. .. .. 388 0 388 548

4,590 3,635 3,635 3,619 1,459 14 2,160 16 .. 16 .. .. .. 386 0 386 569

4,763 3,751 3,751 3,734 1,529 14 2,205 17 .. 17 .. .. .. 402 0 402 610

5,029 3,632 3,632 3,616 1,467 14 2,149 16 .. 16 .. .. .. 785 0 785 612

4,848 3,498 3,498 3,482 1,412 14 2,070 16 .. 16 .. .. .. 746 0 746 604

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

286 286 ..

60 60 ..

0 0 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

509 509 ..

19 19 ..

1 1 ..

0 0 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

111 111 ..

1 1 ..

0 0 ..

Note: Figure 2 shows no data values because the country did not have new commitments from 2018 to 2022.

158

TAJIKISTAN (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

6,745

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Other commercial 1%

121 55 9 4 21 -127 148 12,191 10

2018 2019 2020 2021 2022

Official creditors

Interest (%)

Years

China 30%

Private 16%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Saudi Arabia 3%

Bondholders 15%

Other mul�lateral 28%

Bilateral 36%

Mul�lateral 48%

Asian Dev. Bank 9%

World BankIDA 11% Other bilateral 1%

Private creditors

Grace period Maturity Interest (%)

Kuwait 2%

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

3,561 2,733 1,806 1,800 943 377 856 6 .. 6 927 .. 927 227 101 126 601

6,087 5,034 2,845 2,322 1,012 333 1,309 523 500 23 2,190 .. 2,190 170 56 114 882

6,633 5,125 2,827 2,304 1,035 342 1,269 522 500 22 2,298 .. 2,298 144 31 114 1,364

6,904 5,451 3,065 2,540 1,229 356 1,311 525 500 25 2,387 .. 2,387 330 212 118 1,122

6,970 5,536 3,140 2,618 1,332 358 1,286 523 500 23 2,396 .. 2,396 545 197 348 889

6,745 5,510 3,073 2,552 1,389 369 1,163 521 500 21 2,437 .. 2,437 516 185 331 718

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

924 251 673

538 182 356

454 121 332

484 275 209

513 243 271

396 193 204

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

631 37 593

402 128 274

383 129 254

228 103 124

375 144 230

351 188 162

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

54 23 31

121 72 49

109 75 33

91 61 30

113 77 37

119 79 41

159

TANZANIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

30,170

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

248 41

Other mul�lateral 6%

16 3 3,359 2,095 1,265 74,427 65

Japan 3% Other commercial 15% Private 15%

2018 2019 2020 2021 2022

Official creditors

African Dev. Bank 14%

China 8%

Other bilateral 6%

Bilateral 19%

Mul�lateral 66%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Korea, Rep. 2%

World Bank-IDA 46%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

8,937 6,922 5,698 5,563 4,412 3,248 1,152 135 .. 135 1,224 .. 1,224 647 354 293 1,368

22,363 19,416 15,311 13,645 9,385 6,815 4,259 1,667 .. 1,667 4,105 .. 4,105 364 99 265 2,582

24,174 21,081 16,853 14,285 10,088 7,341 4,197 2,569 .. 2,569 4,228 .. 4,228 301 37 263 2,792

25,546 22,121 17,630 15,305 11,176 8,148 4,129 2,325 .. 2,325 4,491 .. 4,491 274 0 274 3,151

28,506 23,586 18,935 15,488 11,452 8,290 4,036 3,446 .. 3,446 4,651 .. 4,651 1,357 557 800 3,563

30,170 24,436 19,455 16,322 12,556 9,228 3,766 3,133 .. 3,133 4,981 .. 4,981 1,444 683 761 4,290

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,347 1,131 216

1,783 1,601 183

2,502 2,360 143

1,448 1,169 279

3,031 2,847 184

2,971 2,288 683

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

132 52 79

640 620 20

784 764 20

866 851 15

1,243 1,219 25

1,534 1,180 353

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

51 33 17

309 301 8

381 375 6

350 348 2

324 321 4

417 365 52

160

THAILAND (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

192,078

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Germany 0.01%

57 40 13 9 3,501 -13,013 16,513 481,000 72

Bilateral 8%

2018 2019 2020 2021 2022

Official creditors

Private 86% Interest (%)

Years

Asian Dev. Bank 5%

Japan 7%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Canada 0.01%

Mul�lateral 6%

Bondholders 86%

World BankIBRD 2%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

107,166 55,015 16,737 6,881 187 128 6,693 9,856 8,812 1,045 38,278 4,265 34,012 1,494 0 1,494 50,657

181,636 116,882 37,509 5,094 1,313 1,018 3,781 32,414 32,414 .. 79,373 12,723 66,650 1,349 0 1,349 63,405

177,871 116,747 41,187 4,445 1,191 927 3,254 36,742 36,742 .. 75,560 13,193 62,367 1,342 0 1,342 59,782

197,234 121,022 36,127 4,428 1,068 837 3,359 31,699 31,699 .. 84,895 15,840 69,055 1,397 0 1,397 74,814

205,810 125,394 36,817 5,359 2,440 750 2,918 31,458 31,458 .. 88,577 17,747 70,830 5,667 0 5,667 74,749

192,078 108,081 35,979 5,048 2,316 666 2,732 30,931 30,931 .. 72,101 17,080 55,022 5,388 0 5,388 78,609

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

17,539 5,941 11,597

40,800 7,452 33,348

28,608 4,560 24,049

24,053 542 23,512

24,072 2,430 21,642

22,136 882 21,254

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

9,386 803 8,582

16,891 913 15,979

28,803 941 27,862

19,995 5,772 14,223

16,351 1,435 14,917

39,010 1,312 37,698

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,079 202 877

1,227 760 467

1,695 1,114 581

1,648 1,077 571

791 109 682

1,085 293 792

161

TIMOR-LESTE (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

289.7

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit Other mul�lateral 6%

12.0 9.2 0.6 0.5 282.3 19.9 262.5 3,133.5 1.3

Japan 13% World Bank-IDA 16%

Bilateral 13%

2018 2019 2020 2021 2022

Official creditors

Mul�lateral 87% Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Asian Dev. Bank 65%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

158.1 144.7 144.7 144.7 131.5 33.5 13.2 .. .. .. .. .. .. 10.7 0.0 10.7 2.6

203.4 191.2 191.2 191.2 166.3 43.2 24.9 .. .. .. .. .. .. 10.7 0.0 10.7 1.5

231.8 220.2 220.2 220.2 189.4 47.6 30.9 .. .. .. .. .. .. 11.1 0.0 11.1 0.4

278.6 232.4 232.4 232.4 200.6 50.7 31.8 .. .. .. .. .. .. 45.2 0.0 45.2 1.1

289.7 246.4 246.4 246.4 214.0 53.0 32.5 .. .. .. .. .. .. 42.9 0.0 42.9 0.3

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

.. .. ..

40.0 40.0 ..

49.7 49.7 ..

30.1 30.1 ..

22.6 22.6 ..

31.0 31.0 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

.. .. ..

0.7 0.7 ..

3.3 3.3 ..

3.9 3.9 ..

6.4 6.4 ..

10.5 10.5 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

.. .. ..

2.5 2.5 ..

3.8 3.8 ..

4.1 4.1 ..

3.2 3.2 ..

4.0 4.0 ..

162

TOGO (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

3,118 156 38

3 2018 2019 2020 2021 2022

Official creditors

Other commercial 13%

Kuwait 1%

China 22%

Private 13%

Other mul�lateral 23%

Bilateral 30%

Mul�lateral 57% Interest (%)

Years

2018 2019 2020 2021 2022

India 3%

12 3 -409 -182 -227 8,148 9

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

World BankIDA 18%

IMF 16%

Other bilateral 4%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

1,279 999 999 999 852 554 147 .. .. .. .. .. .. 241 133 108 39

1,701 1,156 1,156 1,153 533 66 620 4 .. 4 .. .. .. 266 168 98 278

1,990 1,347 1,347 1,230 626 165 604 116 .. 116 .. .. .. 319 222 97 324

2,508 1,729 1,729 1,420 785 265 635 309 .. 309 .. .. .. 459 358 101 320

3,413 2,369 1,719 1,433 776 288 657 286 .. 286 650 650 .. 642 347 295 402

3,118 2,341 1,691 1,426 816 360 610 265 .. 265 650 650 .. 607 326 281 170

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

91 91 ..

110 110 ..

263 263 ..

338 338 ..

770 120 650

193 193 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

28 28 ..

55 55 ..

60 60 ..

53 53 ..

71 71 ..

140 140 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

8 8 ..

27 27 ..

26 26 ..

33 33 ..

89 37 52

163

TONGA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (thousand)

209.9

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

214.7 .. 11.3 .. 5.0 1.5 3.5 .. 106.9

Other mul�lateral 12% Asian Dev. Bank 13%

2018 2019 2020 2021 2022

Official creditors

Mul�lateral 47%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Bilateral 53%

China 53%

World Bank-IDA 22%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

153.7 143.5 143.5 142.4 70.8 23.6 71.7 1.1 .. 1.1 .. .. .. 10.1 0.0 10.1 0.0

187.0 177.8 177.8 177.8 74.2 39.1 103.6 .. .. .. .. .. .. 9.2 0.0 9.2 0.0

186.6 177.5 177.5 177.5 75.9 42.9 101.6 .. .. .. .. .. .. 9.1 0.0 9.1 0.0

194.6 185.1 185.1 185.1 77.5 45.0 107.6 .. .. .. .. .. .. 9.5 0.0 9.5 0.0

223.6 186.2 186.2 186.2 73.7 43.6 112.6 .. .. .. .. .. .. 37.4 9.7 27.7 0.0

209.9 165.2 165.2 165.2 67.8 40.8 97.4 .. .. .. .. .. .. 44.7 18.4 26.4 0.0

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

40.9 40.9 ..

7.5 7.5 ..

4.9 4.9 ..

1.3 1.3 ..

1.0 1.0 ..

0.3 0.3 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

2.7 2.7 ..

6.2 6.2 ..

2.7 2.7 ..

4.7 4.7 ..

2.7 2.7 ..

8.1 8.1 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

2.4 2.4 ..

3.3 3.3 ..

2.7 2.7 ..

1.3 1.3 ..

2.1 2.1 ..

2.7 2.7 ..

164

TUNISIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

39,652

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

170 87 18 9 20 -694 713 45,435 12

Private 21%

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

Other mul�lateral 30%

Interest (%)

Years

Bilateral 20%

France 4% Japan 3%

Bondholders 19%

Figure 2 Average terms on new debt commitments from official and private creditors

Germany 4%

Other commercial 2%

Mul�lateral 59%

Other bilateral 9%

World BankIBRD 18%

African Dev. Bank 11%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

22,666 17,267 14,865 10,389 6,985 1,399 3,404 4,476 3,819 657 2,402 .. 2,402 420 0 420 4,979

35,052 24,679 22,597 14,626 10,998 3,515 3,628 7,971 7,239 732 2,082 .. 2,082 2,280 1,901 379 8,093

39,445 25,882 23,815 15,888 11,338 3,489 4,550 7,926 7,278 648 2,067 .. 2,067 2,132 1,755 377 11,431

41,117 27,661 25,773 18,269 12,825 4,196 5,444 7,504 6,877 626 1,888 .. 1,888 2,824 2,431 393 10,632

41,668 24,783 23,125 17,338 12,119 4,063 5,219 5,787 5,275 512 1,658 .. 1,658 3,396 2,283 1,113 13,489

39,652 22,860 21,522 16,624 11,799 4,136 4,825 4,897 4,485 412 1,338 .. 1,338 3,109 2,050 1,058 13,683

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,671 1,574 97

2,619 2,377 242

3,788 3,366 422

2,436 2,305 130

1,791 1,744 47

1,975 1,924 50

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,631 1,411 220

1,700 1,381 319

1,931 1,931 ..

2,160 1,814 346

3,409 2,908 501

2,742 2,294 448

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

672 548 124

603 550 53

666 573 94

659 583 76

622 557 65

586 528 58

165

TÜRKIYE (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

458,699

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

130 51

Japan 2%

20 8 37,404 29,245 8,159 897,467 85

Other commercial 10%

2018 2019 2020 2021 2022

Official creditors

Other bilateral 2%

Mul�lateral 17%

4% Other mul�lateral 5%

Private 78% Interest (%)

Years

France 1%

World Bank-IBRD 8% EIB

Bilateral 5%

Figure 2 Average terms on new debt commitments from official and private creditors 50

United Arab Emirates 1%

Bondholders 67%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

316,657 216,379 93,299 26,941 19,932 11,605 7,009 66,358 45,774 20,584 123,080 6,202 116,878 7,277 5,627 1,650 93,001

425,779 332,135 123,360 34,841 28,576 11,685 6,265 88,519 78,306 10,212 208,775 38,894 169,881 1,490 0 1,490 92,154

414,618 317,298 128,885 34,632 27,133 11,362 7,499 94,253 83,806 10,446 188,413 36,115 152,298 1,481 0 1,481 95,839

429,422 316,531 138,043 35,015 27,963 11,925 7,053 103,028 89,850 13,178 178,488 34,660 143,828 1,543 0 1,543 111,349

437,507 311,528 139,215 32,554 25,720 11,179 6,834 106,661 91,612 15,049 172,313 34,011 138,302 7,749 0 7,749 118,231

458,699 303,125 140,057 31,506 24,579 11,262 6,927 108,551 94,094 14,457 163,068 27,241 135,827 7,368 0 7,368 148,206

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

48,834 14,795 34,039

69,893 17,169 52,725

60,814 19,145 41,669

59,797 18,128 41,669

56,326 20,636 35,690

50,762 18,704 32,059

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

45,504 6,028 39,476

67,995 10,843 57,152

69,245 12,932 56,313

68,780 12,476 56,303

56,166 15,986 40,179

51,493 15,078 36,414

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

8,869 4,693 4,177

11,538 4,891 6,647

12,673 5,544 7,129

12,767 5,743 7,024

11,866 6,064 5,802

11,755 6,318 5,437

166

TURKMENISTAN (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

4,509 .. .. .. .. 703 -233 936 .. 6

2018 2019 2020 2021 2022

Official creditors

Other mul�lateral 1%

Asian Dev. Bank 11%

Private 15% Mul�lateral 28%

Japan 42% Bilateral 57%

Korea, Rep. 11%

Other bilateral 1%

Private creditors

Grace period Maturity Interest (%)

Other commercial 15%

Islamic Dev. Bank 16%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

Grace period Maturity Interest (%)

China 3%

Summary External Debt Data

2010

2018

2019

2020

2021

2022

1,682 1,520 1,513 1,513 96 11 1,417 0 0 0 7 .. 7 108 0 108 54

8,160 7,757 7,722 7,356 432 .. 6,924 367 .. 367 35 .. 35 97 0 97 306

6,516 6,419 6,376 5,875 471 .. 5,404 501 .. 501 43 .. 43 97 0 97 0

5,636 5,394 5,342 4,726 673 .. 4,053 616 .. 616 51 .. 51 101 0 101 142

4,851 4,433 4,386 3,778 805 15 2,973 608 .. 608 47 .. 47 418 0 418 0

4,509 4,012 3,987 3,373 1,110 20 2,263 614 .. 614 25 .. 25 397 0 397 100

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,051 1,044 8

1,095 1,089 7

518 498 20

747 729 18

552 540 12

610 610 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

148 135 13

1,460 1,437 23

1,804 1,793 12

1,850 1,839 11

1,447 1,423 23

943 919 24

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

50 50 0

364 363 1

355 354 1

240 239 1

205 204 1

185 184 0

167

UGANDA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

20,715

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit United Kingdom 2% France 2%

341 46

Other commercial 3%

16 2 2,269 964 1,304 44,778 47

China 21%

Bilateral 28%

Figure 2 Average terms on new debt commitments from official and private creditors 15

2018 2019 2020 2021 2022

Official creditors

Other mul�lateral 21% Interest (%)

Years

Other bilateral 3%

Private 3%

Mul�lateral 69%

World BankIDA 34%

African Dev. Bank 14%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

2,975 2,673 2,673 2,673 2,416 1,682 257 0 .. .. .. .. .. 275 9 267 26

12,315 11,566 7,701 7,650 5,039 3,095 2,612 50 .. 50 3,865 .. 3,865 241 0 241 509

13,971 12,780 8,638 8,555 5,654 3,443 2,901 83 .. 83 4,142 .. 4,142 239 0 239 952

17,597 15,637 11,726 11,206 7,583 4,300 3,623 519 .. 519 3,911 .. 3,911 769 520 249 1,191

20,323 17,066 12,377 11,890 8,196 4,453 3,694 487 .. 487 4,690 .. 4,690 1,484 758 726 1,772

20,715 17,459 12,263 11,853 8,166 4,464 3,687 410 .. 410 5,197 .. 5,197 1,532 841 691 1,724

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

489 489 ..

1,167 1,167 ..

1,411 1,134 277

2,851 2,851 ..

2,132 1,353 778

1,367 860 507

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

40 40 ..

422 224 199

166 166 ..

402 171 231

339 339 ..

474 474 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

21 21 ..

98 98 ..

115 115 ..

274 149 125

407 280 128

384 218 166

168

UKRAINE (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

139,595 199 83

Japan 1%

3 2018 2019 2020 2021 2022

Official creditors

China 1% Other bilateral 3%

Bondholders 37%

Private 41%

Bilateral 8% Mul�lateral 51%

Interest (%)

Years

2018 2019 2020 2021 2022

Canada 3%

Other commercial 4%

18 7 5,812 5,035 777 169,196 38

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

European Union 16%

IMF 14%

Other mul�lateral 21%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

124,527 81,001 25,327 14,961 13,560 3,212 1,400 10,366 9,058 1,308 55,674 4,313 51,361 16,262 14,245 2,017 27,264

121,887 88,200 37,003 13,775 11,077 5,335 2,698 23,228 22,467 761 51,197 4,519 46,678 12,997 11,176 1,821 20,690

124,900 91,546 39,209 13,156 10,480 5,360 2,677 26,053 24,483 1,569 52,337 5,635 46,702 11,328 9,518 1,811 22,025

132,410 96,180 42,284 14,675 12,159 5,741 2,516 27,609 25,613 1,996 53,897 5,294 48,603 12,824 10,938 1,886 23,406

135,706 98,933 44,691 15,716 13,325 6,623 2,391 28,976 26,944 2,031 54,241 4,833 49,409 14,505 9,974 4,531 22,268

139,595 109,732 61,911 32,445 26,539 8,773 5,906 29,465 26,655 2,810 47,822 4,654 43,168 14,434 10,125 4,309 15,429

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

32,240 7,969 24,272

9,172 3,736 5,437

11,203 5,367 5,836

16,500 7,056 9,444

12,820 6,373 6,447

19,049 19,049 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

22,885 1,446 21,439

8,921 3,678 5,243

8,350 3,075 5,275

12,445 4,987 7,458

8,992 2,940 6,052

7,528 1,129 6,399

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

3,532 594 2,938

2,824 1,479 1,345

3,187 1,699 1,488

3,372 1,893 1,479

3,649 2,126 1,523

1,972 1,268 704

169

UZBEKISTAN (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

49,099

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

188 60

France 2%

28 9 10,460 8,687 1,773 81,289 36

Bondholders 14%

2018 2019 2020 2021 2022

Official creditors

Japan 9%

Private 25%

Bilateral 23%

China 8%

Other bilateral 3%

Mul�lateral 52%

Other mul�lateral 17%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Other commercial 11%

Asian Dev. Bank 24% World BankIDA 12%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

7,981 7,154 3,423 3,197 1,210 373 1,987 226 .. 226 3,730 .. 3,730 405 0 405 423

17,606 16,343 9,282 9,084 5,410 1,907 3,674 199 .. 199 7,061 .. 7,061 365 0 365 897

22,957 21,921 13,343 11,560 7,030 2,723 4,530 1,783 1,000 783 8,579 300 8,279 363 0 363 673

33,711 30,560 18,731 14,728 9,246 3,734 5,481 4,003 2,048 1,955 11,829 600 11,229 775 397 378 2,376

40,842 35,786 21,924 16,022 10,086 4,328 5,936 5,902 3,618 2,284 13,862 900 12,962 1,493 386 1,107 3,562

49,099 41,505 24,895 18,557 12,884 5,528 5,673 6,338 3,618 2,720 16,610 900 15,710 1,420 367 1,053 6,175

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,191 455 736

2,834 2,504 330

7,331 4,485 2,846

9,359 5,637 3,722

10,379 4,310 6,069

11,996 4,241 7,755

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

493 370 123

691 382 309

1,950 429 1,521

2,363 520 1,842

3,689 740 2,950

5,904 772 5,132

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

118 63 55

284 144 141

669 257 412

756 303 453

826 350 476

1,102 482 619

170

VANUATU (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (thousand)

484.5

6.8 2.1 26.0 30.1 -4.1 1,130.1 326.7

3 2018 2019 2020 2021 2022

Official creditors

Asian Dev. Bank 13%

World BankIDA 25%

Mul�lateral 39%

Interest (%)

Years

2018 2019 2020 2021 2022

Other mul�lateral 1%

139.2 42.9

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

China 45% Bilateral 61%

Japan 16%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

177.7 102.6 102.6 102.6 68.8 11.7 33.8 .. .. .. .. .. .. 25.1 0.0 25.1 50.0

402.2 313.8 313.8 313.8 101.8 54.7 212.0 .. .. .. .. .. .. 43.3 20.7 22.6 45.1

441.3 362.0 362.0 362.0 135.0 83.0 227.0 .. .. .. .. .. .. 37.2 14.7 22.5 42.1

455.7 382.8 382.8 382.8 145.2 91.6 237.6 .. .. .. .. .. .. 34.4 11.0 23.4 38.4

490.9 388.0 388.0 388.0 148.4 97.9 239.5 .. .. .. .. .. .. 63.0 8.3 54.7 39.9

484.5 395.0 395.0 395.0 151.1 98.2 243.9 .. .. .. .. .. .. 57.7 5.7 52.0 31.8

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

3.3 3.3 ..

46.4 46.4 ..

55.0 55.0 ..

10.7 10.7 ..

25.5 25.5 ..

55.4 55.4 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

3.6 3.6 ..

12.0 12.0 ..

4.7 4.7 ..

10.0 10.0 ..

12.5 12.5 ..

14.9 14.9 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

1.6 1.6 ..

4.2 4.2 ..

4.3 4.3 ..

4.4 4.4 ..

4.5 4.5 ..

5.5 5.5 ..

171

VIET NAM (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

146,589

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

38 38 7 7 24,925 9,905 15,020 389,074 98

Bondholders 1% Other mul�lateral 6%

2018 2019 2020 2021 2022

Official creditors

Asian Dev. Bank 17%

Interest (%)

Years

Japan 28%

Private 11%

Figure 2 Average terms on new debt commitments from official and private creditors 50

Other commercial 9%

Russian Federa�on 3%

Bilateral 39% Mul�lateral 50%

World Bank-IDA 28%

Other bilateral 6% Korea, Rep. 2%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

Grace period Maturity Interest (%) 2010

2018

2019

2020

2021

2022

45,022 37,560 32,805 27,320 12,573 7,743 14,746 5,485 2,020 3,465 4,755 .. 4,755 529 45 485 6,932

112,588 92,566 56,585 47,790 23,719 14,968 24,071 8,795 1,511 7,284 35,980 35 35,945 438 0 438 19,585

122,454 97,621 55,782 47,779 24,068 15,327 23,711 8,003 1,506 6,497 41,839 1,014 40,825 435 0 435 24,397

129,435 102,378 55,608 49,141 25,339 16,378 23,802 6,467 756 5,711 46,771 1,094 45,677 453 0 453 26,604

139,812 104,592 51,334 45,755 24,615 16,008 21,141 5,578 751 4,827 53,258 1,444 51,814 1,987 0 1,987 33,233

146,589 106,545 46,427 41,533 23,311 15,109 18,222 4,894 746 4,148 60,118 1,769 58,349 1,890 0 1,890 38,154

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

6,965 5,643 1,322

20,775 3,633 17,143

18,624 2,346 16,278

17,323 2,120 15,202

23,264 1,746 21,518

28,471 1,779 26,692

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

1,055 1,055 ..

15,225 2,970 12,255

13,607 3,188 10,420

14,386 4,114 10,273

18,777 3,749 15,028

23,488 3,659 19,829

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

699 554 145

2,929 1,163 1,766

2,934 1,256 1,679

2,019 994 1,025

1,594 755 839

2,016 738 1,278

172

YEMEN, REPUBLIC OF (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

7,351

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

.. .. .. ..

Other mul�lateral 10%

-79 .. .. 34

AFESD 16%

2018 2019 2020 2021 2022

Official creditors

Mul�lateral 47%

Bilateral 53% Russian Federa�on 18%

World BankIDA 21%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors 50

Saudi Arabia 22%

Other bilateral 10%

Japan 3%

Private creditors

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

6,504 5,945 5,945 5,941 3,294 2,180 2,647 3 .. 3 .. .. .. 436 78 358 124

7,037 6,205 6,205 6,205 3,004 1,586 3,201 .. .. .. .. .. .. 469 146 323 362

7,055 6,188 6,188 6,188 2,987 1,505 3,201 .. .. .. .. .. .. 440 119 321 427

7,121 6,251 6,251 6,251 3,027 1,488 3,224 .. .. .. .. .. .. 410 75 335 460

7,602 6,108 6,108 6,108 2,910 1,368 3,198 .. .. .. .. .. .. 1,021 43 978 473

7,351 5,896 5,896 5,896 2,739 1,225 3,157 .. .. .. .. .. .. 956 26 930 499

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

297 297 ..

19 19 ..

66 66 ..

38 38 ..

13 13 ..

9 9 ..

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

155 155 ..

71 71 ..

72 72 ..

75 75 ..

80 80 ..

78 78 ..

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

74 74 ..

13 13 ..

12 12 ..

11 11 ..

9 9 ..

Note: Figure 2 shows no data values because the country did not have new commitments from 2018 to 2022.

173

ZAMBIA (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

28,701

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

230 102

India 2%

12 5 1,173 666 506 28,134 20

2018 2019 2020 2021 2022

Official creditors

Mul�lateral 25%

Bondholders 18%

AfDB 5%

World BankIDA 13% Other bilateral 4%

Other mul�lateral 7%

Private creditors

Grace period Maturity Interest (%)

Bilateral 31%

Private 44%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

United Kingdom 1%

China 24%

Other commercial 26%

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

4,373 2,106 1,312 1,256 925 430 331 56 .. 56 794 .. 794 1,117 395 722 1,150

25,041 23,704 11,403 5,402 1,923 1,003 3,480 6,001 3,000 3,001 12,301 .. 12,301 715 62 652 623

29,768 28,261 13,525 6,575 2,240 1,108 4,335 6,951 3,000 3,951 14,736 .. 14,736 667 18 649 840

29,987 28,577 15,502 7,982 3,073 1,296 4,908 7,521 3,000 4,521 13,074 .. 13,074 678 3 676 732

27,345 23,987 15,673 8,231 3,164 1,377 5,068 7,442 3,000 4,442 8,313 .. 8,313 1,969 0 1,969 1,390

28,701 24,027 16,129 8,910 3,878 2,047 5,032 7,219 3,000 4,219 7,899 .. 7,899 2,058 186 1,872 2,615

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

251 224 27

5,326 1,898 3,428

6,584 2,713 3,871

3,318 2,175 1,143

493 493 ..

1,423 993 431

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

94 54 40

722 337 385

1,844 567 1,277

1,567 383 1,184

1,510 281 1,230

1,192 347 845

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

31 13 18

593 503 91

848 514 334

479 347 132

247 120 127

221 89 132

174

ZIMBABWE (US$ million, unless otherwise indicated)

Snapshot

2022

Total external debt stocks External debt stocks as % of Exports GNI Debt service as % of Exports GNI Net financial flows, debt and equity Net debt inflows Net equity inflows GNI Population (million)

13,767 185 68 5 2 586 258 328 20,101 16

3 2018 2019 2020 2021 2022

2018 2019 2020 2021 2022

Official creditors

Other

Other commercial mul�lateral 8% 7% World BankIBRD 9% Mul�lateral

Private 8%

World BankIDA 9%

Bilateral 67%

Interest (%)

Years

Figure 2 Average terms on new debt commitments from official and private creditors

Figure 1 Public and publicly guaranteed debt, by creditor and creditor type in 2022, including IMF credit

Other bilateral 13%

Germany 8%

Private creditors

Grace period Maturity Interest (%)

25%

China 43%

Japan 3%

Grace period Maturity Interest (%)

Summary External Debt Data

2010

2018

2019

2020

2021

2022

6,763 4,405 3,800 3,352 1,614 976 1,738 448 0 448 605 .. 605 529 110 419 1,829

12,655 8,799 4,321 3,903 1,214 896 2,689 418 0 418 4,478 .. 4,478 471 0 471 3,385

12,286 8,295 4,406 3,994 1,202 890 2,792 412 0 412 3,889 .. 3,889 468 0 468 3,523

12,784 8,441 4,617 4,186 1,235 910 2,951 431 0 431 3,825 .. 3,825 488 0 488 3,855

13,751 8,591 4,637 4,228 1,201 893 3,027 408 0 408 3,954 .. 3,954 1,422 0 1,422 3,738

13,767 8,435 4,713 4,333 1,169 867 3,164 380 0 380 3,722 .. 3,722 1,352 0 1,352 3,980

Disbursements, long-term Public and publicly guaranteed sector Private sector not guaranteed

847 4 843

1,001 300 700

983 102 881

911 65 845

806 210 596

302 282 20

Principal repayments, long-term Public and publicly guaranteed sector Private sector not guaranteed

338 2 336

281 76 205

1,220 57 1,163

935 26 910

551 85 466

272 20 252

Interest payments, long-term Public and publicly guaranteed sector Private sector not guaranteed

32 14 18

254 14 240

313 13 301

22 17 5

29 25 4

44 12 31

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APPENDIX

Data Sources The principal sources of information for the tables in International Debt Report 2023 are from the International Debt Statistics database, which is based on reports to the World Bank through the World Bank’s Debtor Reporting System (DRS) from member countries that have received either International Bank for Reconstruction and Development loans or International Development Association credits. The DRS has its origin in the World Bank’s need to monitor and assess the financial position of its borrowers. Since 1951, borrowers have been required to provide statistics on their public external debt and private sector debt that benefit from a public guarantee. Reporting countries submit reports on the annual status, transactions, and terms of the long-term external debt of public agencies and that of private ones guaranteed by a public agency in the debtor country. The DRS maintains these records on a loan-by-loan basis. In 1973, coverage of the DRS was expanded to include private sector nonguaranteed borrowing; however, for this category of debt, data are provided by borrowers in aggregate rather than loan by loan. Data submitted to the DRS are processed in the World Bank External Debt system, along with additional information received from the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank, the International Monetary Fund, and institutions of the World Bank Group (International Bank for Reconstruction and Development and International Development Association). The World Bank External Debt is an internal system of the World Bank. Among its outputs is the International Debt Statistics database, from which the tables in this publication and the online database are produced. Data on exports and imports (on a balance of payments basis), international reserves, current account balances, foreign direct investment on equity, portfolio equity flows, and primary income on foreign direct investment are drawn mainly from the International Monetary Fund, supplemented by United Nations Conference on Trade and Development reports and country data. Balance of payments data are presented according to the sixth edition of the International Monetary Fund’s Balance of Payments Manual. Official aid flows come from data collected and published by the Development Assistance Committee of the Organisation for Economic Co-operation and Development. Short-term external debt data are as reported by debtor countries or are estimates based on the Bank for International Settlements quarterly series of commercial banks’ claims on low- and middle-income countries. For some countries, estimates were prepared by pooling creditor and debtor information. Data on the gross national income of most low- and middle-income countries are collected from national statistical organizations or central banks by visiting and resident World Bank missions. Every effort has been made to ensure the accuracy and completeness of the external debt statistics. Coverage has been improved through the efforts of the reporting agencies and close collaboration between the World Bank and its partners, the Commonwealth Secretariat and United Nations Conference on Trade and Development, which provide debt recording and

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reporting systems across the globe, as well as through the work of the World Bank missions, which visit member countries to gather data and to provide technical assistance on debt issues. Nevertheless, quality and coverage vary among debtors and may also vary for the same debtor from year to year. Data on long-term external debt reported by member countries are checked against, and supplemented by, data from several other sources. Among these sources are the statements and reports of several regional development banks, government lending agencies, and official government websites.

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Country Groups Regional Groups East Asia and Pacific Cambodia (A) China (P) Fiji (A) Indonesia (A) Lao PDR (A) Mongolia (A) Myanmar (A) Papua New Guinea (A) Philippines (A) Samoa (A) Solomon Islands (A) Thailand (A) Timor-Leste (A) Tonga (A) Vanuatu (E) Viet Nam (A) Europe and Central Asia Albania (A) Armenia (A) Azerbaijan (A) Belarus (E) Bosnia and Herzegovinaa (A) Bulgaria (A) Georgia (A) Kazakhstan (A) Kosovo (A) Kyrgyz Republic (A) Moldova (A) Montenegro (A) North Macedonia (A) Russian Federation (E) Serbiaa,b (A)

Tajikistan (A) Türkiye (A) Turkmenistan (A) Ukraine (A) Uzbekistan (A) Latin America and the Caribbeanc Argentina (A) Belize (A) Bolivia (A) Brazil (P) Colombia (A) Costa Rica (A) Dominica (A) Dominican Republic (A) Ecuador (A) El Salvador (A) Grenada (A) Guatemala (A) Haiti (A) Honduras (A) Jamaica (A) Mexico (A) Nicaragua (A) Paraguay (A) Peru (A) St. Lucia (A) St. Vincent and the Grenadines (A) Suriname (E) Middle East and North Africa Algeria (A) Djibouti (A)

Egypt, Arab Rep. (A) Iran, Islamic Rep. (E) Iraq (A) Jordan (A) Lebanon (A) Morocco (A) Syrian Arab Republic (E) Tunisia (A) Yemen, Rep. (E) South Asia Afghanistan (E) Bangladesh (A) Bhutan (A) India (A) Maldives (A) Nepal (A) Pakistan (A) Sri Lanka (A) Sub-Saharan Africa Angola (A) Benin (A) Botswana (A) Burkina Faso (A) Burundi (A) Cabo Verde (A) Cameroon (A) Central African Republic (A) Chad (P) Comoros (A) Congo, Dem. Rep. (A) Congo, Rep. (A) Côte d’Ivoire (A)

Eritrea (E) Eswatini (A) Ethiopia (A) Gabon (A) Gambia, The (A) Ghana (A) Guinea (E) Guinea-Bissau (A) Kenya (A) Lesotho (A) Liberia (A) Madagascar (A) Malawi (A) Mali (A) Mauritania (A) Mauritius (A) Mozambique (A) Niger (A) Nigeria (A) Rwanda (A) São Tomé and Príncipe (A) Senegal (A) Sierra Leone (A) Somalia (A) South Africa (A) Sudan (E) Tanzania (A) Togo (A) Uganda (A) Zambia (A) Zimbabwe (A)

Source: World Bank Debtor Reporting System. Note: Letters in parentheses indicate Debtor Reporting System reporters’ status: (A) as reported, (P) preliminary, and (E) estimated. The status “as reported” indicates that the country was fully current in its reporting under the Debtor Reporting System and that World Bank staff are satisfied that the reported data give an adequate and fair representation of the country’s total public debt. “Preliminary” data are based on reported or collected information; however, because of incompleteness or other reasons, an element of staff estimation is included. “Estimated” data indicate that countries are not current in their reporting and that a significant element of staff estimation has been necessary in producing the data tables. a. For Bosnia and Herzegovina, total debt before 1999, excluding International Bank for Reconstruction and Development and International Monetary Fund obligations and short-term debt, is included under Serbia. b. Data before 2006 include Montenegro. c. Guyana’s data are reported and included in this report because the country is eligible for International Development Association resources. However, because it is classified as a high-income country, its data are excluded from the regional aggregates.

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Income Groups Low-income countries

Middle-income countries

Afghanistan Burkina Faso Burundi Central African Republic Chad Congo, Dem. Rep. Eritrea Ethiopia Gambia, The Guinea-Bissau Liberia Madagascar Malawi Mali Mozambique Niger Rwanda Sierra Leone Somalia Sudan Syrian Arab Republic Togo Uganda Yemen, Rep.

Albania Algeria Angola Argentina Armenia Azerbaijan Bangladesh Belarus Belize Benin Bhutan Bolivia Bosnia and Herzegovina Botswana Brazil Bulgaria Cabo Verde Cambodia Cameroon China Colombia Comoros Congo, Rep. Costa Rica Côte d’Ivoire Djibouti Dominica Dominican Republic Ecuador Egypt, Arab Rep. El Salvador Eswatini Fiji

Gabon Georgia Ghana Grenada Guatemala Guinea Haiti Honduras India Indonesia Iran, Islamic Rep. Iraq Jamaica Jordan Kazakhstan Kenya Kosovo Kyrgyz Republic Lao PDR Lebanon Lesotho Maldives Mauritania Mauritius Mexico Moldova Mongolia Montenegro Morocco Myanmar Nepal Nicaragua Nigeria

North Macedonia Pakistan Papua New Guinea Paraguay Peru Philippines Russian Federation Samoa São Tomé and Príncipe Senegal Serbia Solomon Islands South Africa Sri Lanka St. Lucia St. Vincent and the Grenadines Suriname Tajikistan Tanzania Thailand Timor-Leste Tonga Tunisia Türkiye Turkmenistan Ukraine Uzbekistan Vanuatu Viet Nam Zambia Zimbabwe

Source: World Bank. Note: Low-income countries are those with a GNI per capita of US$1,135 or less in 2022. Middle-income countries are those with a GNI per capita equal to or more than US$1,136 but equal to or less than US$13,845. Italicized countries are IDA-only countries as of July 1, 2023; IDA-only excludes blend and IBRD countries. Guyana is classified as a high-income country as of July 1, 2023, so it does not appear in this table or in the low- and middle-income countries’ aggregates; however, as an IDA-only country, its data are included in this report. República Bolivariana de Venezuela is unclassified according to the World Bank FY2023 income classification owing to a lack of available data; thus, it is not included in this report or the International Debt Statistics database. FY = fiscal year; GNI = gross national income; IBRD = International Bank for Reconstruction and Development; IDA = International Development Association.

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Glossary This list provides general descriptions, not precise legal definitions, of the terms commonly used in this report. However, the descriptions include legal and policy elements relevant to how these terms are understood and applied in practice. Arrears-to-debt ratio is the ratio of principal arrears and interest arrears to total debt stock. Bilateral official creditors are official agencies that make loans on behalf of one government to another government or to public (and, in some cases, private) borrowers in another country. Bonds are debt instruments issued by public and publicly guaranteed or private debtors with durations of one year or longer. Bonds usually give the holder the unconditional right to fixed money income or contractually determined, variable money income. Central bank is a country’s financial institution that exercises control over key aspects of the financial system. It carries out activities such as issuing currency, managing international reserves, transacting with the International Monetary Fund, and providing credit to deposittaking corporations. Commitment fees are fees that a lender receives in exchange for keeping the option for the borrower to draw upon the rest of the credit at the pre-agreed rate in the future. Although commitment fees generally are dwarfed by interest costs in the case of commercial credit, they can often be a substantial cost factor for certain project loans that are drawn down more slowly. Commitments (of public and publicly guaranteed debt) constitute the total amount of new long-term loans to public sector borrowers or borrowers with a public sector guarantee extended by official and private lenders and for which contracts were signed in the year specified. Common Framework for debt treatment beyond the Debt Service Suspension Initiative is an initiative launched in 2022 and endorsed by the Group of Twenty, designed to support, in a structural manner, low-income countries with unsustainable debt. Concessional debt conveys information about the borrower’s receipt of aid from official lenders at concessional terms as defined by the World Bank, that is, loans with an original grant element of 35 percent or more. Loans from major regional development banks—the African Development Bank, Asian Development Bank, and Inter-American Development Bank—are classified as concessional according to World Bank classification. Debt buyback is the repurchase by a debtor of its own debt, either at a discount price or at par value. In the event of a buyback of long-term debt, the face value of the debt bought back will be recorded as a decline in stock outstanding of long-term debt, and the cash amount received by creditors will be recorded as a principal repayment.

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Debt distress, as defined under the debt sustainability framework, is caused by unsustainable debt, wherein a country is unable to fulfill its financial obligations and debt restructuring is required. Debt outstanding and disbursed is the value at year end of long-term external debt owed by public and publicly guaranteed debtors and private nonguaranteed debtors. Debt portfolio analysis is the first step in debt analysis and forms the basis for both the design of debt strategy and debt sustainability analysis. It typically examines the nature, composition, and structure of an existing government debt portfolio, reviewing the past trends over a given period. The prerequisites for a meaningful debt portfolio analysis are sound, comprehensive data sets and relevant debt statistics. Debt restructurings are revisions to debt service obligations agreed on by creditors and debtors. Such agreements change the amount and timing of future principal and interest payments. Debt restructuring is a complex process that requires the agreement of domestic and foreign creditors and involves burden sharing between different parties (for example, between residents and banks in most domestic restructurings). Debt service is the sum of principal repayments and interest paid on total long-term debt (public and publicly guaranteed debt and private nonguaranteed debt). Debt service to exports is the ratio of the sum of principal repayments and interest paid on total long-term debt (public and publicly guaranteed debt and private nonguaranteed debt) to the value of exports of goods and services and receipts of primary income from abroad. Debt stock-flow reconciliation is the process of explaining the change in the stock position in a period with the comprehensive recording of transactions and other economic flows that allows a full integration of economic flows and stock positions from one period to the next. Debt sustainability is the condition under which a country (or its government) does not, in the future, need to default or renegotiate or restructure its debt, or make implausibly large policy adjustments. Debt swap (conversion) is an exchange of debt—typically at a discount—for a nondebt claim (such as equity) or for counterpart funds that can be used to finance a particular project or policy. In essence, public sector debt is extinguished and a nondebt liability created in a debt conversion. Debt transparency results in readily available data on public debt, allowing governments to make informed decisions about macroeconomic policy and debt sustainability. Disbursements are drawings during the year specified on loan commitments contracted by the borrower. Domestic revenue mobilization is the process through which countries raise and spend their own funds to provide for their populations. ESG investing is defined as the consideration of environmental, social, and governance (ESG) factors alongside financial factors in the investment decision-making process. External debt flows are debt-related transactions during the year specified. They include disbursements, principal repayments, and interest payments.

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G l o s s a r y

External debt stocks comprise public and publicly guaranteed long-term external debt, private nonguaranteed long-term external debt, use of International Monetary Fund credit and special drawing rights allocation, and short-term external debt. External debt stocks to exports is the ratio of outstanding external debt to the value of exports of goods and services and receipts of primary income from abroad. External debt stocks to GNI is the ratio of outstanding external debt to gross national income (GNI). Fiscal sustainability refers to the future implications of current fiscal policies and, more precisely, to the question of whether the government can continue to pursue its set of budgetary policies without endangering its solvency. Foreign direct investment refers to direct investment equity flows in the reporting economy. It is the sum of equity capital, reinvestment earnings, and other capital. Direct investment is a category of cross-border investment associated with a resident in one economy having control or a significant degree of influence on the management of an enterprise that is resident in another economy. Ownership of 10 percent or more of the ordinary shares or voting stock is the criterion for determining the existence of a direct investment relationship. Government sector debt consists of all external debt obligations of all levels of the government and its departments, branches, agencies, foundations, institutes, nonmarket and nonprofit institutions controlled by the government, and other publicly controlled organizations engaging in nonmarket activities. Grace period is the time between the date on which a loan is committed and the date on which the first principal payment is due. The information presented in the International Debt Statistics database is the average grace period on all public and publicly guaranteed debt committed during the specified period. Grants are legally binding commitments that obligate a specific value of funds available for disbursement for which there is no payment requirement. They include debt forgiveness grants and grants from bilateral and multilateral agencies (such as the International Development Association). Green bonds are bonds that finance green projects and provide investors with regular or fixed income payments. Green investments refer to the allocation of financial resources to projects or companies that focus on sustainable practices, environmentally friendly technologies, and the conservation of natural resources. Gross national income is the sum of value added by all resident producers, plus any product taxes (less subsidies) not included in the valuation of output, plus net receipts of primary income compensation of employees and property income from abroad. Yearly average exchange rates are used to convert gross national income from local currency to US dollars. IDA-eligible countries are the countries that are eligible to receive International Development Association (IDA) resources. Eligibility for IDA support depends on a country’s relative poverty, defined as gross national income per capita below an established threshold, which is updated annually.

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Imports of goods, services, and primary income constitute the total value of goods and services imported and income payable to nonresidents. Interest arrears are due and payable immediately and are therefore regarded as short-term obligations. Thus, an increase in interest arrears on long-term debt will be recorded as an increase in short-term debt. Interest in arrears on the use of International Monetary Fund credit is also considered to be part of short-term external debt. Interest payments are the amounts of interest paid in foreign currency, goods, or services in the year specified. Interest rate is the interest rate applicable to a loan commitment as specified in the loan contract. The information presented in the International Debt Statistics database is the average interest on all public and publicly guaranteed debt committed during the specified period. International reserves constitute the sum of a country’s monetary authority’s holdings of special drawing rights, its reserve position in the International Monetary Fund, its holdings of foreign exchange, and its holdings of gold (valued at year-end London prices). Lender of last resort is an institution, often a multilateral creditor or a country’s central bank, that offers loans to banks or other eligible institutions that are experiencing financial difficulty or are considered highly risky or near collapse. Loans from such lenders can happen in periods of financial turmoil, when banks may have doubts about lending to each other and depositors may suddenly seek to withdraw their money from their bank account. Long-term external debt is debt that has an original or extended maturity of more than one year and that is owed to nonresidents by residents of an economy and is repayable in currency, goods, or services. Maturity is the date on which the final principal repayment on a loan is due. It is the sum of the grace and repayment periods. The information presented in the International Debt S tatistics database is the average maturity on all public and publicly guaranteed debt committed during the specified period. Monetary policy is used by central banks to manage economic fluctuations and achieve price stability, with low and stable inflation. Central banks conduct monetary policy by adjusting the supply of money, usually through buying or selling securities in the open market. When central banks lower interest rates, monetary policy is easing. When they raise interest rates, monetary policy is tightening. Multilateral official creditors are official agencies owned or governed by more than one country that provide loan financing. They include international financial institutions such as the World Bank, regional development banks, and other intergovernmental agencies. Multilateral to external debt stock is the ratio of the stock of debt owed to multilateral creditors to total external debt. Net debt flow is gross disbursements less principal payments. Nonconcessional debt refers to loans with a market-based interest rate and substantially less generous terms than concessional loans.

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Official creditors are governments or other bilateral public entities (such as export-import agencies or development agencies) and multilateral financial institutions (such as the World Bank and regional development banks). Paris Club is an informal group of official creditors whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by debtor countries. Paris Club creditors provide appropriate debt treatment as debtor countries undertake reforms to stabilize and restore their macroeconomic and financial situations. Portfolio equity is the category of international investment that refers to portfolio equity inflows and covers investment in equity securities. Equity securities include shares, stocks, participation, or similar documents (such as US depositary receipts) that usually denote ownership of equity. Present value of debt outstanding is the nominal value of all future debt service obligations on existing debt discounted at prevailing market rates of interest. The interest rates used in this calculation are the Commercial Interest Reference Rates for each relevant currency compiled and published by the Organisation for Economic Co-operation and Development. Primary income on FDI (foreign direct investment) are payments of direct investment income (debit side), which consist of income on equity (dividends, branch profits, and reinvested earnings) and income on the intercompany debt (interest). Principal repayments are the amounts of principal (amortization) paid in currency, goods, or services in the year specified with respect to long-term external debt. Private creditors are bondholders, commercial banks, and other trade-related lenders. Private nonguaranteed debt is debt owed by private sector borrowers to external creditors on loans that do not benefit from a public sector guarantee by the debtor country. Public and publicly guaranteed debt comprises public debt (an external obligation of a public debtor, such as the general government or agency, the central bank, a political subdivision or agency, or an autonomous public body) and publicly guaranteed external debt (an external obligation of a private debtor that is guaranteed for repayment by a public entity). Public debt is an external obligation of a public debtor, including all levels of government, the central bank, state-owned enterprises, public corporations, development banks, and any other autonomous public bodies of government. Renegotiated loan is a loan that is modified by the lender before its full repayment. Debt renegotiation is therefore the process of paying a debt over a longer period than originally agreed or paying back less than the original debt. Its primary purpose is to make it easier for the borrower to sustain timely payments as well as ensure that the lender is eventually paid. Repurchase agreement/loan is a transaction in which the borrower temporarily lends a security to the lender for cash with an agreement to buy it back in the future at a predetermined price. Ownership of the security does not change hands in a repurchase transaction. For this reason, these agreements are treated as collateralized loans.

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SDR allocations are reserve-related liabilities, distributed to member countries in proportion to their quota shares at the International Monetary Fund. The SDR (special drawing rights) allocations are included in the gross external debt position and classified as long-term, special drawing rights. Short-term external debt has an original maturity of one year or less. Available data permit no distinctions among public, publicly guaranteed, and private nonguaranteed short-term external debt. Sovereign credit ratings indicate the capacity and willingness of rated governments to repay commercial debt obligations in full and on time. Sukuk bonds, also known as Islamic bonds, are investment certificates issued by Islamic financial institutions to obtain funding. A distinguishing feature of Sukuk is that the holders are entitled to share revenues generated by the Sukuk assets and are entitled to a share of the proceeds of the realization of Sukuk assets. Syndicated loan is a type of loan that is granted by a group of lenders to a single borrower. The lenders work together to provide a large sum of money to the borrower, which the borrower then uses for a specific purpose such as financing a major project or refinancing existing debt. Use of IMF credit denotes members’ drawings on the International Monetary Fund (IMF) other than amounts drawn against the country’s reserve tranche position. Use of IMF credit includes purchases and drawings under Stand-By, Extended, Structural Adjustment, Enhanced Structural Adjustment, and Systemic Transformation Facility Arrangements as well as trust fund loans.

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ECO-AUDIT

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he International Debt Report (IDR) is a longstanding annual publication of the World Bank featuring external debt statistics and analysis for the 122 countries that report to the World Bank Debtor Reporting System. IDR 2023 is the 50th annual edition and includes (1) analyses of external debt stocks and flows as of end2022 for these countries; (2) the macroeconomic and debt outlook for 2023 and beyond; (3) a focus on improved public debt transparency and the quality of debt reporting; (4) a discussion of the need for innovative approaches to debt management; (5) a commentary on how the International Debt Statistics database serves as an indispensable resource for researchers and policy makers; and (6) a one-page snapshot of relevant debt indicators and summary of debt stocks and flows for six years (2010 and 2018–22) for each country, plus global income group and regional aggregates.

Unique in its coverage of the important trends and issues fundamental to the financing of low- and middle-income countries, IDR 2023 is an indispensable resource for governments, economists, investors, financial consultants, academics, bankers, and the entire development community. For more information on IDR 2023 and related products, please visit the World Bank’s Debt Statistics website at www.worldbank.org /debtstatistics.

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