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</div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">External debt</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 42 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-42" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">42 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%AF%D9%8A%D9%86_%D8%AE%D8%A7%D8%B1%D8%AC%D9%8A" title="دين خارجي – Arabic" lang="ar" hreflang="ar" data-title="دين خارجي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/%D0%97%D0%BD%D0%B5%D1%88%D0%BD%D1%96_%D0%B4%D0%BE%D1%9E%D0%B3" title="Знешні доўг – Belarusian" lang="be" hreflang="be" data-title="Знешні доўг" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target"><span>Беларуская</span></a></li><li class="interlanguage-link interwiki-be-x-old mw-list-item"><a href="https://be-tarask.wikipedia.org/wiki/%D0%97%D0%B0%D0%BC%D0%B5%D0%B6%D0%BD%D0%B0%D1%8F_%D0%B7%D0%B0%D0%BF%D0%B0%D0%B7%D1%8B%D1%87%D0%B0%D0%BD%D0%B0%D1%81%D1%8C%D1%86%D1%8C" title="Замежная запазычанасьць – Belarusian (Taraškievica orthography)" lang="be-tarask" hreflang="be-tarask" data-title="Замежная запазычанасьць" data-language-autonym="Беларуская (тарашкевіца)" data-language-local-name="Belarusian (Taraškievica orthography)" class="interlanguage-link-target"><span>Беларуская (тарашкевіца)</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%92%D1%8A%D0%BD%D1%88%D0%B5%D0%BD_%D0%B4%D1%8A%D0%BB%D0%B3" title="Външен дълг – Bulgarian" lang="bg" hreflang="bg" data-title="Външен дълг" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Deute_exterior" title="Deute exterior – Catalan" lang="ca" hreflang="ca" data-title="Deute exterior" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Zahrani%C4%8Dn%C3%AD_dluh" title="Zahraniční dluh – Czech" lang="cs" hreflang="cs" data-title="Zahraniční dluh" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Udlandsg%C3%A6ld" title="Udlandsgæld – Danish" lang="da" hreflang="da" data-title="Udlandsgæld" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Auslandsverschuldung" title="Auslandsverschuldung – German" lang="de" hreflang="de" data-title="Auslandsverschuldung" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/V%C3%A4lisv%C3%B5lg" title="Välisvõlg – Estonian" lang="et" hreflang="et" data-title="Välisvõlg" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Deuda_externa" title="Deuda externa – Spanish" lang="es" hreflang="es" data-title="Deuda externa" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Ekstera_%C5%9Duldo" title="Ekstera ŝuldo – Esperanto" lang="eo" hreflang="eo" data-title="Ekstera ŝuldo" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Kanpo-zor" title="Kanpo-zor – Basque" lang="eu" hreflang="eu" data-title="Kanpo-zor" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A8%D8%AF%D9%87%DB%8C_%D8%AE%D8%A7%D8%B1%D8%AC%DB%8C" title="بدهی خارجی – Persian" lang="fa" hreflang="fa" data-title="بدهی خارجی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Dette_ext%C3%A9rieure" title="Dette extérieure – French" lang="fr" hreflang="fr" data-title="Dette extérieure" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/D%C3%A9beda_externa" title="Débeda externa – Galician" lang="gl" hreflang="gl" data-title="Débeda externa" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%99%B8%EC%B1%84" title="외채 – Korean" lang="ko" hreflang="ko" data-title="외채" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%B1%D6%80%D5%BF%D5%A1%D6%84%D5%AB%D5%B6_%D5%BA%D5%A1%D6%80%D5%BF%D6%84" title="Արտաքին պարտք – Armenian" lang="hy" hreflang="hy" data-title="Արտաքին պարտք" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Vanjski_dug" title="Vanjski dug – Croatian" lang="hr" hreflang="hr" data-title="Vanjski dug" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Utang_luar_negeri" title="Utang luar negeri – Indonesian" lang="id" hreflang="id" data-title="Utang luar negeri" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Debito_estero" title="Debito estero – Italian" lang="it" hreflang="it" data-title="Debito estero" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%97%D7%95%D7%91_%D7%97%D7%99%D7%A6%D7%95%D7%A0%D7%99" title="חוב חיצוני – Hebrew" lang="he" hreflang="he" data-title="חוב חיצוני" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-lo mw-list-item"><a href="https://lo.wikipedia.org/wiki/%E0%BB%9C%E0%BA%B5%E0%BB%89%E0%BA%95%E0%BB%88%E0%BA%B2%E0%BA%87%E0%BA%9B%E0%BA%B0%E0%BB%80%E0%BA%97%E0%BA%94" title="ໜີ້ຕ່າງປະເທດ – Lao" lang="lo" hreflang="lo" data-title="ໜີ້ຕ່າງປະເທດ" data-language-autonym="ລາວ" data-language-local-name="Lao" class="interlanguage-link-target"><span>ລາວ</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/U%C5%BEsienio_skola" title="Užsienio skola – Lithuanian" lang="lt" hreflang="lt" data-title="Užsienio skola" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%9D%D0%B0%D0%B4%D0%B2%D0%BE%D1%80%D0%B5%D1%88%D0%B5%D0%BD_%D0%B4%D0%BE%D0%BB%D0%B3" title="Надворешен долг – Macedonian" lang="mk" hreflang="mk" data-title="Надворешен долг" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E5%AF%BE%E5%A4%96%E5%82%B5%E5%8B%99" title="対外債務 – Japanese" lang="ja" hreflang="ja" data-title="対外債務" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-uz badge-Q70893996 mw-list-item" title=""><a href="https://uz.wikipedia.org/wiki/Tashqi_qarz" title="Tashqi qarz – Uzbek" lang="uz" hreflang="uz" data-title="Tashqi qarz" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D8%A8%D9%87%D8%B1%D9%86%DB%8D_%D9%BE%D9%88%D8%B1" title="بهرنۍ پور – Pashto" lang="ps" hreflang="ps" data-title="بهرنۍ پور" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/D%C5%82ug_zewn%C4%99trzny" title="Dług zewnętrzny – Polish" lang="pl" hreflang="pl" data-title="Dług zewnętrzny" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/D%C3%ADvida_externa" title="Dívida externa – Portuguese" lang="pt" hreflang="pt" data-title="Dívida externa" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Datorie_extern%C4%83" title="Datorie externă – Romanian" lang="ro" hreflang="ro" data-title="Datorie externă" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%92%D0%BD%D0%B5%D1%88%D0%BD%D0%B8%D0%B9_%D0%B4%D0%BE%D0%BB%D0%B3" title="Внешний долг – Russian" lang="ru" hreflang="ru" data-title="Внешний долг" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Borxhi_i_jasht%C3%ABm" title="Borxhi i jashtëm – Albanian" lang="sq" hreflang="sq" data-title="Borxhi i jashtëm" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%A1%D0%BF%D0%BE%D1%99%D0%BD%D0%B8_%D0%B4%D1%83%D0%B3" title="Спољни дуг – Serbian" lang="sr" hreflang="sr" data-title="Спољни дуг" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Eksterni_dug" title="Eksterni dug – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Eksterni dug" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Ulkomaanvelka" title="Ulkomaanvelka – Finnish" lang="fi" hreflang="fi" data-title="Ulkomaanvelka" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Utlandsskuld" title="Utlandsskuld – Swedish" lang="sv" hreflang="sv" data-title="Utlandsskuld" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Panlabas_na_utang" title="Panlabas na utang – Tagalog" lang="tl" hreflang="tl" data-title="Panlabas na utang" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%AB%E0%B8%99%E0%B8%B5%E0%B9%89%E0%B8%A0%E0%B8%B2%E0%B8%A2%E0%B8%99%E0%B8%AD%E0%B8%81" title="หนี้ภายนอก – Thai" lang="th" hreflang="th" data-title="หนี้ภายนอก" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/D%C4%B1%C5%9F_bor%C3%A7" title="Dış borç – Turkish" lang="tr" hreflang="tr" data-title="Dış borç" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9C%D1%96%D0%B6%D0%BD%D0%B0%D1%80%D0%BE%D0%B4%D0%BD%D0%B8%D0%B9_%D0%BA%D1%80%D0%B5%D0%B4%D0%B8%D1%82" title="Міжнародний кредит – Ukrainian" lang="uk" hreflang="uk" data-title="Міжнародний кредит" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%D8%A8%DB%8C%D8%B1%D9%88%D9%86%DB%8C_%D9%82%D8%B1%D8%B6%DB%81" title="بیرونی قرضہ – Urdu" lang="ur" hreflang="ur" data-title="بیرونی قرضہ" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E5%A4%96%E5%80%BA" title="外债 – Chinese" lang="zh" hreflang="zh" data-title="外债" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q461319#sitelinks-wikipedia" title="Edit interlanguage links" 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.hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Not to be confused with <a href="/wiki/Government_debt" title="Government debt">government debt</a> (or public debt), the total amount of debt owed to lenders by a government or state.</div> <p>A country's gross <b>external debt</b> (or <b>foreign debt</b>) is the liabilities that are owed to nonresidents by residents.<sup id="cite_ref-eds_1-0" class="reference"><a href="#cite_note-eds-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 5">: 5 </span></sup> The debtors can be <a href="/wiki/Government" title="Government">governments</a>, <a href="/wiki/Corporation" title="Corporation">corporations</a> or citizens.<sup id="cite_ref-eds_1-1" class="reference"><a href="#cite_note-eds-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 41–43">: 41–43 </span></sup> External debt may be denominated in domestic or foreign currency.<sup id="cite_ref-eds_1-2" class="reference"><a href="#cite_note-eds-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 71–72">: 71–72 </span></sup> It includes amounts owed to private <a href="/wiki/Commercial_bank" title="Commercial bank">commercial banks</a>, foreign governments, or international financial institutions such as the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> (IMF) and the <a href="/wiki/World_Bank" title="World Bank">World Bank</a>. </p><p>External debt measures an economy's obligations to make future payments and, therefore, is an indicator of a country's vulnerability to solvency and liquidity problems.<sup id="cite_ref-eds_1-3" class="reference"><a href="#cite_note-eds-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: xi–xii">: xi–xii </span></sup> Another useful indicator is the <i>net</i> external debt position, which equals gross external debt minus external assets in the form of debt instruments.<sup id="cite_ref-eds_1-4" class="reference"><a href="#cite_note-eds-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 1–2">: 1–2 </span></sup> A related concept is the <a href="/wiki/Net_international_investment_position" title="Net international investment position">net international investment position</a> (net IIP). Provided that debt securities are measured at market value, the net external debt position equals the net IIP excluding equity and investment fund shares, financial derivatives, and employee stock options.<sup id="cite_ref-eds_1-5" class="reference"><a href="#cite_note-eds-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 44, 82">: 44, 82 </span></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Definition">Definition</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=External_debt&action=edit&section=1" title="Edit section: Definition"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund"> International Monetary Fund's</a> <i>External Debt Statistics: Guide for Compilers and Users</i>, "Gross external debt, at any given time, is the outstanding amount of those actual current, and not contingent, liabilities 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."<sup id="cite_ref-eds_1-6" class="reference"><a href="#cite_note-eds-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 5">: 5 </span></sup> </p><p>In this definition, the IMF defines the key elements as follows: </p> <dl><dt>Outstanding and actual current liabilities</dt> <dd>Debt liabilities include <a href="/wiki/Arrears" title="Arrears">arrears</a> of both <a href="/wiki/Bond_(finance)#Principal" title="Bond (finance)">principal</a> and <a href="/wiki/Interest" title="Interest">interest</a>.</dd> <dt>Principal and interest</dt> <dd>When the cost of borrowing is paid periodically, as commonly occurs, it is known as an <a href="/wiki/Interest" title="Interest">interest payment</a>. All other payments of economic value by the debtor to the creditor that reduce the principal amount outstanding are known as principal payments. However, the definition of external debt does not distinguish between principal payments or interest payments, or payments for both. Also, the definition does not specify that the timing of the future payments of principal and/or interest need be known for a liability to be classified as debt.</dd> <dt>Residence</dt> <dd>To qualify as external debt, the debt liabilities must be owed by a resident to a nonresident. Residence is determined by where the debtor and creditor have their centers of economic interest—typically, where they are ordinarily located—and not by their nationality.</dd> <dt>Current and not contingent</dt> <dd><a href="/wiki/Contingent_liability" title="Contingent liability">Contingent liabilities</a> are not included in the definition of external debt. These are defined as arrangements under which one or more conditions must be fulfilled before a financial transaction takes place. However, from the viewpoint of understanding vulnerability, there is analytical interest in the potential impact of contingent liabilities on an economy and on particular institutional sectors, such as the government.</dd></dl> <p>Generally, external debt is classified into four heads: </p> <dl><dd>(1) public and publicly guaranteed debt;</dd> <dd>(2) private non-guaranteed credits;</dd> <dd>(3) central bank deposits; and</dd> <dd>(4) loans due to the IMF.</dd></dl> <p>However, the exact treatment varies from country to country. For example, while <a href="/wiki/Egypt" title="Egypt">Egypt</a> maintains this four-head classification,<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> in <a href="/wiki/India" title="India">India</a> it is classified in seven heads: </p> <dl><dd>(a) Multilateral,</dd> <dd>(b) Bilateral,</dd> <dd>(c) <a href="/wiki/IMF" class="mw-redirect" title="IMF">IMF</a> loans,</dd> <dd>(d) Trade credit,</dd> <dd>(e) Commercial borrowings,</dd> <dd>(f) <a href="/wiki/Non-resident_Indian_and_person_of_Indian_origin" class="mw-redirect" title="Non-resident Indian and person of Indian origin">Non-resident Indian and person of Indian origin</a> deposits,</dd> <dd>(g) <a href="/wiki/Indian_rupee" title="Indian rupee">Rupee</a> debt, and</dd> <dd>(h) <a href="/wiki/Nepalese_rupee" title="Nepalese rupee">NPR</a> debt.</dd></dl> <div class="mw-heading mw-heading2"><h2 id="External_debt_sustainability">External debt sustainability</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=External_debt&action=edit&section=2" title="Edit section: External debt sustainability"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:External_debt_to_gdp.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d1/External_debt_to_gdp.png/350px-External_debt_to_gdp.png" decoding="async" width="350" height="159" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d1/External_debt_to_gdp.png/525px-External_debt_to_gdp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d1/External_debt_to_gdp.png/700px-External_debt_to_gdp.png 2x" data-file-width="1946" data-file-height="886" /></a><figcaption>Map of countries by external debt as a percentage of <a href="/wiki/GDP" class="mw-redirect" title="GDP">GDP</a></figcaption></figure><figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Total_debt_service_(%25_of_exports_of_goods,_services_and_primary_income),_OWID.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/05/Total_debt_service_%28%25_of_exports_of_goods%2C_services_and_primary_income%29%2C_OWID.svg/350px-Total_debt_service_%28%25_of_exports_of_goods%2C_services_and_primary_income%29%2C_OWID.svg.png" decoding="async" width="350" height="247" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/05/Total_debt_service_%28%25_of_exports_of_goods%2C_services_and_primary_income%29%2C_OWID.svg/525px-Total_debt_service_%28%25_of_exports_of_goods%2C_services_and_primary_income%29%2C_OWID.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/05/Total_debt_service_%28%25_of_exports_of_goods%2C_services_and_primary_income%29%2C_OWID.svg/700px-Total_debt_service_%28%25_of_exports_of_goods%2C_services_and_primary_income%29%2C_OWID.svg.png 2x" data-file-width="850" data-file-height="600" /></a><figcaption>Total debt service as % of exports of goods, services and primary income in 2017<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup></figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:US_gross_external_debt_position_by_sectors.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/15/US_gross_external_debt_position_by_sectors.png/350px-US_gross_external_debt_position_by_sectors.png" decoding="async" width="350" height="292" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/15/US_gross_external_debt_position_by_sectors.png/525px-US_gross_external_debt_position_by_sectors.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/15/US_gross_external_debt_position_by_sectors.png/700px-US_gross_external_debt_position_by_sectors.png 2x" data-file-width="1200" data-file-height="1000" /></a><figcaption>Share of U.S. gross external debt by debtors<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p><a href="/wiki/Fiscal_sustainability" title="Fiscal sustainability">Sustainable debt</a> is the level of debt which allows a debtor country to meet its current and future debt service obligations in full, without recourse to further <a href="/wiki/Debt_relief" title="Debt relief">debt relief</a> or <a href="/wiki/Debt_rescheduling" title="Debt rescheduling">rescheduling</a>, avoiding accumulation of <a href="/wiki/Arrears" title="Arrears">arrears</a>, while allowing an acceptable level of economic growth.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>External-debt-sustainability analysis is generally conducted in the context of medium-term scenarios. These scenarios are numerical evaluations that take account of expectations of the behavior of economic variables and other factors to determine the conditions under which debt and other indicators would stabilize at reasonable levels, the major risks to the economy, and the need and scope for policy adjustment. In these analyses, macroeconomic uncertainties, such as the outlook for the current account, and policy uncertainties, such as for fiscal policy, tend to dominate the medium-term outlook.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/World_Bank" title="World Bank">World Bank</a> and IMF hold that "a country can be said to achieve external debt sustainability if it can meet its current and future external debt service obligations in full, without recourse to debt rescheduling or the accumulation of arrears and without compromising growth". According to these two institutions, "bringing the <a href="/wiki/Net_present_value" title="Net present value">net present value</a> (NPV) of external public debt down to about 150 percent of a country's exports or 250 percent of a country's revenues" would help eliminating this "critical barrier to longer-term debt sustainability".<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> High external debt is believed to be harmful for the economy.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Indicators">Indicators</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=External_debt&action=edit&section=3" title="Edit section: Indicators"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are various indicators for determining a sustainable level of external debt. While each has its own advantage and peculiarity to deal with particular situations, there is no unanimous opinion amongst economists as to a sole indicator. These indicators are primarily in the nature of ratios—i.e., comparison between two heads and the relation thereon and thus facilitate the policy makers in their external debt management exercise. These indicators can be thought of as measures of the country's "solvency" in that they consider the stock of debt at certain time in relation to the country's ability to generate resources to repay the outstanding balance. </p><p>Examples of debt burden indicators include the </p> <dl><dd>(a) <a href="/wiki/Debt-to-GDP_ratio" title="Debt-to-GDP ratio">Debt-to-GDP ratio</a>,</dd> <dd>(b) foreign debt to exports ratio,</dd> <dd>(c) government debt to current fiscal revenue ratio etc.</dd></dl> <p>This set of indicators also covers the structure of the outstanding debt, including: </p> <dl><dd>(d) Share of foreign debt,</dd> <dd>(e) Short-term debt, and</dd> <dd>(f) Concessional debt ("loans with an original grant element of 25 percent or more")<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> in the total debt stock.<sup id="cite_ref-Sri_Lanka_10-0" class="reference"><a href="#cite_note-Sri_Lanka-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup></dd></dl> <p>A second set of indicators focuses on the short-term liquidity requirements of the country with respect to its debt service obligations. These indicators are not only useful early-warning signs of debt service problems, but also highlight the impact of the inter-temporal trade-offs arising from past borrowing decisions. Examples of liquidity monitoring indicators include the </p> <dl><dd>(a) Debt service to GDP ratio,</dd> <dd>(b) Foreign debt service to exports ratio,</dd> <dd>(c) Government debt service to current fiscal revenue ratio</dd></dl> <p>The final indicators are more forward-looking, as they point out how the debt burden will evolve over time, given the current stock of data and average interest rate. The dynamic ratios show how the debt-burden ratios would change in the absence of repayments or new disbursements, indicating the stability of the debt burden. An example of a dynamic ratio is the ratio of the average interest rate on outstanding debt to the growth rate of nominal <a href="/wiki/GDP" class="mw-redirect" title="GDP">GDP</a>.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Sri_Lanka_10-1" class="reference"><a href="#cite_note-Sri_Lanka-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=External_debt&action=edit&section=4" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Eurodad" title="Eurodad">Eurodad</a></li> <li><a href="/wiki/Jubilee_Debt_Coalition" class="mw-redirect" title="Jubilee Debt Coalition">Jubilee Debt Coalition</a></li> <li><a href="/wiki/List_of_countries_by_external_debt" title="List of countries by external debt">List of countries by external debt</a></li> <li><a href="/wiki/Net_international_investment_position" title="Net international investment position">Net international investment position</a></li> <li><a href="/wiki/Odious_debt" title="Odious debt">Odious debt</a></li> <li><a href="/wiki/Government_debt" title="Government debt">Government debt</a></li> <li><a href="/wiki/Sovereign_default" title="Sovereign default">Sovereign default</a></li> <li><i><a href="/wiki/The_Accumulation_of_Capital" title="The Accumulation of Capital">The Accumulation of Capital</a></i></li> <li><a href="/wiki/Debt_of_developing_countries" title="Debt of developing countries">Debt of developing countries</a></li> <li><a href="/wiki/Global_debt" title="Global debt">Global debt</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=External_debt&action=edit&section=5" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-eds-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-eds_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-eds_1-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-eds_1-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-eds_1-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-eds_1-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-eds_1-5"><sup><i><b>f</b></i></sup></a> <a href="#cite_ref-eds_1-6"><sup><i><b>g</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFInternational_Monetary_Fund" class="citation web cs1">International Monetary Fund. <a rel="nofollow" class="external text" href="https://www.imf.org/external/np/sta/ed/ed.htm">"External Debt Statistics: Guide for Compilers and Users"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=External+Debt+Statistics%3A+Guide+for+Compilers+and+Users&rft.au=International+Monetary+Fund&rft_id=https%3A%2F%2Fwww.imf.org%2Fexternal%2Fnp%2Fsta%2Fed%2Fed.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AExternal+debt" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.cbe.org.eg/NR/rdonlyres/54720366-9F2A-4631-9D5B-62DE4161DE65/1654/External38.pdf">"External Position of the Egyptian Economy, Fiscal Year 2011/12"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20151029124704/http://www.cbe.org.eg/NR/rdonlyres/54720366-9F2A-4631-9D5B-62DE4161DE65/1654/External38.pdf">Archived</a> 2015-10-29 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <a href="/wiki/Central_Bank_of_Egypt" title="Central Bank of Egypt">Central Bank of Egypt</a> Quarterly, Volume No. 38</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://ourworldindata.org/grapher/debt-service-of-exports-of-goods-services">"Total debt service (% of exports of goods, services and primary income)"</a>. <i>Our World in Data</i><span class="reference-accessdate">. Retrieved <span class="nowrap">7 March</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Our+World+in+Data&rft.atitle=Total+debt+service+%28%25+of+exports+of+goods%2C+services+and+primary+income%29&rft_id=https%3A%2F%2Fourworldindata.org%2Fgrapher%2Fdebt-service-of-exports-of-goods-services&rfr_id=info%3Asid%2Fen.wikipedia.org%3AExternal+debt" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20141117072912/http://www.bluenomics.com/data#!data/external_debt_iip/external_debt_by_sectors/gross_external_debt_position_by_sectors/gross_external_debt_position_by_sectors_quarterly_structure_of_total_external_debt%7Cchart/line$countries=usa&sorting=structure//position">"Bluenomics"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.bluenomics.com/data#!data/external_debt_iip/external_debt_by_sectors/gross_external_debt_position_by_sectors/gross_external_debt_position_by_sectors_quarterly_structure_of_total_external_debt%7Cchart/line$countries=usa&sorting=structure//position">the original</a> on 17 November 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">7 March</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Bluenomics&rft_id=http%3A%2F%2Fwww.bluenomics.com%2Fdata%23%21data%2Fexternal_debt_iip%2Fexternal_debt_by_sectors%2Fgross_external_debt_position_by_sectors%2Fgross_external_debt_position_by_sectors_quarterly_structure_of_total_external_debt%257Cchart%2Fline%24countries%3Dusa%26sorting%3Dstructure%2F%2Fposition&rfr_id=info%3Asid%2Fen.wikipedia.org%3AExternal+debt" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">UNCTAD/UNDP, 1996</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">IMF, "Debt- and Reserve-Related Indicators of External Vulnerability", Policy Paper, 2000</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text">Page 4 in <a rel="nofollow" class="external text" href="http://www.imf.org/external/np/hipc/2001/lt/042001.pdf">"The Challenge of Maintaining Long-term External Debt Sustainability"</a>, World Bank and International Monetary Fund, April 2001, ii +48 pp.</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBivens2004" class="citation news cs1">Bivens, L. Josh (14 December 2004). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20041217041437/http://www.epinet.org/Issuebriefs/203/ib203.pdf">"US external debt obligations"</a> <span class="cs1-format">(PDF)</span>. <i>Debt and the dollar</i>. Economic Policy Institute. p. 2. Archived from <a rel="nofollow" class="external text" href="http://www.epinet.org/Issuebriefs/203/ib203.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2004-12-17<span class="reference-accessdate">. Retrieved <span class="nowrap">2007-07-08</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Debt+and+the+dollar&rft.atitle=US+external+debt+obligations&rft.pages=2&rft.date=2004-12-14&rft.aulast=Bivens&rft.aufirst=L.+Josh&rft_id=http%3A%2F%2Fwww.epinet.org%2FIssuebriefs%2F203%2Fib203.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AExternal+debt" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://data.worldbank.org/indicator/DT.DOD.ALLC.ZS">"Concessional debt (% of total external debt)"</a>. <i>World Development Indicators</i>. World Bank<span class="reference-accessdate">. Retrieved <span class="nowrap">24 December</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=World+Development+Indicators&rft.atitle=Concessional+debt+%28%25+of+total+external+debt%29&rft_id=http%3A%2F%2Fdata.worldbank.org%2Findicator%2FDT.DOD.ALLC.ZS&rfr_id=info%3Asid%2Fen.wikipedia.org%3AExternal+debt" class="Z3988"></span></span> </li> <li id="cite_note-Sri_Lanka-10"><span class="mw-cite-backlink">^ <a href="#cite_ref-Sri_Lanka_10-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Sri_Lanka_10-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.adb.org/Documents/Books/SRI_Borrowing_Capacity/sri_Borrowing_Capacity.pdf">“Sri Lanka: Borrowing Capacity Assessment”</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20061103163354/http://www.adb.org/Documents/Books/SRI_Borrowing_Capacity/sri_Borrowing_Capacity.pdf">Archived</a> 2006-11-03 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <a href="/wiki/Asian_Development_Bank" title="Asian Development Bank">Asian Development Bank</a>, South Asia Department, Nov. 2003, iv + 30 pp.</span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/eds/Eng/Guide/file4.pdf">"Part III. Use of External Debt Statistics"</a>, pp. 169-183 in IMF "External Debt Statistics. Guide for Compilers and Users. 2 IMF, 2003.</span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text">Berensmann, Kathrin <a rel="nofollow" class="external text" href="http://www.un-ngls.org/orf/cso/cso2/001%200304-Hearings-CS-KB-debt.pdf">“How to ensure debt sustainability beyond the HIPC-Initiative?”</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120327035024/http://www.un-ngls.org/orf/cso/cso2/001%200304-Hearings-CS-KB-debt.pdf">Archived</a> 2012-03-27 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Informal hearings of civil society on financing for development, UN Headquarters, 22 March 2004, 6 pp.</span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text">Chandrasekhar, C.P. and Ghosh, Jayati <a rel="nofollow" class="external text" href="http://www.macroscan.com/fet/may05/fet250505State_Government_Debt.htm">"The Crisis of State Government Debt"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20061114065554/http://www.macroscan.com/fet/may05/fet250505State_Government_Debt.htm">Archived</a> 2006-11-14 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Macroscan, May 25, 2005</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=External_debt&action=edit&section=6" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://dsbb.imf.org/Applications/web/sddsnsdppage/">IMF National Summary Data Pages</a> (see "External Debt" under "External Sector")</li> <li><a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/weo/2003/02/index.htm">IMF World Economic Outlook (WEO)-- September 2003 -- Public Debt in Emerging Markets</a></li> <li><a rel="nofollow" class="external text" href="https://www.cia.gov/library/publications/the-world-factbook/rankorder/2079rank.html">External debt</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190317104350/https://www.cia.gov/library/publications/the-world-factbook/rankorder/2079rank.html">Archived</a> 2019-03-17 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> list in CIA World Factbook</li> <li><a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/eds/Eng/Guide/">IMF Guide to understanding External Debt</a></li> <li><a rel="nofollow" class="external text" href="https://www.eurodad.org/">European Network on Debt and Development</a> reports, news and links on external debt.</li> <li><a rel="nofollow" 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.mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Debt" title="Template:Debt"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Debt" title="Template talk:Debt"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Debt" title="Special:EditPage/Template:Debt"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Debt" style="font-size:114%;margin:0 4em"><a href="/wiki/Debt" title="Debt">Debt</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Instruments</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;font-weight:normal;"><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bonds</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate</a></li> <li><a href="/wiki/Debenture" title="Debenture">Debenture</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government</a></li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;font-weight:normal;"><a href="/wiki/Loan" title="Loan">Loans</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a 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plan">Management plan</a></li> <li><a href="/wiki/Debt_relief" title="Debt relief">Relief</a> (<a href="/wiki/History_of_debt_relief" title="History of debt relief">history</a>)</li> <li><a href="/wiki/Debt_restructuring" title="Debt restructuring">Restructuring</a></li> <li><a href="/wiki/Debt_snowball_method" title="Debt snowball method">Debt snowball method</a></li> <li><a href="/wiki/Debtor-in-possession_financing" title="Debtor-in-possession financing">Debtor-in-possession (DIP) financing</a></li> <li><a href="/wiki/Loan_guarantee" title="Loan guarantee">Loan guarantee</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Debt_collection" title="Debt collection">Collection</a> <b>·</b> <a href="/wiki/Debt_evasion" title="Debt evasion">Evasion</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bad_debt" title="Bad debt">Bad debt</a></li> <li><a href="/wiki/Charge-off" title="Charge-off">Charge-off</a></li> <li><a href="/wiki/Debt_compliance" title="Debt compliance">Compliance</a></li> <li><a href="/wiki/Debt_bondage" title="Debt bondage">Debt bondage</a></li> <li><a href="/wiki/Debtors%27_prison" title="Debtors' prison">Debtors' prison</a></li> <li><a href="/wiki/Distraint" title="Distraint">Distraint</a></li> <li><a href="/wiki/Garnishment" title="Garnishment">Garnishment</a></li> <li><a href="/wiki/Phantom_debt" title="Phantom debt">Phantom debt</a></li> <li><a href="/wiki/Strategic_default" title="Strategic default">Strategic default</a></li> <li><a href="/wiki/Tax_refund_interception" title="Tax refund interception">Tax refund interception</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Bond_market" title="Bond market">Markets</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_debt" title="Consumer debt">Consumer</a></li> <li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate</a></li> <li><a href="/wiki/Debt-trap_diplomacy" title="Debt-trap diplomacy">Diplomacy</a></li> <li><a href="/wiki/Government_debt" title="Government debt">Government</a> <ul><li><a href="/wiki/Government_budget_balance" title="Government budget balance">Government budget balance</a></li></ul></li> <li><a href="/wiki/Medical_debt" title="Medical debt">Medical</a></li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal</a></li> <li><a href="/wiki/Venture_debt" title="Venture debt">Venture</a></li> <li><a href="/wiki/Debt_buyer_(United_States)" title="Debt buyer (United States)">Buyer</a></li> <li><a href="/wiki/Deposit_account" title="Deposit account">Deposit account</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a></li> <li><a href="/wiki/Money_market" title="Money market">Money 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