Foreword xi

Acknowledgments xv

Key Takeaways xvii

Abbreviations xxi

PART 1. Overview 1

Chapter 1. Analysis of External Debt Stocks and Debt Flows as of End-2025 3

  Trends in External Debt, 2015–25 3

  Trends in External Debt Flows, 2015–25 16

  Trends in Net Transfers on External Debt, 2015–25 22

  Debt Servicing Burdens of LMICs, 2025 24

  Trends in Equity and Personal Remittances Flows, 2000–25 30

  Key Debt Indicators, 2015–25 35

  Trends in External Debt of IDA-Eligible Countries, 2015–25 38

  Debt Reorganization, 2025 44

  Notes 50

  References 50

Chapter 2. Debt Dynamics: Policy Implications 51

  External Debt, External Shocks, and Vulnerability in LMICs 51

  Transmission of External Shocks 53

  Debt Sustainability and Fiscal Pressures 60

  Food Import Exposure, External Debt Burdens, and Healthy Diet Affordability 71

  Notes 79

  References 80

Chapter 3. Advancing Debt Transparency 83

  Introduction 83

  Progress in Debt Transparency, 2020–25 83

  Scaling Up the Debt Transparency Agenda 90

  Capacity Building for Stronger Debt Statistics and Transparency 96

  Debt Asymmetries 101

  From Granular Data to Actionable Knowledge 103

  Annex 3A. Sources of Debt Statistics 105

  Annex 3B. The World Bank Group Debt Statistics Three-Tier Architecture 107

  Notes 109

  References 110

PART 2. Aggregate and Country Profiles 111

How to Read the Aggregate and Country Profiles 112

  All Low- and Middle-Income Countries 113

  East Asia and Pacific 114

  Europe and Central Asia 115

  Latin America and the Caribbean 116

  Middle East, North Africa, Afghanistan, and Pakistan 117

  South Asia 118

  Sub-Saharan Africa 119

  Afghanistan 120

  Albania 121

  Algeria 122

  Angola 123

  Argentina 124

  Armenia 125

  Azerbaijan 126

  Bangladesh 127

  Belarus 128

  Belize 129

  Benin 130

  Bhutan 131

  Bolivia 132

  Bosnia and Herzegovina 133

  Botswana 134

  Brazil 135

  Burkina Faso 136

  Burundi 137

  Cabo Verde 138

  Cambodia 139

  Cameroon 140

  Central African Republic 141

  Chad 142

  China 143

  Colombia 144

  Comoros 145

  Congo, Democratic Republic of 146

  Congo, Republic of 147

  Côte d’Ivoire 148

  Djibouti 149

  Dominica 150

  Dominican Republic 151

  Ecuador 152

  Egypt, Arab Republic of 153

  El Salvador 154

  Equatorial Guinea 155

  Eritrea 156

  Eswatini 157

  Ethiopia 158

  Fiji 159

  Gabon 160

  Gambia, The 161

  Georgia 162

  Ghana 163

  Grenada 164

  Guatemala 165

  Guinea 166

  Guinea-Bissau 167

  Guyana 168

  Haiti 169

  Honduras 170

  India 171

  Indonesia 172

  Iran, Islamic Republic of 173

  Iraq 174

  Jamaica 175

  Jordan 176

  Kazakhstan 177

  Kenya 178

  Kosovo 179

  Kyrgyz Republic 180

  Lao People’s Democratic Republic 181

  Lebanon 182

  Lesotho 183

  Liberia 184

  Madagascar 185

  Malawi 186

  Maldives 187

  Mali 188

  Mauritania 189

  Mauritius 190

  Mexico 191

  Moldova 192

  Mongolia 193

  Montenegro 194

  Morocco 195

  Mozambique 196

  Myanmar 197

  Nepal 198

  Nicaragua 199

  Niger 200

  Nigeria 201

  North Macedonia 202

  Pakistan 203

  Papua New Guinea 204

  Paraguay 205

  Peru 206

  Philippines 207

  Rwanda 208

  Samoa 209

  São Tomé and Príncipe 210

  Senegal 211

  Serbia 212

  Sierra Leone 213

  Solomon Islands 214

  Somalia, Federal Republic of 215

  South Africa 216

  Sri Lanka 217

  St. Lucia 218

  St. Vincent and the Grenadines 219

  Sudan 220

  Suriname 221

  Syrian Arab Republic 222

  Tajikistan 223

  Tanzania 224

  Thailand 225

  Timor-Leste 226

  Togo 227

  Tonga 228

  Tunisia 229

  Türkiye 230

  Turkmenistan 231

  Uganda 232

  Ukraine 233

  Uzbekistan 234

  Vanuatu 235

  Viet Nam 236

  Yemen, Republic of 237

  Zambia 238

  Zimbabwe 239

APPENDIX 241

Data Sources 243

Country Groups 245

  Regional Groups 245

  Income Groups 246

Glossary 247