Short-term debt (% of total reserves) - Country Ranking

Definition: Short-term debt includes all debt having an original maturity of one year or less and interest in arrears on long-term debt. Total reserves includes gold.

Source: World Bank, International Debt Statistics.

See also: Thematic map, Time series comparison

Find indicator:
Rank Country Value Year
1 Zimbabwe 3,880.55 2018
2 Sudan 2,986.83 2017
3 Somalia 847.86 1989
4 Venezuela 421.07 2017
5 Tunisia 142.95 2018
6 Belarus 134.15 2018
7 Turkey 124.13 2018
8 Sri Lanka 118.21 2018
9 Mauritania 112.73 2018
10 Argentina 102.06 2018
11 Ukraine 99.39 2018
12 Mongolia 87.29 2018
13 Georgia 81.14 2018
14 Mauritius 75.46 2018
15 Congo 71.94 2018
16 South Africa 70.93 2018
17 Pakistan 70.13 2018
18 Tajikistan 68.03 2018
19 Jordan 67.36 2016
20 Moldova 63.76 2018
21 Iran 62.06 1982
22 Nicaragua 60.27 2018
23 Paraguay 59.96 2018
24 El Salvador 58.02 2018
25 Ghana 57.73 2018
26 Jamaica 56.44 2018
27 Albania 55.59 2018
28 Djibouti 53.65 2018
29 Grenada 50.35 2018
30 Armenia 50.19 2018
31 Costa Rica 44.92 2018
32 Indonesia 43.93 2018
33 Zambia 42.49 2018
34 Lao PDR 41.19 2018
35 North Macedonia 40.93 2018
36 China 38.47 2018
37 Mozambique 37.78 2018
38 Romania 37.65 2018
39 Sierra Leone 37.51 2018
40 Tanzania 35.88 2018
41 Vietnam 35.32 2018
42 Ecuador 34.81 2018
43 Mexico 34.64 2018
44 Bulgaria 33.77 2018
45 St. Lucia 31.88 2018
46 Colombia 31.54 2018
47 Kenya 31.06 2018
48 Morocco 30.44 2018
49 Thailand 29.33 2018
50 Bangladesh 28.20 2018
51 Dominican Republic 27.45 2018
52 Kazakhstan 27.01 2018
53 India 26.10 2018
54 Central African Republic 24.97 2018
55 Egypt 24.72 2018
56 Guyana 24.12 2018
57 São Tomé and Principe 22.46 2018
58 Kyrgyz Republic 21.34 2018
59 Papua New Guinea 20.61 2018
60 Turkmenistan 20.56 1999
61 Philippines 20.29 2018
62 Ethiopia 18.79 2018
63 Brazil 17.84 2018
64 Cambodia 17.04 2018
65 Peru 16.57 2018
66 Serbia 16.41 2018
67 Eritrea 15.99 2011
68 Myanmar 15.57 2018
69 Madagascar 15.56 2018
70 Uganda 15.15 2018
71 Angola 15.00 2018
72 Honduras 14.75 2018
73 Dem. Rep. Congo 14.59 2018
74 Gabon 14.18 2018
75 Cameroon 12.81 2018
76 Guinea 12.41 2018
77 Vanuatu 10.73 2018
78 Lebanon 10.59 2018
79 Russia 10.31 2018
80 Chad 9.64 2018
81 Montenegro 9.61 2018
82 The Gambia 9.36 2018
83 Azerbaijan 8.55 2018
84 Rwanda 8.46 2018
85 Bolivia 7.87 2018
86 Guatemala 7.26 2018
87 Solomon Islands 6.98 2018
88 Dominica 6.87 2018
89 Eswatini 5.42 2018
90 Yemen 4.85 2013
91 Fiji 4.70 2018
92 Afghanistan 4.44 2018
93 Bosnia and Herzegovina 3.92 2018
94 Botswana 3.77 2018
95 Malawi 3.03 2018
96 Nepal 3.02 2018
97 Syrian Arab Republic 2.73 2010
98 Uzbekistan 2.67 2018
99 Algeria 2.65 2018
100 Belize 1.25 2018
101 Comoros 0.59 2018
102 Bhutan 0.44 2018
103 Burundi 0.39 2018
104 Timor-Leste 0.38 2018
105 Cabo Verde 0.25 2018
106 Lesotho 0.07 2018
107 Haiti 0.00 2018
108 Nigeria 0.00 2018
109 Tonga 0.00 2018
109 Samoa 0.00 2018
109 Liberia 0.00 2018
109 St. Vincent and the Grenadines 0.00 2018

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Development Relevance: External debt is that part of the total debt in a country that is owed to creditors outside the country. The debtors can be the government, corporations or private households. The debt includes money owed to private commercial banks, other governments, or international financial institutions. External indebtedness affects a country's creditworthiness and investor perceptions. Nonreporting countries might have outstanding debt with the World Bank, other international financial institutions, or private creditors. Total debt service is contrasted with countries' ability to obtain foreign exchange through exports of goods, services, primary income, and workers' remittances. Debt ratios are used to assess the sustainability of a country's debt service obligations, but no absolute rules determine what values are too high. Empirical analysis of developing countries' experience and debt service performance shows that debt service difficulties become increasingly likely when the present value of debt reaches 200 percent of exports. Still, what constitutes a sustainable debt burden varies by country. Countries with fast-growing economies and exports are likely to be able to sustain higher debt levels. Various indicators determine a sustainable level of external debt, including: a) debt to GDP ratio b) foreign debt to exports ratio c) government debt to current fiscal revenue ratio d) share of foreign debt e) short-term debt f) concessional debt in the total debt stock

Limitations and Exceptions: The DRS encourages debtor countries to voluntarily provide information on their short-term external obligations. By its nature, short-term external debt is difficult to monitor: loan-by-loan registration is normally impractical, and monitoring systems typically rely on information requested periodically by the central bank from the banking sector. The World Bank regards the debtor country as the authoritative source of information on its short-term debt. Where such information is not available from the debtor country, data are derived from BIS data on international bank lending based on time remaining to original maturity. The data are reported based on residual maturity, but an estimate of short-term external liabilities by original maturity can be derived by deducting from claims due in one year those that have a maturity of between one and two years. However, BIS data include liabilities reported only by banks within the BIS reporting area. The results should thus be interpreted with caution. Because short-term debt poses an immediate burden and is particularly important for monitoring vulnerability, it is compared with total debt and foreign exchange reserves, which are instrumental in providing coverage for such obligations. A country's external debt burden, both debt outstanding and debt service, affects its creditworthiness and vulnerability. While data related to public and publicly guaranteed debt are reported to the DRS on a loan-by-loan basis, aggregate data on long-term private nonguaranteed debt are reported annually and are reported by the country or estimated by World Bank staff for countries where this type of external debt is known to be significant. Estimates are based on national data from the World Bank's Quarterly External Debt Statistics.

Statistical Concept and Methodology: Data on external debt are gathered through the World Bank's Debtor Reporting System (DRS). Long term debt data are compiled using the countries report on public and publicly guaranteed borrowing on a loan-by-loan basis and private non guaranteed borrowing on an aggregate basis. These data are supplemented by information from major multilateral banks and official lending agencies in major creditor countries. Short-term debt data are gathered from the Quarterly External Debt Statistics (QEDS) database, jointly developed by the World Bank and the IMF and from creditors through the reporting systems of the Bank for International Settlements. Debt data are reported in the currency of repayment and compiled and published in U.S. dollars. End-of-period exchange rates are used for the compilation of stock figures (amount of debt outstanding), and projected debt service and annual average exchange rates are used for the flows. Exchange rates are taken from the IMF's International Financial Statistics. Debt repayable in multiple currencies, goods, or services and debt with a provision for maintenance of the value of the currency of repayment are shown at book value.

Aggregation method: Weighted average

Periodicity: Annual