2025年国际债务报告（英）2025

INTERNATIONALDEBT REPORT2025 This book, along with any associated content or subsequentupdates, can be accessed athttps://hdl.handle.net/10986/44017. Data for this book are available in the World Bank’s Development Data Hub athttps://datacatalog.worldbank.org/int/search/dataset/0038015/international-debt-statistics. INTERNATIONALDEBT REPORT2025 © 2025 International Bank for Reconstruction and Development / The World Bank1818 H Street NW, Washington, DC 20433Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved 1 2 3 428 27 26 25 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 thiswork and does not assume responsibility for any errors, omissions, or discrepancies in the information, orliability with respect to the use of or failure to use the information, methods, processes, or conclusions setforth. The boundaries, colors, denominations, links/footnotes, and other information shown in this workdo not imply any judgment on the part of The World Bank concerning the legal status of any territory orthe endorsement or acceptance of such boundaries. The citation of works authored by others does not meanThe World Bank endorses the views expressed by those authors or the content of their works. Nothing herein shall constitute or be construed or considered to be a limitation upon or waiver of theprivileges and immunities of The World Bank, all of which are specifically reserved. Rights and Permissions This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) http://creativecommons.org/licenses/by/3.0/igo. Under the Creative Commons Attribution license, youare free tocopy, distribute, transmit, and adapt this work, including for commercial purposes, under the followingconditions: Attribution—Please cite the work as follows: World Bank. 2025.International Debt Report 2025.Washington,DC: World Bank. doi:10.1596/978-1-4648-2262-9. License: Creative Commons Attribution CC BY 3.0 IGO. Translations—If you create a translation of this work, please add the following disclaimer along with theattribution:This translation was not created by The World Bank and should not be considered an officialWorld Bank translation. The World Bank shall not be liable for any content or error in this translation. Adaptations—If you create an adaptation of this work, please add the following disclaimer along with theattribution:This is an adaptation of an original work by The World Bank. Views and opinions expressed inthe adaptation are the sole responsibility of the author or authors of the adaptation and are not endorsed byThe World Bank. Third-party content—The World Bank does not necessarily own each component of the content containedwithin the work. The World Bank therefore does not warrant that the use of any third-party-owned individualcomponent or part contained in the work will not infringe on the rights of those third parties. The risk ofclaims resulting from such infringement rests solely with you. If you wish to re-use a component of the work, itis your responsibility to determine whether permission is needed for that re-use and to obtain permission fromthe copyright owner. Examples of components can include, but are not limited to, tables, figures, or images. All queries on rights and licenses should be addressed to World Bank Publications, The World Bank,1818 H Street NW, Washington, DC 20433, USA; e-mail: pubrights@worldbank.org. ISBN (paper): 978-1-4648-2262-9ISBN (electronic): 978-1-4648-2263-6DOI: 10.1596/978-1-4648-2262-9 Cover photo:Dominic Chavez / World Bank. Further permission required for reuse.Cover design: Parul Agarwal / World Bank and Bill Pragluski / Critical Stages, LLC. The Library of Congress Control Number has been requested. Contents ForewordxiAcknowledgmentsxvKey TakeawaysxviiAbbreviationsxxiPART 1.Overview1Chapter1. Analysis of External DebtStock and Debt Flows as of End-20243Trends in External Debt, 2014–243Trends in Domestic Debt, 2014–249Debt Servicing Burdens of LMICs,2014–2415Trends in External Debt Flows,2014–2420Trends in Net Transfers on ExternalDebt, 2014–2424Key Debt Indicators, 2014–2426Trends in External Debt ofIDA-Eligible Countries, 2014–2431Regional Perspectives38Debt Restructuring, 202456Chapter2. Debt Dynamics: PolicyImplications and Future Outlook63Debt Dynamics: Policy Implications63Current Debt-Growth Dynamics63Growth Outlook in Low- andMiddle-Income Countries66Domestic Debt in Low-IncomeCountries: Recent Developments80High Debt, High Fragility:Interlinked Risks to Development85Chapter3. Advancing Debt Transparency 95Introduction95Borrower Countries96Progress in Direct Public DebtDisclosure96Pol