India Tops South Asia in Total External Debt, Pakistan Ranks Second: 2026 Report
A 2026 report on external debt has ranked India as the most indebted country in South Asia by total foreign debt, with Pakistan placing second.
According to the report, India’s total external debt stands at **$765 billion**, the highest in the region, translating to approximately **$535 in external debt per citizen**.
Pakistan ranks second with a total external debt of **$138 billion**, equivalent to about **$530 per person**.
Bangladesh is the third most indebted country in the region, with **$102 billion** in external debt. However, its per capita external debt is estimated at **$590**, slightly higher than that of India and Pakistan.
Sri Lanka’s total external debt is reported at **$57 billion**, while its per capita debt is significantly higher at **$2,590** due to its smaller population.
Nepal ranks fifth with **$11 billion** in foreign debt, representing approximately **$370 per person**.
Bhutan’s total external debt stands at **$3.5 billion**, with a comparatively high per capita burden of **$4,400**.
The Maldives has a total external debt of **$4 billion**, but records the highest per capita debt in the region at approximately **$7,500 per citizen**.
Afghanistan has the lowest total external debt among the eight South Asian countries listed, at **$2.5 billion**, with an estimated per capita debt of **$60**.
The report highlights the significant differences between total external debt and per capita debt across South Asian countries, reflecting variations in population size and economic structure.
