Eswatini External Debt
Total external debt stocks DT.DOD.DECT.CD
Eswatini's external debt was $1.4B in 2025, ranked 106th globally. This represents a 9.3% increase from 2024. Data from World Bank, covering 1970–2025.
Overview
Eswatini's external debt stood at $1.4B in 2025, a rise of +$115.0M from 2024. Based on recent trends, this figure is projected to reach $1.4B by 2025. Eswatini ranked 106th globally.
Eswatini’s external debt has risen dramatically over the 56‑year series, expanding from a trough of 32,579,541.50 in 1972 to an all‑time peak of 1,353,620,057.11 in 2025, which places the kingdom at rank 106 globally. The cumulative increase of more than 1.3 billion dollars reflects persistent borrowing to finance fiscal deficits, infrastructure projects and balance‑of‑payments needs, especially after the 1990s when debt‑to‑GDP ratios began to climb. Compared with peer economies of similar rank, Eswatini’s debt level is slightly lower than Guinea‑Bissau’s 1,535,168,444.52 but exceeds St. Lucia’s 1,297,151,529.71, indicating a middle‑position within the lower‑middle‑income group. The sharp upward trajectory coincides with periods of slower growth and heightened external vulnerabilities, suggesting limited fiscal space for new borrowing. Unless structural reforms improve revenue mobilisation and diversify the export base, the external debt stock is likely to continue its upward path, pressuring debt sustainability in the coming years.
Data & projection
| Year | External Debt | YoY change | Rank |
|---|---|---|---|
| 2027* trend | $1.5B | - | - |
| 2026* trend | $1.4B | - | - |
| 2025* trend | $1.4B | - | - |
| 2025 | $1.4B | +$115.0M | #106 |
| 2024 | $1.2B | +$10.5M | #16 |
| 2023 | $1.2B | −$19.8M | #15 |
| 2022 | $1.2B | +$69.0M | #16 |
| 2021 | $1.2B | +$221.4M | #16 |
| 2020 | $957.6M | +$123.6M | #15 |
| 2019 | $834.0M | +$67.6M | #14 |
| 2018 | $766.4M | −$106.6M | #13 |
| 2017 | $873.0M | +$107.6M | #17 |
| 2016 | $765.4M | +$315.5M | #16 |
| 2015 | $450.0M | −$87.4M | #8 |
| 2014 | $537.3M | −$216.9M | #12 |
| 2013 | $754.2M | −$109.6M | #17 |
| 2012 | $863.8M | −$175.4M | #19 |
| 2011 | $1.0B | +$22.3M | #21 |
Detected Pattern
Analysis
Eswatini matched the Export Boom Cycle pattern in 2012. Historically, 71% of countries showing this pattern (546 out of 768) saw external debt improve within 24 months. View full analysis →
Frequently Asked Questions
Eswatini's external debt was $1.4B in 2025. Ranked 106th globally. This represents a 9.3% increase from the previous year.
Eswatini's external debt peaked at $1.4B in 2025.
The lowest external debt in Eswatini was $32.6M in 1972.
Eswatini ranks 106th globally in external debt as of 2025.
The World Bank indicator code is DT.DOD.DECT.CD. Data sourced from World Bank.
Eswatini's external debt is projected to reach $1.4B by 2025 based on trend extrapolation.
Eswatini's external debt was approximately 1.35 billion ($1.4B) in 2025.
The external debt of Eswatini in 2025 was $1.4B. This ranks 106th in the world.
Cite this page
@misc{historysaid_eswatini_external-debt,
title = {Eswatini External Debt},
url = {https://historysaid.com/eswatini/external-debt/},
publisher = {HistorySaid},
year = {2026}
}