Mongolia External Debt
Total external debt stocks DT.DOD.DECT.CD
Mongolia's external debt was $38.1B in 2025, ranked 38th globally. This represents a 0.3% increase from 2024. Data from World Bank, covering 1992–2025.
Overview
Mongolia's external debt stood at $38.1B in 2025, a rise of +$106.5M from 2024. Based on recent trends, this figure is projected to reach $38.1B by 2025. Mongolia ranked 38th globally.
Mongolia’s external debt has expanded dramatically over the 34‑year series, rising from a low of 354,767,148.40 in 1992 to a record 38,123,044,082.98 in 2025, placing the country at rank 38 globally. This surge reflects successive borrowing cycles linked to infrastructure development, mining expansion and fiscal deficits, while the early‑1990s trough coincided with the post‑socialist transition when external financing was scarce. By 2025 Mongolia’s debt level is comparable to peers such as Ghana (38,726,897,604.96) and Tanzania (39,264,994,087.00), underscoring a convergence among emerging economies that rely heavily on external capital. The steep upward trajectory suggests heightened vulnerability to external shocks, particularly commodity price volatility and exchange‑rate fluctuations. Continued debt accumulation will likely depend on the pace of export growth and fiscal reforms; without a decisive shift toward debt‑financed investment returns, the upward trend is expected to persist.
Data & projection
| Year | External Debt | YoY change | Rank |
|---|---|---|---|
| 2027* trend | $40.3B | - | - |
| 2026* trend | $39.2B | - | - |
| 2025* trend | $38.1B | - | - |
| 2025 | $38.1B | +$106.5M | #38 |
| 2024 | $38.0B | +$3.0B | #84 |
| 2023 | $35.0B | +$1.3B | #83 |
| 2022 | $33.7B | −$1.3B | #84 |
| 2021 | $35.0B | +$2.3B | #85 |
| 2020 | $32.6B | −$672.8M | #85 |
| 2019 | $33.3B | +$1.7B | #88 |
| 2018 | $31.6B | +$1.9B | #88 |
| 2017 | $29.7B | +$3.3B | #88 |
| 2016 | $26.4B | +$2.3B | #87 |
| 2015 | $24.1B | +$1.5B | #87 |
| 2014 | $22.7B | +$2.5B | #85 |
| 2013 | $20.2B | +$4.3B | #84 |
| 2012 | $15.9B | +$6.3B | #83 |
| 2011 | $9.6B | +$3.7B | #70 |
Detected Pattern
Analysis
Mongolia matched the Export Boom Cycle pattern in 2023. Historically, 71% of countries showing this pattern (546 out of 768) saw external debt improve within 24 months. View full analysis →
Frequently Asked Questions
Mongolia's external debt was $38.1B in 2025. Ranked 38th globally. This represents a 0.3% increase from the previous year.
Mongolia's external debt peaked at $38.1B in 2025.
The lowest external debt in Mongolia was $354.8M in 1992.
Mongolia ranks 38th globally in external debt as of 2025.
The World Bank indicator code is DT.DOD.DECT.CD. Data sourced from World Bank.
Mongolia's external debt is projected to reach $38.1B by 2025 based on trend extrapolation.
Mongolia's external debt was approximately 38.12 billion ($38.1B) in 2025.
The external debt of Mongolia in 2025 was $38.1B. This ranks 38th in the world.
Cite this page
@misc{historysaid_mongolia_external-debt,
title = {Mongolia External Debt},
url = {https://historysaid.com/mongolia/external-debt/},
publisher = {HistorySaid},
year = {2026}
}