India and Pakistan are among the South Asian countries carrying the highest external debt burdens, according to a 2026 report on foreign liabilities in the region.
The report states that India has the largest foreign debt in South Asia, with total external borrowing of around $765 billion. The country’s per capita foreign debt stands at approximately $535.
Pakistan ranks second on the list, with total external debt reported at $138 billion, translating into around $530 per citizen.
Bangladesh is placed third, with foreign debt of nearly $102 billion and a per capita debt burden of about $590.
Sri Lanka’s external debt stands at $57 billion, while its per capita debt is significantly higher at around $2,590.
Nepal ranks fifth with approximately $11 billion in foreign debt, amounting to about $370 per citizen. Bhutan’s external debt is reported at $3.5 billion, with each citizen carrying around $4,400 in debt.
The Maldives has total foreign debt of around $4 billion but records the highest per capita debt in the region at nearly $7,500.
Afghanistan’s external debt is estimated at $2.5 billion, with a per capita debt burden of around $60.
