India is the largest cumulative and current borrower from the World Bank, specifically the International Bank for Reconstruction and Development (IBRD), with over $38-39 billion in debt as of 2022-2023. In fiscal year 2023, India was the largest borrower, followed by Turkey and Indonesia. India has been a top, consistent debtor since 1970, with debt supporting various development projects.
Largest fiscal borrowers from IBRD 2023
That year, India was the largest fiscal borrower, borrowing over 4.3 billion U.S. dollars from the IBRD. Other major borrowers include Turkey, Indonesia, Ukraine, and the Philippines.
The five countries with the highest debt owed to the World Bank are: India, Indonesia, Pakistan, Bangladesh, and Nigeria. These figures reflect total debt stock to the World Bank, with India and Indonesia each owing tens of billions of dollars by the end of 2023.
The U.S. ($38.3T) and China ($18.7T) are the two countries with the most government debt, and together make up just over half of the world's total debt ($110.9T). The top five countries make up 67% of the world's government debt, while the top 10 make up 81%.
The World Bank is a member of the United Nations Sustainable Development Group. It is governed by its 189 member countries, though the United States, as its largest shareholder, has traditionally appointed its president. The current president is Ajay Banga, appointed in June 2023.
The World Bank is run by its President, currently Ajay Banga, who chairs the Board of Directors and manages the institution, supported by 189 member countries with the US traditionally nominating the President, while the Board of Executive Directors makes key lending and operational decisions. Banga, an Indian-American businessman, started his five-year term in June 2023 with a focus on transforming the bank for faster, more impactful development.
As the world's biggest gambling hub, Macao SAR has zero debt, bolstered by billions in gaming revenue and healthy financial reserves. Liechtenstein ranks in second, with virtually no debt and the only country in Europe ranking in the top 10.
Who Owns All that Debt? On October 21, 2025, the nation's gross debt eclipsed $38 trillion. Of that amount, approximately 80 percent, was debt held by the public — representing cash borrowed from domestic and foreign investors.
Foreign debt: Pakistan: has Rs. 29.861 trillion of which is approximately 86.8 percent of its GDP. India: While India has US＄ 529.7 bn.
There is no independent country that is completely debt-free. Having national debt is considered normal in modern economic systems.
The United States is the world's richest country by a wide margin. It's a global hub for finance, tech, energy, and entertainment. From Silicon Valley to Wall Street, American firms shape worldwide trends. The country benefits from vast natural resources, advanced infrastructure, and a culture of innovation.
India's public debt has reached 81.4% of its GDP. This places India's Debt-to-GDP at the 35th spot globally. A high public debt isn't necessarily harmful. Countries often use it to finance growth or manage downturns.
Note : The Central Government debt/liabilities, including external debt at current exchange rate, EBRs and after adjusting cash balance, is estimated at 185.11 lakh crore and 200.16 lakh crore as on 31st March, 2025 & 31st March, 2026, respectively.
The World Bank released its latest Doing Business Report(DBR, 2020) todayon24th October 2019. India has recorded a jump of 14 positions against its rank of 77 in 2019to be placed now at 63rdrank among 190 countries assessed by the World Bank.
Ajay Banga is the President of the World Bank Group, beginning his five-year term on June 2, 2023.
In December 2021, debt held by the public was estimated at 96.19% of GDP, and approximately 33% of this public debt was owned by foreigners (government and private).
He advocates for using what he calls "good debt" as leverage to buy financial assets such as real estate. In January 2024, Kiyosaki stated that he had more than $1 billion in debt.Additionally, he is a strong proponent of buying gold and silver, often referring to them as "God's money."
Federal Reserve data shows that about 23% of Americans have no debt.
Consequently, China's stake in U.S. debt has more of a binding than a dividing effect on bilateral relations between the two countries. Even if China wished to “call in” its loans, the use of credit as a coercive measure is complicated and often heavily constrained.
It took six decades for India to move from low income to the lower-middle-income category in 2007, with per capita GNI rising from $90 in 1962 to $910, reflecting a compound annual growth rate of about 5.3 percent.
1 United States 21,764,799 2 Euro area 18,075,643 3 United Kingdom 9,837,535 4 France 7,368,685 5 Norway 7,110,029 6 Germany 6,6,91,139 7 Japan 4,687,815 8 Netherlands 4,197,719 9 Luxembourg 3,965,300 10 Italy 2,749,75 https://www.ceicdata. com/en/indicator/norway/external-debt--of-nominal- gdp https://www.gfmag.com/ ...
The World Bank Group's financial reserves come from several sources, including funds raised in the financial markets, earnings on its investments, fees paid by member countries, contributions made by members (particularly the wealthier ones), and borrowing countries themselves when they repay their loans.
The current managing director and chairperson is Bulgarian economist Kristalina Georgieva, who has held the position since 1 October 2019.
With over 7,000 staff members, the World Bank Group is about three times as large as the IMF, and maintains about 40 offices throughout the world, although 95 percent of its staff work at its Washington, D.C., head quarters.