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Mauritius’s External Debt Soars Past $20 Billion Mark, World Bank Reports
Mauritius’s external debt stock has escalated dramatically, surpassing the $20 billion threshold in 2024, according to the World Bank’s latest data. The total outstanding debt reached $20.36 billion this year, marking a massive increase from just $7.92 billion recorded in 2010.
Key Data
This sharp rise in the nation’s debt is highlighted in the newly published International Debt Report 2025, released by the global financial institution this month. The data reveals that the external debt has more than doubled over the last 14 years.
Creditor Profile
The public debt and state guarantees primarily stem from borrowing through bilateral creditors as well as from multilateral institutions, the report details.
Debt Growth Trajectory
The World Bank figures clearly illustrate a strong progression in Mauritius’s external debt over the recent years, rising from under $8 billion to over $20 billion in the 2010–2024 period.
Mauritius’s External Debt Stock: Key Figures and World Bank Insights
Mauritius’s External Debt Outstanding (2010–2024)
The total outstanding external debt of Mauritius has seen a sharp increase over the last decade, reaching:
- $7.92 billion in 2010
- $12.4 billion in 2020
- $14.7 billion in 2021
- $17.65 billion in 2022
- $19.07 billion in 2023
- $20.36 billion in 2024
Breakdown of Public Debt and State Guarantees by Creditor Type (2024)
| Creditor Type | Share of Debt |
| Bilateral | 38% |
| Multilateral | 31% |
| Private | 31% |
| African Development Bank | 27% (Share of Multilateral) |
| France | 15% (Share of Bilateral) |
| India | 12% (Share of Bilateral) |
| Japan | 6% (Share of Bilateral) |
| Other Multilateral | 0.4% |
| Other Bilateral | 6% (Share of Bilateral) |
| Other Commercial | 31% (Share of Private) |
| World Bank (IBRD) | 3% (Share of Multilateral) |
| Bondholders | 0.3% |
Note: The 2024 figures specifically include credits from the IMF.
Key Figures to Remember
| Metric | Value | Description |
| Total Debt Service | $741 million | Between 2022 and 2024, revenues available to Mauritius to cover debt service fell by $741 million compared to the previous three years. Simply put, while the country continues to reimburse principal and interest, the revenues are no longer sufficient to cover the costs. This means less margin to finance schools, healthcare, or roads. |
| Debt Restructurings | 90 billion dollars | In 2024, $90 billion in external debt were restructured globally. Investors in these obligations covered 80% of the losses, either through new bond issuances, deferred payments, or waivers on capital and interest payments. |
| World Bank’s IDA | 8.9 billion dollars | The external debt stock of the world’s poorest countries reached a new record of $8.9 billion in 2024. This total does not include the debts eligible for the financing of the International Development Association (IDA) of the World Bank, which amounted to $1,200 million (a historic peak). |
| World Bank’s Main Lender Role | 78 countries | The World Bank was the principal bilateral lender for 78 countries among the poorest nations for the five years preceding the 2024 report. It has now granted $18.3 billion in loans (after deducting disbursements/payments) to these countries, including $7.5 billion in loans for the current year, a significantly higher amount than previously. |
Excerpt from the Report (World Bank International Debt Report 2025)
“The fragile and volatile emerging markets not only discourage resident investors, but are also increasingly avoided by foreign investors. Debt technology has failed to take root in emerging markets in the south, despite these countries having access to capital markets, such as Argentina, Indonesia, Mauritius, Mexico, the Philippines, and Thailand. Excluding new issuances in Colombia, the Dominican Republic, and Jamaica, the easing of market conditions in other countries is not supported by a significant rebound in foreign investment in emerging markets. This situation can only be remedied by improving debt transparency and the solvency of domestic financial markets, increasing competition between investors and promoting international standards.”
Source: Defi Media
