Madagascar's debt
How much Madagascar owes, to whom, and how that compares with the rest of Africa. From IMF and World Bank figures.
Government debt, % of GDP (2025)
47.7 %
Owed abroad by the government, US$ billion (2024)
4.8
Largest creditor: World Bank-IDA, % of foreign public debt
55.6 %
Owed to China, % of foreign public debt
6.7 %
Source: World Bank, International Debt Statistics. Last checked 24 October 2026.
View the data as a table
| Period | Madagascar | Middle African country |
|---|---|---|
| 2010 | 32.3 | 32.1 |
| 2011 | 29.9 | 28.4 |
| 2012 | 30.4 | 26.4 |
| 2013 | 36.2 | 31.1 |
| 2014 | 37.8 | 36.4 |
| 2015 | 44.1 | 44.1 |
| 2016 | 40.3 | 45.9 |
| 2017 | 40.1 | 48.0 |
| 2018 | 42.9 | 49.2 |
| 2019 | 41.3 | 53.9 |
| 2020 | 52.9 | 56.7 |
| 2021 | 49.4 | 57.2 |
| 2022 | 49.8 | 59.5 |
| 2023 | 52.1 | 60.9 |
| 2024 | 49.8 | 56.8 |
| 2025 | 47.7 | 53.2 |
| 2026 | 49.8 (partial) | 52.5 (partial) |
| 2027 | 50.6 (partial) | 54.2 (partial) |
| 2028 | 50.9 (partial) | 53.0 (partial) |
| 2029 | 50.9 (partial) | 53.1 (partial) |
| 2030 | 49.9 (partial) | 51.7 (partial) |
| 2031 | 49.7 (partial) | 50.7 (partial) |
Source: International Monetary Fund, World Economic Outlook. Last checked 24 October 2026.
View the data as a table
| Part | Value | Share |
|---|---|---|
| Development banks and funds | 78.5 % | 79% |
| Other governments | 21.5 % | 22% |
Source: World Bank, International Debt Statistics. Last checked 24 October 2026.
View the data as a table
| Period | World Bank-IDA | African Development Bank | China | European Investment Bank | France |
|---|---|---|---|---|---|
| 2010 | 1,161 | 252 | 62 | 21 | 25 |
| 2011 | 1,198 | 274 | 66 | 19 | 21 |
| 2012 | 1,246 | 281 | 66 | 13 | 10 |
| 2013 | 1,330 | 302 | 68 | 13 | 1 |
| 2014 | 1,366 | 322 | 63 | 8 | 49 |
| 2015 | 1,412 | 337 | 55 | 6 | 44 |
| 2016 | 1,433 | 363 | 47 | 4 | 43 |
| 2017 | 1,595 | 416 | 46 | 2 | 52 |
| 2018 | 1,648 | 422 | 78 | 27 | 60 |
| 2019 | 1,686 | 438 | 135 | 97 | 84 |
| 2020 | 1,874 | 456 | 155 | 196 | 112 |
| 2021 | 2,010 | 452 | 184 | 241 | 140 |
| 2022 | 2,043 | 448 | 312 | 281 | 144 |
| 2023 | 2,388 | 466 | 329 | 301 | 230 |
| 2024 | 2,650 | 498 | 317 | 274 | 259 |
Source: World Bank, International Debt Statistics. Last checked 24 October 2026.
Where Madagascar ranks in Africa
- Government debt to GDP: 36th highest of 53.
- Total external debt in dollars: 27th largest of 49.
- Compare Madagascar's debt with its neighbours on the data wall
More on Madagascar
Method and sources
Debt to GDP is the IMF's general government gross debt, which covers domestic and foreign debt of every level of government. Debt owed abroad by the government and debt it guarantees. Excludes IMF credit and private debt that is not guaranteed. WLD is the total. Creditor names are the World Bank's. Figures checked 24 October 2026.
IMF government debt data · World Bank International Debt Statistics
Frequently asked questions
How much does Madagascar owe?
Madagascar government and the debt it guarantees owed $4.8 billion to foreign lenders in 2024, according to the World Bank's International Debt Statistics. Counting domestic debt too, government debt was 47.7% of GDP in 2025, according to the IMF.
Who is Madagascar's largest creditor?
World Bank-IDA, owed $2.6 billion in 2024, 55.6% of the government's foreign debt. Next: African Development Bank (10.4%), China (6.7%) and European Investment Bank (5.7%).
How much does Madagascar owe China?
$317.5 million in 2024, 6.7% of public debt owed abroad, which makes China its 3rd largest creditor.
What is Madagascar's debt to GDP ratio?
47.7% in 2025: general government gross debt as a share of GDP, from the IMF World Economic Outlook. That is the 36th highest of 53 African countries with a figure.