Botswana’s external debt rose to $2.3bn in 2024.

Lower is better. A lower stock means fewer foreign claims to service and less exposure to refinancing and currency swings, which is why a smaller figure is better. The latest figure, for 2024, is $2.3bn, up from $2.2bn a year earlier, a rise of 6.1%. Since 2015 the lowest level was $1.6bn in 2019. The 2024 figure equals the highest in that span, so the stock has climbed from its low to its peak.

Why it matters. Foreign debt has to be repaid in foreign currency, so a larger stock draws more of the country's dollar earnings into interest and principal. For the state, that leaves less room to pay for domestic spending without borrowing more. For firms with overseas loans, the cost of repayment rises if the pula weakens. The next annual figure will show whether the 2024 rise continues.