Iran’s external debt falls 2.5% in 2024, World Bank reports
Iran’s external debt declined by 2.5% in 2024, totaling $9.654 billion, according to ILNA citing the World Bank’s latest report, marking a rare reduction amid rising debt levels in developing countries.
The report, released by the World Bank on the status of debt in developing economies, shows that total external debt for these countries increased by 1.1% last year, reaching $8.9 trillion, about $110 billion higher than in 2023.
While overall debt in developing countries grew, Iran’s external obligations dropped by $247 million from roughly $9.901 billion in 2023 to $9.654 billion in 2024.
Despite Western sanctions, Iran has managed not only to avoid increasing its foreign debt in recent years but also to reduce it significantly, from around $19 billion in 2010 to nearly $9 billion in 2024. Compared with total debt in developing nations, Iran’s external debt represents a tiny fraction, roughly one-thousandth of the $8.9 trillion total.
The World Bank report indicates that Iran’s long-term debt stood at about $1.051 billion at the end of 2024, down $65 million from the previous year, while short-term debt remained unchanged at $2.285 billion.
The International Monetary Fund granted Iran access to Special Drawing Rights (SDRs) in August 2021, providing the country with more than $6 billion in foreign currency resources. By the end of 2024, Iran’s total IMF credits reached $6.318 billion, down $182 million from the previous year.
According to the report, Iran paid $14 million in interest on its external debt in 2024.