At end-June 2026, long-term debt (with original maturity of above one year) totaled US$ 624.7 billion, reflecting a rise of US$ 11.2 billion compared to the level at end-March 2026. The proportion of short-term debt (with original maturity of up to one year) in total external debt advanced to 19.7 per cent at end-June 2026 from 19.6 per cent at end-March 2026. Concurrently, the ratio of short-term debt (original maturity) to foreign exchange reserves increased to 23.0 per cent at end-June 2026 (21.6 per cent at end-March 2026).

Short-term debt, calculated on a residual maturity basis—encompassing long-term obligations maturing within the next twelve months and original short-term debt—represented 43.4 per cent of aggregate external debt as of June 2026 (42.9 per cent as of March 2026) and accounted for 50.5 per cent of foreign exchange reserves (47.3 per cent as of March 2026) (Table 2).