10 Countries With Highest Debt In The World

Bangalore: Although the economy of India has recently faced major ups and downs, it is not the only nation having a hard time strengthening its economy. There are many counties that are under high debts based on percentage of foreign-exchange reserves and state-owned investment fund i.e., sovereign wealth fund (SWF) assets. These countries are struggling to manage their debts and their economies have contracted severely, reports Rediff.com.

Here are 10 countries having the highest debt calculated as percentage of foreign-exchange reserve and sovereign wealth fund assets-

1. Ukraine

Rank-1

Gross foreign debt and foreign debt payments- 270 percent

The economy of Ukraine was the second largest in the Soviet Union during the Soviet times. But it transformed into a market economy from planned economy once the Soviet Union was dissolved. Ukraine holds the world record for highest inflation in a calendar year in 1993 after the government liberalized monetary policies in 1991. A report by United Nations Development Programme (UNDP) showed that 4.9 percent of Ukrainian population had only $2 per day for living in 2003. Since its economic crisis in 2009, Ukraine has recorded for the first time a negative growth of -1.3 percent in 2012. The nation has to pay back an amount of $9 million to the International Monetary fund in 2013.

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