Foreign debt refers to a country's liabilities to foreign countries.

According to the definitions of the International Monetary Fund and the World Bank, external debt “includes all liabilities owed to non-residents with repayment obligations in foreign currency or local currency as the unit of accounting.”

Net external debt is equal to a country's total external debt minus all claims of the country's residents on non-residents (that is, overseas assets).

Legal basis: Article 118 of the Civil Code: Civil subjects enjoy creditor's rights in accordance with the law.

Obligation is the right of the obligee to request a specific obligor to perform or refrain from performing certain acts due to contracts, torts, management without cause, unjust enrichment, and other provisions of the law.

Article 119 A contract established in accordance with the law is legally binding on the parties.