Yes, some countries owe the U.S. via direct loans, and many hold U.S. Treasury debt; what counts depends on the debt type.
People use “debt to the U.S.” in two ways. One meaning is simple: a foreign government borrowed from a U.S. agency and still has a balance due. The other meaning flips the direction: a foreign government owns U.S. Treasury securities, which are the U.S. government’s IOUs. Both are real. They’re just not the same relationship.
This guide helps you sort terms, find data, and read the numbers cleanly. You’ll leave knowing what counts as debt to the U.S., what counts as debt of the U.S., and where each set of figures comes from. Search “are any countries in debt to the us?” and pick a definition.
Two Ways Countries Can “Owe” The United States
Start with direction. If the U.S. is the lender, a country owes the U.S. If the U.S. is the borrower, the U.S. owes whoever owns its bonds, including foreign governments and investors.
| Debt Relationship | What It Means In Plain Terms | Where To Verify It |
|---|---|---|
| Foreign government loan from a U.S. agency | A U.S. program issued a loan or credit and payments are still due | Agency financial statements and award data on USAspending.gov |
| Foreign military financing or security credit | Government-to-government financing tied to defense purchases | State Department budget and program reporting |
| Export credit and project finance | Loans or guarantees that back purchases of U.S. goods and services | Export-Import Bank annual reports and notes |
| Arrears and claims from past government lending | Older obligations where payments are delayed or disputed | Treasury and agency receivables disclosures |
| Foreign official holdings of U.S. Treasury securities | A central bank or finance ministry owns U.S. bills, notes, or bonds | Treasury TIC Table 5 |
| Foreign private holdings of U.S. Treasury securities | Funds, banks, insurers, and households abroad own Treasuries | TIC holdings tables that separate holder types |
| Foreign holdings of other U.S. dollar debt | Agency debt, corporate bonds, and other U.S. instruments held abroad | TIC releases and Federal Reserve portfolio tables |
| Trade credit and commercial disputes | Business-to-business debt involving U.S. firms, not the U.S. government | Company filings and trade finance records |
Are Any Countries In Debt To The US? What The Question Usually Means
Most searches for “are any countries in debt to the us?” start with a hunch: if the U.S. is wealthy, other countries must owe it money. In day-to-day government finance, the bigger story is the reverse. Governments hold U.S. Treasuries as part of their reserves. That is the U.S. owing money to them, not them owing money to the U.S.
Direct “country owes U.S.” cases exist. They show up as loans, credit programs, or older claims. The totals can be hard to add up because they live across multiple agencies and programs. When you see a ranking of “top countries that owe America,” treat it as a claim that needs a source trail.
Countries In Debt To The US By Debt Type With Clear Definitions
Treasury securities are U.S. debt sold to the market. A loan receivable is foreign debt owed to the U.S. They can exist at the same time. Japan is a large holder of U.S. Treasuries, and a Japanese borrower could still owe a U.S. agency under a separate credit deal. Those are two different ledgers.
U.S. Treasury securities held abroad
A foreign central bank may buy Treasuries to park reserves in a liquid asset, manage exchange-rate policy, or meet banking system liquidity needs. Ownership can be direct or through custodians. The TIC system publishes monthly estimates, with a caution: custody location can blur the true end owner, so a “country” line is not a perfect map of who holds the risk.
Direct government lending and credit programs
Direct lending is closer to what many people mean by “Country X owes the U.S.” It can include export finance, development lending, security-linked financing, and legacy claims. Each program has its own terms, repayment schedule, and accounting rules, so a single neat table for all countries is rare.
Debt that is not government-to-government
Commercial debt between companies across borders is real, yet it’s not “to the U.S.” in the government sense. A firm owing a U.S. supplier is not the same as a sovereign owing the U.S. Treasury. Mixing them makes charts look dramatic while reducing accuracy.
How To Read The “Foreign Holdings” Numbers Without Confusion
Foreign holdings tables can sound like a scoreboard: “Country A owns $X of U.S. debt.” That phrasing is accurate for Treasury securities. It’s not evidence that Country A is “in debt” to America. The debt is issued by the U.S. and held by that country.
One more wrinkle: some entries on the TIC list are financial centers like the Cayman Islands, Luxembourg, or Belgium. Those figures often reflect custody and fund structures, not a government’s policy choice. If you want a clearer reserve view, pay attention to totals labeled “foreign official,” and read the method notes in the CRS Foreign Holdings of Federal Debt report.
What The U.S. Owes Abroad: The Monthly Treasury Holding Snapshot
To ground this in data, the TIC “Major Foreign Holders of Treasury Securities” table reports holdings at the end of each month. As of September 2025, the grand total in that table is $9,249.0 billion in U.S. Treasury securities.
These are holdings, not annual purchases. They can rise when a country buys more, when prices move, or when positions shift among custodians. Read the notes in the release before drawing conclusions from a single month’s move.
| Holder | Treasury Holdings (Sep 2025, $B) | What That Tells You |
|---|---|---|
| Japan | 1189.3 | Large reserve holder; long-running creditor position |
| United Kingdom | 865.0 | Often reflects London custody and global finance flows |
| China (Mainland) | 700.5 | Still large, yet smaller than earlier peaks |
| Canada | 475.8 | Mix of official and private holdings close to U.S. markets |
| Belgium | 466.8 | Custody hub effects can shape the country line |
| Cayman Islands | 426.9 | Fund and custody structures are a large driver |
| Luxembourg | 421.0 | Another custody and fund domicile effect |
| France | 376.4 | Reserve and private holdings together |
| Ireland | 340.6 | Funds domiciled in Ireland can lift this line |
| Taiwan | 312.6 | Reserve management can feature heavily |
Why A Country Buys U.S. Treasuries Instead Of “Paying Off” America
Holding Treasuries is a choice by the holder, not a penalty imposed by Washington. Governments and central banks use them for three practical reasons: liquidity, safety relative to many alternatives, and deep market access for large trades. A reserve manager cares about selling quickly without moving the price too much.
That’s why the “Who owns U.S. debt?” conversation is not the same as “Who owes the U.S. money?” One is an investment position. The other is a borrower-lender contract where the U.S. is the creditor.
So Do Countries Owe The U.S. Money Directly?
Yes. Some do. The cleanest way to verify it is to name the program first, then find the remaining balance in that program’s reporting. Country totals can exist in agency data, yet they rarely sit in one Treasury table the way Treasury security holdings do.
If you’re trying to answer the question for a single country, start with these checks:
- Search that country name on USAspending.gov and filter for loans or credit awards tied to federal programs.
- Check whether a U.S. export credit agency reports exposure or receivables tied to that country in its annual report.
- Look for “receivables” notes in audited financial statements for the relevant agency or fund.
Common Traps That Make “Debt To The U.S.” Lists Go Wrong
Mixing creditors and debtors
Many lists treat foreign Treasury holdings as if they were amounts a country owes to America. That flips the sign. If a country holds U.S. Treasuries, the U.S. is the borrower.
Confusing custody with ownership
TIC tables rely on U.S.-based custodians and broker-dealers. A security held through an overseas chain of custody can land under a country line that reflects the custody location, not the end owner. The Treasury notes say the country data may not give a precise accounting of ownership.
Blending private and official balances
A country can appear large on a holdings table because private funds and banks located there hold Treasuries. If you only care about government reserves, you need a source that separates official from private holdings.
How To Answer The Question In One Sentence
If you mean “owed to the U.S. government,” the answer is yes, through a mix of program loans and older claims. If you mean “owed by the U.S. government,” the answer is yes too, because foreign governments and investors hold U.S. Treasury securities.
A Quick Checklist For Using Debt Numbers In A Post Or Video
Use this list when you want to cite a figure without stepping on a rake.
- Write down the direction: who owes whom.
- Name the instrument: Treasury security, bilateral loan, export credit, or something else.
- Pick the source that matches that instrument, then link it.
- Check the date on the table and quote it in your caption.
- State if the number is “holdings at end of month” or “flows during month.”