Gross debt ratio (IMF): The gross debt ratio (IMF) shows the ratio of gross debt as defined by the International Monetary Fund to nominal gross domestic product (GDP). Gross debt is calculated as total liabilities less shares and other equity and less financial derivatives and employee stock options. Negotiable liabilities are recognized at fair value.
Net debt ratio: The net debt ratio expresses net debt as a percentage of GDP. Net debt is comprised of gross debt as defined by the IMF minus financial assets corresponding to debt instruments. Such financial assets include monetary gold and special drawing rights, currency and deposits, debt securities, loans, insurance policies, pensions, standardized guarantee schemes, and other accounts receivable.
Maastricht debt ratio: The Maastricht debt ratio shows the ratio of gross debt in accordance with the Maastricht criteria to nominal GDP. The debt used for calculating this indicator includes the following financial instruments on the liabilities side of the balance sheet using the GFS Model: currency and deposits, debt instruments and loans. However, in accordance with the Maastricht definition, these are measured at nominal value instead of fair value.
As the IMF definition of debt is broader, IMF debt is higher than debt in accordance with the Maastricht definition. The IMF net debt ratio provides a comprehensive view of a country's debt situation. It quantifies a country's ability to repay debt, taking account of its financial assets.
The Maastricht debt ratio is specifically for countries in the euro area. It is often used to verify whether a country meets the requirements for adopting the euro. The ratio is designed to ensure that countries maintain sound fiscal discipline and do not have excessive debt.