This article contains a list of countries by government debt. Gross government debt is government financial liabilities that are debt instruments. A debt instrument is a financial claim that requires payment of interest and/or principal by the debtor to the creditor in the future. Examples include debt securities, loans, and government employee pension obligations. Net debt equals gross debt minus financial assets that are debt instruments. Net debt estimates are not always available since some government assets are difficult to value, such as loans made at concessional rates.