The difference between the total amount owed to a country and the total amount owed by it is

The correct answer is "balance of payments." The balance of payments refers to the difference between the total amount of money a country receives from other countries (exports, foreign aid, investments, etc.) and the total amount of money it pays out to other countries (imports, foreign debt, etc.). If a country receives more money from other countries than it pays out, it is said to have a "trade surplus." If it pays out more than it receives, it has a "trade deficit" or "trade gap." However, the balance of payments includes not just trade, but all transactions between a country and other countries, including investment flows, foreign aid, and other financial transfers. Therefore, the difference between the total amount owed to a country and the total amount owed by it is known as the "balance of payments."