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zarin taslima
Jul 17, 2022
In General Discussions
According to World Bank data, as of 2021, Laos' public debt will reach about US$14.5 billion (about NT$430.3 billion), accounting for 88% of GDP, of which about half is owed to China, mainly related to construction Loans for the Zhongliao Railway. According to statistics from the AidData Laboratory of the College of William and Mary, after including the implicit public debt of Laos to China (that is, debts signed by entities wholly or partly owned by the Lao government but without a clear sovereign repayment guarantee) , the country's total public debt to China is worth about $12.2 billion (about NT$362 billion). The lab tracks debt for China's Belt and company banner design Road projects. The lab's executive director, Dr. Bradley Parks, told VOA: "The Lao government has signed or guaranteed a loan worth $5.57 billion (about NT$165.3 billion) from official Chinese creditors, but that's just an iceberg. On a dime, Laos also has an unusually high level of implicit public debt risk to China, worth an additional $6.69 billion (approximately NT$198.5 billion).” According to the World Bank, before 2025, Laos needs to repay more than 1.3 billion US dollars (about NT$38.6 billion) of foreign debt each year, which is almost equal to the total foreign exchange reserves of Laos and is equivalent to half of Laos' domestic fiscal revenue. The World Bank forecasts that the Lao economy will grow by 3.8 percent this year, but this is not enough to generate enough fiscal revenue for the Lao government to pay off its foreign debt. With a GDP per capita of about US$2,600 (about NT$114 million), the Southeast Asian country with a population of 7 million remains one of the poorest countries in the world.
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