Sunday, 07 April 2024 07:05

Nigeria, Cameroon, Ecuador and 17other Countries Are Most In Debt To China

The external debt situation for low and middle-income countries (LMICs) has changed drastically over the last decade and is out-pacing the economic growth of these countries, thereby raising serious concerns. The situation is even worse for poor countries where external debt stocks have risen at the fastest pace as compared to other LMICs. Moreover, the debt vulnerabilities exacerbated in many low-income countries eligible for International Development Association (IDA) resources.

The debt accumulation in these countries has increased to the extent that more than 60% of IDA-eligible countries were marked to be at high risk of debt distress in 2023. According to the International Debt Report 2023 by the World Bank, the external debt stocks for LMICs decreased marginally by 3.4% from $9.3 trillion in 2021 to $9.0 trillion in 2022. However, it increased by 2.7% for IDA-eligible countries during the same year, reaching an all-time high of $1.1 trillion.

 

20. Argentina
Total External Debt to China (2022): $2.86 billion


Argentina is a South American country that ranks as the 20th country most in debt to China. The total external debt of Argentina to China in 2022 amounted to approximately $2.86 billion.

19. Mongolia
Total External Debt to China (2022): $3.02 billion


Mongolia is an East Asian country that borders itself with China and Russia. It ranks 19th on our list of 20 countries most in debt to China. The country's total external debt to China in 2022 amounted to $3.02 billion.

18. Brazil
Total External Debt to China (2022): $3.38 billion


Brazil, another South American country, owed approximately $3.38 billion to China as external debt in 2022. The country ranks 18th on our list.

17. Republic of the Congo
Total External Debt to China (2022): $3.42 billion


The Republic of the Congo, also known as the Congo (Brazzaville), is an African country ranked as the 17th country most in debt to China. The total external debt of Congo to China was $3.42 billion in 2022.

16. South Africa
Total External Debt to China (2022): $3.43 billion


South Africa owed $3.43 billion to China as external debt in 2022, making it the 16th country most in debt to China.

15. Cameroon
Total External Debt to China (2022): $3.78 billion


Cameroon is a Central African country ranking 15th on our list of 20 countries most in debt to China. The country owed China approximately $3.78 billion as total external debt in 2022.

14. Côte d'Ivoire
Total External Debt to China (2022): $3.85 billion


Côte d'Ivoire is a West African country characterized by its beach resorts and rainforests. The country ranks 14th on our list, and its total external debt to China in 2022 amounted to $3.85 billion.

13. Belarus
Total External Debt to China (2022): $3.92 billion


Belarus ranks as the 13th country most in debt to China. It is a landlocked country situated in Eastern Europe. The total external debt of Belarus to China amounted to $3.92 billion in 2022.

12. Cambodia
Total External Debt to China (2022): $4.01 billion


Cambodia is a Southeast Asian country with an important geographical location providing river trade routes linking China to India and the rest of Southeast Asia. It ranks as the 12th country most in debt to China, with its total external debt amounting to $4.01 billion in 2022.

11. Ecuador
Total External Debt to China (2022): $4.14 billion


Ranking 11th on our list is Ecuador, another South American country known for its environmental diversity. Ecuador's total external debt to China amounted to $4.14 billion in 2022.

10. Nigeria
Total External Debt to China (2022): $4.29 billion


Nigeria is a West African country with a total external debt of $4.29 billion to China in 2022. It ranks among the top 10 countries most in debt to China.

9. Egypt
Total External Debt to China (2022): $5.21 billion


Egypt ranks 9th on our list of countries most in debt to China. It is at an important geographical position linking Northeast Africa to the Middle East. The country owed China $5.21 billion as total external debt in 2022.

8. Lao People's Democratic Republic
Total External Debt to China (2022): $5.25 billion


Lao People's Democratic Republic is a Southeast Asian country ranking 8th on our list. Laos had a total external debt of $5.25 billion to China in 2022.

7. Bangladesh
Total External Debt to China (2022): $6.05 billion


Bangladesh, another South Asian country, ranks as the 7th country most in debt to China. It owed China approximately $6.05 billion as total external debt in 2022.

6. Zambia
Total External Debt to China (2022): $6.08 billion


Zambia is a landlocked country situated in the African region. The country stands as the 6th country most in debt to China on our list, with a total external debt of $6.08 in 2022.

5. Kenya Total External Debt to China (2022): $6.69 billion

Kenya ranks as the 5th country most in debt to China. It is an East African country with its Indian Ocean coast providing historically important ports linking the Arabian and Asian regions to Africa. The country owed China a total external debt of $6.69 billion in 2022.
4. Ethiopia
Total External Debt to China (2022): $6.82 billion


Ethiopia is the 4th country most in debt to China on our list. It is a landlocked country in Africa, with its total external debt to China amounting to $6.82 billion in 2022.

3. Sri Lanka
Total External Debt to China (2022): $8.84 billion


Sri Lanka is an island country in the Indian Ocean. It is situated at a strategically important location at the crossroads of maritime routes traversing the Indian Ocean. Sri Lanka owed China a total of $8.84 billion as total external debt in 2022.

2. Angola
Total External Debt to China (2022): $20.98 billion


Angola is a Southwestern African country ranking 2nd on our list of countries most in debt to China. Luanda is its capital city and a commercial center, characterized by its large port on the northern coast and modern industrial complexes. The country owed China a total of $20.98 billion as external debt in 2022.

1. Pakistan
Total External Debt to China (2022): $26.60 billion


Pakistan ranks as the most in debt country to China with its total external debt to China amounting to $26.60 billion in 2022. It is a South Asian and a neighboring country to China, India, Afghanistan, and Iran.

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