10 Heavily Indebted Poor Countries

3. Ethiopia

External Debt Stocks: $30.017 billion 

GNI Per Capita: $2800

Below $2.15 Poverty Rate: 27%

Composite Ranking: 3

With a per capita GDP of $1027, Ethiopia sees 27% of its population living in extreme poverty. The nation has borrowed extensively to finance vital development and infrastructure projects, incurring around US$13.7 billion in debt to China, primarily through China Exim Bank from 2000 to 2021. Although these initiatives have spurred economic growth, they have also compelled the government to levy substantial taxes, exacerbating poverty.