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As the least developed country with an extreme lack of financial resources, borrowing is an inevitable way for Lao People’s Democratic Republic (Lao PDR or Laos) to develop its economy. However, in recent years, due to a deteriorating external environment, Laos’ economic activity has been weighed down and has faced considerable external debt servicing risks. This article analyses the development and evolution characteristics of Laos’ external debt since the reform and opening up.