External debt has conventionally been viewed as a vital source of financing that could help a country to balance budget deficits (Dawood et al., 2021), smooth consumption (Kharusi and Ada, 2018), and absorb advanced production technology (Lin and Sosin, 2001).Altogether, these can contribute to stimulating economic growth, especially for countries with restrained capital budget and savings (Abbas and Wizarat, 2018;Kharusi and Ada, 2018).However,
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Dau et al. (2024) studied this question.
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