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Why does Brunei have no external debt?

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Brunei is one of the rare countries with no External Debt. The handfull of others---Singapore, Macau, Lichtenstein---are all small mini-states like Brunei. read more

Brunei does not have to buy foreign currency in order to repay it's loans. The Brunei government and economy keeps the profits and taxes within it's own economy. This is especially pleasing to the Sultan, who has a commercial interest in just about everything Bruneian. read more

It seems to me that they all have different reasons to have no debt. Macau is an administrative region of China and Niue is part of the Realm of New Zealand. Liechtenstein and Brunei are truly sovereign independent states, so let’s focus on those two. Brunei is very dependent on oil and liquid gas, and half of its GDP comes from these fossil fuels. read more

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The external debt of the US is no cause for concern, yet ...
Source: voxeu.org