China’s Belt And Road: A Debt Trap For Sri Lanka? | CNA Correspondent
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- Опубліковано 21 лип 2024
- Sri Lanka borrowed billions of dollars from China to finance roads, ports and airports under Beijing’s Belt and Road Initiative. These were meant to boost trade and economic development. But in 2022, the country experienced its worst economic crisis since independence, and some critics argue it was exacerbated by China’s so-called ‘debt trap diplomacy’, even though the root cause was long-term economic mismanagement. This led Sri Lanka to be dubbed a poster child for the ‘Chinese debt trap’ narrative. But is that really the case?
In the second part of our special series on the 10th anniversary of China’s Belt and Road Initiative (BRI), we take a closer look at whether Beijing’s loans played a part in Sri Lanka’s economic calamity, and the way forward for the country.
00:00 Introduction
01:05 Sri Lanka's economic crisis
09:47 Expensive infrastructure "white elephants"?
17:14 Importance of Sri Lanka to China's BRI
19:57 China's investment significant to Sri Lanka
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Wait a second.....Srilanka also borrows a lot of money from the West but they focus only on China
Western propaganda is very powerful
😅 U$ UK EU warn of the "Chinese debt trap".
Sri Lanka's gov debt report:
47% - Market borrowings (bonds) - most of which is held by BlackRock (U$A shadow government company)
13% - Asian Development Bank (a western/Japan own and run bank)
10% - China
10% - Japan
9% - World bank
2% - India
9% - Others
much on white elephants.
Yes, and those Western + Japanese loans, at peak attracted 30% interest. Also, when medias mention "multi-institutions", like IMF / world bank / Blackrock / ADB / Japan, it basically means US / US / US / US/ US, just under different entities.
Because this is pro west CNA.
Sri Lanka's debt to China is only 11%, Japan 12% and IMF 46%.
Yet the Mainstream media keeps trying to tell it's audiences thst China's debt is the debt trap.
Nearly 130 countries borrowed from China for the Belt and Road initiative.
@danwelterweight4137 just wonder where you get the figure, in documentary 1:58, it is said that China is Sri Lanka largest bilateral creditor
How many of those other creditors have taken over Sri Lankan properties for 99 years?! NO ONE ELSE other than China!
@@watertreaderwong4142of course they would they all want to say China Debt trap instead of other indebted to other countries they are heavily indebted too lol! China hasn’t done anything or demand anything from countries debted to them!
If you look hard, you will find it.
@@watertreaderwong4142the documentary is deceptive as they consolidate china debts from private and direct country debts while seperating those for other countries. using the same metric, paris club and India have the biggest debt. In addition, the one who hold up rescruturing was the paris clubs not china as the paris club debts mainly thru private banks that wanted their guaranteed return without delay
Sri lanka borrowed money from China, sri lanka was in trouble, so china must be blamed. It is just genius.
Your absolutely wrong, China holds 10% of there debt as does Japan, but the majority of the debt is wit the IMF,.and the world bank, all controlled by America
Rajapaksha brothers , who were leaders of SriLanka during the time when Srilanka borrowed from PR China, were stooges of the Chinese communist party and Peoples republic of china
That the real genius of CCP and their PLA
That is how it goes in the Global South
China played on this one very well 😂😂😂😂😂
If CNA checks deeper, Hambantota port project was first proposed by Canada not China. After Canada pulled out, due to a change of it's govt, Sri Lanka asked China to consider.
They knew, but need to follow western agenda😅
The terms by Canada were far more lenient and reasonable as compared to that by China
Canada is the originator followed by Éndian and other western countries (none dare to take on the project before going to China😂😂😂
Now China will have to bear the blame as setting the debt trap. 😂😅😂
AMERICAN BACKED COUNTRIES ALWAYS ACCUSING CHINA..CHINA HONESTLY HELPING THE POOR NATIONS. THEY AR NOT DEVIDING AND CREATING WARS. THE MAIN MISTAKE WAS MONEY WAS NOT UTILIZED. POLITICIANS POCKETING THE MONEY.MISMABAGEMENT IS THE ISSUE
It's more like Shri Lanka fell for the IMF debt trap and asked China to help it out. Shri Lanka ows China less than 6 billion while it owes India, IMF and G7 countries about 40 billion dollars . No comparison into who's debt trap Shri Lanka fell into.
the interest rate from IMF is so much higher than China
and IMF refused to reconstruct the debt portfolio, causing to the brink of bankruptcy
Someone claimed that this lie was created by an Indian, basically a sour grape and then grabbed by the Western Press to keep on telling this lie!
The IMF doesn't charge you 6-7% being a poor country. If you tell something tell the whole story.
@@kenho-wr5ul2rh7m ??? higher ??? what did you smoke ??
@@nickiseb8910 lol, the IMF charge more infact, Shri Lanka was never considered to be a poor country to the IMF nor to the G7 Western Banks before it's collapse. In fact these G7 wanted Shri Lanka to collapse and deliberately so , to build a narrative around China and punish Shri Lanka for entering the BRI project and giving the port project to China instead of one them. Shri Lanka owes India more unfact than even China today.
I have a question for a long time, when you can't repay your debt to China, China may take your port, but the port would still be there and operates, AND pay taxes, but when you cant repay your debt to the West, what does it left then? there is no road, no ports, no Stadium, no one knows where the money went
西方会介入政务运作使国家崩溃，做空主权货币。然后以超底价收购优质资产。民众成为西方资本的奴隶，奴隶主却不用管奴隶的死活。他们会利用金钱和宣传的武器扶植代理人管理国家。当奴隶们反抗时就换另一个代理人。而西方资本家则趴在发展中国家上面吸血。😅
actually if you check, it sri lanka goverment offer the port to china at 60/40 so srilanka still share own it for 99yrs, china didnot take it by force
The logic of Indian invention of China debt trap diplomacy is extraordinary. Where can bond investors learn the magic of taking control of a company or a country with only 11% of total debt?
yup and the interest rates of that debt are lower than the other creditors... makes it hard to point to them as the straw that broke the camel's back.
India supported the Tamil Tigers in the ethnic war in Sri Lanka. Why pretend to be so concerned for its neighbour's well being now? Check your facts first before pointing at China. The best approach is for Asians to unite and fight US hegemony so that Asian countries can progress.
and that same country gave them billions when needed while China put its tail in its ass. @@user-xj2ff4un8r
We all knew these years of peace in SEA is because that empire busy in Middle East for 20years.
Empire focus on Middle East , BOOOOM !
Empire focus on Europe , BOOOOM !
Now that Empire focus on Asia ...😨
@@user-xj2ff4un8rDo you know the full story? Initially supported them because Sri Lankan Sinhalese people did genocide on Sri Lankan Tamilians. Later, LTTE was declared as terrorist organisation as war progressed.
Once a country goes through a major crisis the people learn to live with a scarcity mentality. It's hard for them to spend even if they have money.
Frugal living within your means which is good for Sri Lanka. Balanced expenditure and savings is important for all people.
That's better than US. US is a bankrupt country. People spend beyond their means.
@@achangyw and never use USD.
And this will motivate more people to emigrate to developed countries in search of better employment opportunities and living standards
@@sreenathgopinathan5415 yup people have moved to Europe or the USA because the USA allies have destroyed their habitat and made them poor through colonialism and looting their natural resources. This is a karma.
CNA has seemed to miss out very important details about the so called debt trap on the Hambandota Port. Where the Chinese were invited to take a lease of the Hambandota port so that the proceeds of this lease was to go towards repayment of Sri Lanka’s debt to the IMF.
How come CNA didn’t disclose that Sri Lanka’s debt towards China only amounted to 11% of their total debt which is equal to the likes of Sri Lanka’s debt to Japan and India?
How come CNA didn’t highlight the main reason for Sri Lanka’s economic crisis was due to an over dependence of the US Dollar? Due to the shut down of the economy during the pandemic and that there were not enough of USD coming in to the Sri Lankan economy, coupled with the USA sanctions against Russia thus pushing up prices of fuel and other essentials beyond the reach of the people in Sri Lanka. Why didn’t CNA highlight these issues ?
CNA is mini BBC
Pay by Singapore taxpayers money, but need to follow western agenda. Sad for Singaporean😅
😅 U$ UK EU warn of the "Chinese debt trap".
Sri Lanka's gov debt report:
47% - Market borrowings (bonds) - most of which is held by BlackRock (U$A shadow government company)
13% - Asian Development Bank (a western/Japan own and run bank)
10% - China
10% - Japan
9% - World bank
2% - India
9% - Others
Because Chinese loans are hidden in secrecy and public doesn't know its terms and conditions.
CNA is a very unprofessional and usually they take snippet of foreign media and then try and create a new media. They lack the ability to create a good news report
The latest deal with the IMF is the real debt trap but unfortunately Sri Lanka don't have any options.
Sri Lanka is such a great country as well, also with terrific people generally. Always criminals and communists there to ruin it though, if not your cultists...
Democracy is the answer, but how to get it to them? The question.
lol, should have thought about that before accepting deals from a dictatorship like China.
@@DailyCorvidworld bank and IMF are the western political weapons that destroyed the beautiful and resource rich African, south American and middle east countries. Your mentally challenged reply is hilarious. Get an education. 😂
How is IMF the debt trap?! They bailed our Sri Lanka from nothing.
@@DailyCorvidSri Lanka practice western parliamentary system with general election every four years. A formula for disaster in every developing nation, except China and now Vietnam.
People are confusing investment and loans.
Pure investment means the investor is taking the risk if the project will be profitable.
Loan (lending) means money has to be paid back otherwise the collateral will be confiscated.
China is lending money to Sri Lanka.
Not really. China is doing both. The port was partly investment partly loan. China took some of the risk in the initial investment and loaning the Sri Lanka govt part of the investment. So China is taking 100% of the risk. Morgan Stanley and other private creditor buy Sri Lanka govt bonds. That is lending not investment
China did not lend money. China bought the right to use that port for 99 years. That money does not need to be paid back. Sri Lanka also gets 30% of the port profit. Not to mention the nearly 600 million China put into building the port. That port made only 1.8 million before china took over. Now it gets over 2 million tons of shipments per year.
@@neilbohrs5990you’re totally wrong…. China did lend money to Sri Lanka to build Hanbantota port and that was the request by Sri Lanka. They thought this port would help reduce the stress in the Colombo port. When the western debts were due, Sri Lanka was struggling to pay them so they decided to lease out the Hanbantota port to finance the repayments to the western countries. The Debts for Hanbantota port were not even due yet at the time….
When Sri Lanka offered the lease of Hanbantota port to the world no one wanted it because it wasn’t economically viable but a chinese company took it on with the risk. India shouldn’t be annoyed with Sri Lanka for leasing the port to India either, if there so concerned why don’t they take on the lease to help Sri Lanka then?
@@kevinclasher3160 80% of Sri Lanka debts are in the USD. How come this USD did not trigger debt trap?
@@MSDGroup-ez6zk Sri Lanka had to lease their Hanbantota port out for 99 years to pay this debt, if they didn’t do that they’ll default on the loan, if Sri Lanka offered the port to them as debt payment, they wouldn’t take it anyway because the port isn’t economically viable, so they want their money and Sri Lanka had to find. Obey somewhere which ended up forcing Sri Lanka to lease it out their port which ain’t producing a profit. From their view, they can pay the western debt, reduce their liability on that unprofitable port, when leased out the company that takes it on can invest in the port, it’s not like they sold it, eventually in years to come it will make profit and handed back to them in a better situation. The port will also continue to employ Sri Lankan people.
Having seen China taking an interest in Sri Lanka, western countries are now more willing to restructure the debts to try and influence Sri Lanka away from China’s influence. If you did your research, you’ll know that the debt trap bullshit is made up and nothing but propaganda. Deborah brautigam did over 10 years researching Chinese loans and have already debunk this debt trap bullshit but western media will not tell you that…
CNA failed to highlight Imf and world bank are the biggest creditor😂😂😂
not fail, if they list imf,world bank, japan then they cant call china debt trap anymore
In their defence, they only have 20 minutes to report this so no time for such information la
@@muudcatt9541 wdym 20 minutes is plenty of time just to show a chart but that goes against their agenda
Tell me what about the 2 initiatives Build-Back-Better by Joe Biden and Global-Gateway by Ursula von der Leyen? Please name me one project from these US-EU initiatives. I can tell you that there is none after 3 years since the initiatives were founded. Should or will the developing countries like Sri Lanka have to wait another century for investments from both initiatives Build-Back-Better and Global-Gateway?
If you wanna build someting, give the Chinese a call. If you wanna bomb something, give the US a call. Of course, Europe can't do either of these.
Sri Lanka need decades to recover from it economic crisis. After what the corrupt politicians had done. The system already failing, dont expected China to create miracle. Everyone suffered from the after effect of the UKRAINE/ RUSSIA war. What Sri Lanka need now is a strong and capable group of politicians to run things.
Great report.
I am also looking forward for honest reports about other creditor countries.
How well their loan are working compared to Chinese loan?
exactly. in these past years w/ dedollarization and how the west ensured global south debtors service their debts during the first years of the pandemic while china restructured and forgave debts for 17 of its highest debtors while suspending debt servicing is a significant part of the conversation. it would be good to know what percentage of sri lanka's overall debt obligations is from china.
@@1971gift The USA allies always scream louder than they should be. Look at the false impressions of the USA movies on the Vietnam War.
Let's see from the currency discrepancies between the U.S. allies and non-USA allies
1. USA allies
a. the UK - 1 USD = 1 Pound
b. Europe - 1 USD = 1 Euor
c. Jordan - 1 USD = 0.3 Jordanian dollar
d. Singapore - 1 USD = 1 Singaporean dollar
e. etc
2. Non-USA allies
a. Indonesia (not my country) - in 1969, 1 USD = Rp 7.5, in 1997 - 1 USD = Rp2,000 and when Soros came 1 USD = Rp 16,800. During the Soeharto era, 100% of all Indonesia's economic ministers were either Harvard University or Barkley University. The president was convinced that if the local currency is low, the Indonesia economy would be better off in fact
1. Let's say Indonesia's debts were USD 1 million in 1968. Thus in 1969, its debts were USD 1 million x Rp 7.5 = Rp 7.5 million. In 1997, 1 USD = Rp 2,000. Indonesia's debts became USD 1 million x Rp 2,000 = Rp 2 billion. In 1998 Soros came in 1 USD = Rp 16,800. Thus Indonesia's debts became USD 1 million x Rp 16,800 = Rp 16.8 billion. This is a debt trap. Can you imagine before Soros came, Indonesia's debts were Rp 2 billion and overnight they became Rp 16.8 billion or increased 8 times overnight. No country's cash flow can cover the sudden increase in expenses 7x than before overnight. Thus Indonesia borrowed to the IMF in the USD again with an obligation to buy the USA products at marked-up values.
During the Soeharto era from 1969 into 1998 (29 years), the USD was manipulated Rp 16,800/Rp 7.5 = 2,240 times or on average the USD was manipulated 2,240/29 years = 77 times a year. Hence even though Yuan has covered 0.1-0,2 % a year, the risk of currency is lower than the USD. That's why 130 countries members have joined with China Silk Road Initiative including several European countries and Singapore.
2. Let's say Freeport McMoran in Indonesia pays me a salary of Rp 10 million/month. Hence in 1969, Freeport should prepare Rp 10 million/Rp 7.5 = USD 1.3 million a month. In 1997, 1 USD = Rp 2,000. Thus Freeport McMoran should prepare Rp 10 million/Rp 2,000 = USD 5,000/month. When Soros came in 1998 Freeport should prepare Rp 10 million/Rp 16,800 = USD 595/month. Imagine due to USD manipulation, Freeport's obligation to pay me the salary of Rp 10 million/month has reduced from USD 5,000/month into only USD 595/month or USD 5,000/USD 595 = 8.4x overnight.
b. Iraq. In Saddam's era 1 USD = 0.3 Iraqi dinars. Today 1 USD = 1,400 dinars
C. Venezuela, in 2022 - 1 USD = 2,722 Venezuelan Bolivars today 1 USD = 31 million Bolivars or USD has been manipulated 11,386 times a year.
If your father is living in Venezuela and needs a heart medicine of $1 per bottle per month, how hard has he needed to work just to match with the manipulated USD?
That's why the world has decided to make a competition with the US hegemony.
Imagine India has 2 sons in law and a daughter-in-law. One as the UK's PM. Another son-in-law is the World Bank CEO. The UK has problems with Brexit and no Brits can fix it. Thus the UK cannot do anything if Sunak suddenly sells its US debts. The UK also looted USD 45 Trillion from India. The UK after Japan sold its US debts, the UK became the third largest US debt holder by increasing its ownership towards the US debts. Sunak can ask the World Bank to borrow the UK loans to repay the looted and its economy and sell its US debts. While daughter-in-law, Kamala can help the UK with lower energy prices and low interest rates on loans.
CNA don't dare to report on them, we all knew Singapore finance sector control by the U$A😅
Belt & Road is the example when you ignore basic fundamentals of economics to get geopolitical advantage.
Many projects under BRO are not economically viable but they are geopolitical significance.
Sri Lanka already was having BIG time debt crisis from way back when.
Sri Lanka borrowed from China to pay back IMF/World Bank.
Of course the debt carried forward to current.
The USA allies always scream louder than they should be. Look at the false impressions of the USA movies on the Vietnam War.
Let's see from the currency discrepancies between the U.S. allies and non-USA allies
1. USA allies
a. the UK - 1 USD = 1 Pound
b. Europe - 1 USD = 1 Euor
c. Jordan - 1 USD = 0.3 Jordanian dollar
d. Singapore - 1 USD = 1 Singaporean dollar
e. etc
2. Non-USA allies
a. Indonesia (not my country) - in 1969, 1 USD = Rp 7.5, in 1997 - 1 USD = Rp2,000 and when Soros came 1 USD = Rp 16,800. During the Soeharto era, 100% of all Indonesia's economic ministers were either Harvard University or Barkley University. The president was convinced that if the local currency is low, the Indonesia economy would be better off in fact
1. Let's say Indonesia's debts were USD 1 million in 1968. Thus in 1969, its debts were USD 1 million x Rp 7.5 = Rp 7.5 million. In 1997, 1 USD = Rp 2,000. Indonesia's debts became USD 1 million x Rp 2,000 = Rp 2 billion. In 1998 Soros came in 1 USD = Rp 16,800. Thus Indonesia's debts became USD 1 million x Rp 16,800 = Rp 16.8 billion. This is a debt trap. Can you imagine before Soros came, Indonesia's debts were Rp 2 billion and overnight they became Rp 16.8 billion or increased 8 times overnight. No country's cash flow can cover the sudden increase in expenses 7x than before overnight. Thus Indonesia borrowed to the IMF in the USD again with an obligation to buy the USA products at marked-up values.
During the Soeharto era from 1969 into 1998 (29 years), the USD was manipulated Rp 16,800/Rp 7.5 = 2,240 times or on average the USD was manipulated 2,240/29 years = 77 times a year. Hence even though Yuan has covered 0.1-0,2 % a year, the risk of currency is lower than the USD. That's why 130 countries members have joined with China Silk Road Initiative including several European countries and Singapore.
2. Let's say Freeport McMoran in Indonesia pays me a salary of Rp 10 million/month. Hence in 1969, Freeport should prepare Rp 10 million/Rp 7.5 = USD 1.3 million a month. In 1997, 1 USD = Rp 2,000. Thus Freeport McMoran should prepare Rp 10 million/Rp 2,000 = USD 5,000/month. When Soros came in 1998 Freeport should prepare Rp 10 million/Rp 16,800 = USD 595/month. Imagine due to USD manipulation, Freeport's obligation to pay me the salary of Rp 10 million/month has reduced from USD 5,000/month into only USD 595/month or USD 5,000/USD 595 = 8.4x overnight.
b. Iraq. In Saddam's era 1 USD = 0.3 Iraqi dinars. Today 1 USD = 1,400 dinars
C. Venezuela, in 2022 - 1 USD = 2,722 Venezuelan Bolivars today 1 USD = 31 million Bolivars or USD has been manipulated 11,386 times a year.
If your father is living in Venezuela and needs a heart medicine of $1 per bottle per month, how hard has he needed to work just to match with the manipulated USD?
That's why the world has decided to make a competition with the US hegemony.
Imagine India has 2 sons in law and a daughter-in-law. One as the UK's PM. Another son-in-law is the World Bank CEO. The UK has problems with Brexit and no Brits can fix it. Thus the UK cannot do anything if Sunak suddenly sells its US debts. The UK also looted USD 45 Trillion from India. The UK after Japan sold its US debts, the UK became the third largest US debt holder by increasing its ownership towards the US debts. Sunak can ask the World Bank to borrow the UK loans to repay the looted and its economy and sell its US debts. While daughter-in-law, Kamala can help the UK with lower energy prices and low interest rates on loans.
BS.
An Indian coined the word "debt trap" for China's BRI with the West doubling down.
Logic tells you creditor/debtor benefits and obligations, each upholding the respective responsibility as part of the negotiated deal.
A Beautiful Country, the Pandemic caught the SL leadership lying flat, with lockdown worldwide, no flights, tourist missing and the Dollar stream dried up.
The ill-conceived going green affected the agricultural output and aggravated the tea exports and food supply.
Sri Lanka's over reliance on tour arrivals got trapped by the pandemic onslaught.
With more than 150 countries signed to BRI, China created an alternative to the traditional means and unlocked landlocked regions.
SL should tap in and find ways to benefit themselves.
Call it Sri Lankan mismanagement of its debts and economy. Many countries economy were damaged by pandemic. Sri Lanka relied heavily in tourism business.
@@silentwatcher1455
In life, we also get caught on rainy days with no offer to stretch out the umbrella.
Comes to country, problem magnify out of proportions.
Video shows people getting back on their feet.
Good sign.
It's Sri Lankas wrong economic plans not chinas fault
90% of Sri Lanka's debt is actually owed to US and Japan - World Bank, IMF and Asian Development Bank. Only 10% is from China.
Owning money to banks vs owning money to mafias
Yes, please don't tell them that as they have no brain or intellect to differentiate the percentage. When the dumb cnut of the Disunited States ambassador said that it should be international rules based order, you know straight away she is another dumb bat shite. It is international law not rules based order. How these idiots and imbeciles can say such bs is beyond me? She even said it with a straight face. But then again when you are stupid and lack the acuity to know the difference, it is no difference between intelligence and stupidity. It is ASIA PACIFIC and not Indo Pacific stupid.
@@bctvanw
Thank you.
I think calling the IMF and Western Financial system mafias is very accurate
@@alanclw6024
Yes PRC is bank.
@okk369 Brah...
Stop drinking water from the Ganges.
It is giving you diarrhea.
Or maybe it is the curry that is giving you diarrhea, and the water is making you dumb :(
I always wonder why is China being blamed for giving loans?
The receiver of these loans has seen the terms of the loans and they understood the loan terms, they've calculated the risks and potential benefits and then decided that they are willing to take the risk. It's not really China's fault if the projects that the debts are being used for didn't work out, or if the money got into the pockets of corrupt officials, and they had to default.
These are not personal loans, where banks may be dealing with individuals with poor understanding of loans and their own abilities to service them. These are loans between governments, they have experts in economics that would've evaluated the loans terms and believed that the risks are worthwhile. If a recipient defaulted, that's entirely the fault of the recipient, not the provider of the loans service.
Sri Lanka really only has itself to blame for its poor management. Even if we assume that it's true that China has an explicit plan to take over foreign assets using debts for geopolitical strategy, the failure of the projects is still the responsibility of the receiving country, not the lender.
Even if it's true that the terms of the loans are bad, it's the responsibility of the receiving government for accepting those terms.
Because CCP works with the crook leaders and bribes them....they cannot work with honest leaders and no one wants CRIMINAL CHINESE PARTY in their country.
Some lenders are called loan sharks for a reason. I hope you are familiar with that term.
@@VMRDY loan sharks are lenders who exploit individuals with poor understanding of how loans and the legals works.
Countries lending billions of dollars that have their own financial experts are not plausibly an entity that can claim that they don't understand how loans work. Even the governments of small, developing countries are large entities who has financial advisors and international relations and legal experts that would've pored through every term in the loans in excruciating details.
If they accepted what China offered them, that's because they think that China gave them the best terms, not because they don't understand the terms of the loans. Loan shark is a term that cannot really apply to loans between large corporate and intergovernmental. At the level of money that these entities are dealing with, hiring a few experts to review the terms of the loans would've been a rounding error in the value of the loan.
@VMRDY The loans that China made to Sri Lanka was between 2 to 6 percent, depending on when they got the loan, with repayment stretched out for decades. European lenders, mostly from bond holders charges interest in double digits for short term loans. So who's the loan shark?
The “debt-trap” theory is concocted by Brahma Chellaney, an Indian geopolitical strategist. The “debt-trap” theory is concocted by Indians, and popularized by Americans. They concoct this theory to demonize China, Chinese and BRI projects/loans. India, US, along with EU, fear losing their dominance and control over other countries which may result from these projects. Such fears are based on their selfish and geopolitical interests.
However, people from all over the world, especially from developing countries have acknowledged the needs and the actual benefits of these projects/loans. They know from their first-hand experience that there is no debt-trap. Academics and researchers have reviewed these projects, and have debunked the debt-trap theory.
Sri.anka previous Govt needed the progress but in reality Srilanka owe Wwb and Japanese more than China .as to project work or not it is Srilanka govt to fulfill than , not the investors
Agree. Sri Lanka owes more to foreign institutions than China to be honest.
There must be an international law that punishes corrupt government officials of beneficiary countries like Sri Lanka's Rajapaksha who pocketed the loan money.
Sri Lanka foreign debt: 8% from China, average interest rate 0.5%. 11% from Japan , interest rate 3%. Wall Street: 13%, interest rate 4-5%. The rest, IMF. So how come it’s China created the debt trap? Please explain with real facts and data.
they cant, it pure popaganda
that's why if you implement family support beliefs in a country (srilanka).... and what do you think CNA about Greece ?
Yap the BTI is a dept trap while the Built BackBetter ( 3:s B) is a sure trip to night mare city or the the Corridor is a place with snakes. crawling about.
“Build Back Better” was a slogan that had no money to support. That’s what Biden is good at. The US is only interested in exporting weapons, never anything that is productive for the recipient country.
😅 U$ UK EU warn of the "Chinese debt trap".
Sri Lanka's gov debt report:
47% - Market borrowings (bonds) - most of which is held by BlackRock (U$A shadow government company)
13% - Asian Development Bank (a western/Japan own and run bank)
10% - China
10% - Japan
9% - World bank
2% - India
9% - Others
CNA is western propaganda media
more than 50% Sri Lanka debt are from US (BIackr0ck, Asia Development Bank, etc), from China only 10%
but medias didnt dare to show this fact, coz controlled by West ag3nda
So actually it is US debt trap set up to Sri Lanka, I judge it from objective data, not from subjective western envy towards China...
The USA allies always scream louder than they should be. Look at the false impressions of the USA movies on the Vietnam War.
Let's see from the currency discrepancies between the U.S. allies and non-USA allies
1. USA allies
a. the UK - 1 USD = 1 Pound
b. Europe - 1 USD = 1 Euor
c. Jordan - 1 USD = 0.3 Jordanian dollar
d. Singapore - 1 USD = 1 Singaporean dollar
e. etc
2. Non-USA allies
a. Indonesia (not my country) - in 1969, 1 USD = Rp 7.5, in 1997 - 1 USD = Rp2,000 and when Soros came 1 USD = Rp 16,800. During the Soeharto era, 100% of all Indonesia's economic ministers were either Harvard University or Barkley University. The president was convinced that if the local currency is low, the Indonesia economy would be better off in fact
1. Let's say Indonesia's debts were USD 1 million in 1968. Thus in 1969, its debts were USD 1 million x Rp 7.5 = Rp 7.5 million. In 1997, 1 USD = Rp 2,000. Indonesia's debts became USD 1 million x Rp 2,000 = Rp 2 billion. In 1998 Soros came in 1 USD = Rp 16,800. Thus Indonesia's debts became USD 1 million x Rp 16,800 = Rp 16.8 billion. This is a debt trap. Can you imagine before Soros came, Indonesia's debts were Rp 2 billion and overnight they became Rp 16.8 billion or increased 8 times overnight. No country's cash flow can cover the sudden increase in expenses 7x than before overnight. Thus Indonesia borrowed to the IMF in the USD again with an obligation to buy the USA products at marked-up values.
During the Soeharto era from 1969 into 1998 (29 years), the USD was manipulated Rp 16,800/Rp 7.5 = 2,240 times or on average the USD was manipulated 2,240/29 years = 77 times a year. Hence even though Yuan has covered 0.1-0,2 % a year, the risk of currency is lower than the USD. That's why 130 countries members have joined with China Silk Road Initiative including several European countries and Singapore.
2. Let's say Freeport McMoran in Indonesia pays me a salary of Rp 10 million/month. Hence in 1969, Freeport should prepare Rp 10 million/Rp 7.5 = USD 1.3 million a month. In 1997, 1 USD = Rp 2,000. Thus Freeport McMoran should prepare Rp 10 million/Rp 2,000 = USD 5,000/month. When Soros came in 1998 Freeport should prepare Rp 10 million/Rp 16,800 = USD 595/month. Imagine due to USD manipulation, Freeport's obligation to pay me the salary of Rp 10 million/month has reduced from USD 5,000/month into only USD 595/month or USD 5,000/USD 595 = 8.4x overnight.
b. Iraq. In Saddam's era 1 USD = 0.3 Iraqi dinars. Today 1 USD = 1,400 dinars
C. Venezuela, in 2022 - 1 USD = 2,722 Venezuelan Bolivars today 1 USD = 31 million Bolivars or USD has been manipulated 11,386 times a year.
If your father is living in Venezuela and needs a heart medicine of $1 per bottle per month, how hard has he needed to work just to match with the manipulated USD?
That's why the world has decided to make a competition with the US hegemony.
Imagine India has 2 sons in law and a daughter-in-law. One as the UK's PM. Another son-in-law is the World Bank CEO. The UK has problems with Brexit and no Brits can fix it. Thus the UK cannot do anything if Sunak suddenly sells its US debts. The UK also looted USD 45 Trillion from India. The UK after Japan sold its US debts, the UK became the third largest US debt holder by increasing its ownership towards the US debts. Sunak can ask the World Bank to borrow the UK loans to repay the looted and its economy and sell its US debts. While daughter-in-law, Kamala can help the UK with lower energy prices and low interest rates on loans.
@@therminust4 well the USA has lied in the Iraqi war that caused the lost of Saddam's life. So the USA can lie everywhere and anytime.
One factor overlooked: ideal versus practical --- the year before, the government banned fertilizers. It devastated food production and sufficiency and made life harder.
😅😅😅😅😅😅
That's because they had no foreign exchange.
@@user-cr1gy9ng5jnot really they wanna go organic which backfire.
You want to own a house so bad, a roof over your family's head. So off you go to the bank to get a housing mortgage. After several years, you got yourself into some form of financial difficulties and you can pay the mortgage. Blame the bank and it's high interest rates. Blame the bank for seducing you to take up the loan. Blame the bank for debt-trap
The only people "blaming the bank" are the "rival banks" (*cough* western lenders *cough*). Most Sri lankans blame their own gov't, not China.
21:06 Summary - "what are they (China) going to archieve out of the debt trap? If you put your money into a country for investment. Obviously they want returns, so if you want return you want to see that country succeeds." -- I don't know if BRI will succeed, but for sure it will help many developing countries to improve their GDP and living standing, so the world's wealth will no longer dominated by a a handful of countries.
they want control over land just like the british did to them with hong kong. Debt trap is just the beginning. In old days you had to fight wars for this kind of control. This is the 21st century
Nearly 6,000 attendees from over 100 countries just attended the Belt and Road Summit in Hong Kong from
Sept 13 to 14 , 2023 . It seems that a lot of countries are not scared of the Debt Traps !
The principle is neither by a borrower or lender. In both situations, both parties will have their complaints. But when the borrower country like Sri Lanka is in dire straits at that time, they were begging for a white knight to bail them. If their corrupt politicians had not mismanaged the countries finances, they wouldn't be in a position to beg for help. Ungrateful Sri Lanka.
I have been told this same story when I was in Colombo 2017 . Even Hanbantoda crisis .
They run their nation,n blame other nation for their failure ...
So never lend others money ,,,😅
all big projects brought to Sri lanka to its ohysical presence considered low price by contractors, to build all infra projects can cost Sri lanka 10 folds big monies
😝
Sri Lankan President Ranil Wickremesinghe said on March 7 that China has support to restructure Sri Lanka's debt, which means that the Sri Lankan government will soon receive assistance from the International Monetary Fund (IMF).
wrong its the existing IMF debt that is crippling Sri Lanka, get your fact right.
the bad guys must show good will first, then us good guys can follow lmao
talking about credit , debt trap , ultimately Sri Lanka had fought a war among themselves , largely benefitting china now
12-7-2022 Britain-based charity Debt Justice:
35% of African gov debt is owed to Western lenders compared to 12% owed to Chinese lenders
The average interest rate on Western loans is 5%, compared to 2.7% Chinese lenders.
12-7-2022 Studies show private Western lenders create most of African debt burden
In a report released last week, Britain-based charity Debt Justice found that African governments owe three times more debt to Western banks, asset managers, and oil traders than to China, and are charged double the interest.
The report said 12 percent of African governments' external debt is owed to Chinese lenders compared to 35 percent owed to Western private lenders, adding that the average interest rate on private loans is 5 percent, compared to 2.7 percent on loans from Chinese public and private lenders.
The new findings lay bare the absurdity of the so-called "debt-trap diplomacy" that has been for too long touted by Western politicians and propaganda machines in smear campaigns against China, experts have said.
CNA will never talk about united states interest rate and IMF coercion on poor Nations
When China lent money, it’s bad. When India lends money, it’s saving Sri Lanka.
Here's what India's 🇮🇳 democracy is all about:
- Corrupt leaders
- Poverty
- No.107 on the World Hunger Index
- No.126 on the World Happiness Index
- No.161 on the World Press Freedom Index
- High unemployment
- Wealth inequality
Why can't India 🇮🇳 do the same, by building ports in Vietnam🇻🇳, Taiwan🇹🇼, Philippines🇵🇭, Malaysia🇲🇾, Japan🇯🇵 and South Korea🇰🇷? Oh I see, you Indians are still learning how to build bridges 🌉
Cna represeens singepor. Dhey ar unbaiyes pro-Amerikka mediia dat wiil healp Amerikka to smeear cpp so dat heeroo Amerikka caan defeet cpp moor easilee
don’t forget rape increased 150%
LOL, bitter China men tears:)
India was the Saviour of Sri Lanka, It gave 4 Billion Dollars Assistance to Sri Lanka
Wait, that's your take away from this report??? Why Indians are so egoistic??
Any loan you take without the ability to repay in the first place, is a debt trap.
china too rich and powerful... much love for china by cuba & mexico!
Singapore having peanuts and similar position like Sri Lanka, there's no reason Sri Lanka cannot be successful as Singapore. A large neighbor north India, China wants it and important trading hub, US wants it......Sri Lanka can become the next Singapore
If u want to get out of poverty, first, build a road. If u want stay poor forever, borrow from IMF, or BlackRock.
Rajapaksa family responsible for those .
Main reason for Sri Lanka's economic mishaps, problems are corruption, mismanagement, misconception in selected governments say since mid 70's. We can not blame China for debt traps. China's interest are around 6% where as Japan, IMF above 12 and 16% . CNA from Singapore is well noted for its Anti China stance.
I borrow 💰 from the bank to buy a house. I have been paying my debt until I lost my job. Now I fall for the debt trap set up by the bank as I am unable to pay the debt. Awwwww! Stupid bank!!! You shouldn't have loaned me the 💰.
How about Cna doing a documentary on IMF or world bank historical track records f debt traps instead
Sigaporean government will get reprimanded, very bad for business
12:35 perhaps an unpopular opinion but China doesn’t put a gun to the borrower’s head forcing them to borrow money. At the same time where was the west? Or were they all closed for business?
West Doesn’t want anything from srilanka only thing China need is hambanthota port so they can do deliver shipping Middle East and North America
some people never learn
Most developing countries have been in IMF and World Bank debt traps for centuries.
It's Sri Lanka, they are known to bow to China
From the prices I'm hearing, China is giving good deals. $300 million on some projects, you can beat it. The port will be their biggest gain, I hope they don't put too much into tourism and concentrate on that port.
Besides Sri Lanka, Other nations are also got caught in the debt schemes: Laos, Cambodia and nations
of Africa are all in.
When a country lends you money to buy weapons and luxury goods, it is called a loan trap. When a country lends you money to build infrastructure, it is called aiding development.
Chinese loan is different
Because Chinese loan high interest and some medetary condition like all projects given only Chinese company and Chinese labour
@@SevenplusShakya😂 you should really know the fact before you type any comments.
what might be the talking points when nation drops a bombs onto your country instead of help it build.
the way i see this , china provided the "money" meaning their work force and material to the country and they needed to pay china back with all the cost and interest that they had used...simple as that..
Many developing countries want to borrow money from western banks but were denied. China lent money to these countries and they call them ‘debt traps.’ If a country cannot pay, then they have to give up ownership of the assets being financed, like a home owner who cannot pay his mortgage. Anyway, the infrastructure is still in the host country and helps improve productivity in the country.
0:23: 🌍 China's Belt and Road Initiative raises concerns over debt traps for some countries.
5:46: 💼 Sri Lanka's poverty rate has almost doubled, leading to an increase in the sale of essential items like ribbons and wool bands.
10:11: 💼 The Port of Hambantota in Sri Lanka, built as part of China's Belt and Road Initiative, has faced financial difficulties and raised concerns over Chinese control.
13:58: 🏙 The Port City Colombo in Sri Lanka is expected to boost tourism and revenue in the country.
18:58: 💼 The US ambassador to Sri Lanka emphasizes the importance of a strong partnership and mutually beneficial relationships with China and other countries for Sri Lanka's prosperity and development.
Recap by Tammy AI
Cna = CNn = BBC
Folks already forgotten SL was bankrupt
Yeah it was.. Not now
@@Kaile1789 Once bankrupt it's bankrupt
By the looks of a lot of the people, there isn't a shortage of food.
CNA…… how can they call it a debt trap? Have they even done an analysis on the project finance borrowing rates from the IMF. And from China ? Lazy reporting. Why don’t you go an ask Africa who is a more predatorial lender ? USA. Or China.?
Cna represeens singepor. Dhey ar unbaiyes pro-Amerikka mediia dat wiil healp Amerikka to smeear cpp so dat heeroo Amerikka caan defeet cpp moor easilee
@@jaihindersingh Sri lanka own to china is 10%, but 90% own by imf,japan,india is not debt trap? amazing logic
@@jaihindersingh I tried to google translate what you typed…. No luck. Can you please tell me the language you are using ? Thanks. Then maybe I can reply.
@@brannyxx it badly spell english. he write it base on sound and mispell
Cna represens singepor. Dhey ar unbaiyes pro-America mediia dat wiil healp America to smeear cpp so dat heeroo America Caan defeet cpp Moor easilee
----
Cna represent singapore. They are unbias pro-amercian media that will help amercian to smear
ccp so that hero amercian can defeat ccp more easily
@@jaihindersingh turn on your spellcheck.
6:12 inflation everywhere…
The Sri Lanka's government should learn from their people. No money do not spend and do not borrow from the loan shark (CCP).
Laos is also a member of the Belt and Road debt trap from China
Please do a check/balance on the BlackTock company ??????????????????????????????????????????
Sri Lanka will never pay it back.
It's easy to make someone else the bogeyman for one's economic incompetency. A creditor wants repayment of the loan and not to trap for other things (collaterals are not debt traps).
Looks like this bogeyman performed stunts not only in srilanka but also in Pakistan,Laos, Kenya , Zambia 🤭
+ bogeyman sidekick is busy in comments section 😅
Any debt could be trap if borrower cannot service it
If you want to know about debt trap, especially Hambantota, check up Deborah Brautigam. If you want to have a feel of Sri Lanka, check up Lee Kuan Yew’s comments…..very interesting is how do 3 engineers build each speaking his own language. If you want to know about Sri Lankans work attitude, look no further than two decades plus ago, Singapore tried to help them by recruiting them for construction work….and why it failed whereas other nationalities are still striving. When you meet a Sri Lankan, chances are he will tell you Lee Kuan Yew admired their country. You will get a strong impression they really love to live in the past….especially in colonial times.
Well can you blame them? Sri Lanka once had the right ingredients before the ethnic nationalists took over and basically implemented their own version of "bumiputera". Of course the past was better because the country hadn't been torn in two at the time.
90% of Sri Lanka's debt is owed to the western banks and IMF. Now with Hantambota Port being leased to China, it has become a revenue generator to Sri Lanka with China paying rent to Sri Lanka. So Sri Lanka's debt to the West is now 100%. Owes nothing to China but with China paying rent to pay the debt to the West.
Good for the country as it now has investments from India, the US , France etc to compete with China. So thanks to China indeed. Debt trap is a trick against China, and now Sri Lanka gains the traction and attention from the world. Hope the country gets better and better in near future.
They always had finance from the other nations which put them in perpetual debt for almost a 50 years.
CNA miss the point. In building a white elephant, both the creditor and debtor loses. Politics are the core of the problem. Governments should not get involve in commercial matters.
Sri lank debt to china is 10% of the country loan
IMF,Japan, ect own 90% of the debt is not debt trap
Any money you take or give towards China, is a debt trap now because they've destroyed their entire economy and have no chance to rebuild. When the truth comes out we shall see a LOT of bankrupt billionaire in the West who were greedy and stupid. And should have stayed away.
China debt doesn't help the economy.
You are not allowed to pay your own people and create jobs:/
yes but imf and japan interest rate are at 0.1 percent while china is at 2 percent minimum and has to be paid in shorter terms of 5 to 15 years than imf and japan at 30 years..then there are additional conditions in the contract that they can take over the project if not paid..
@@incognitoadventure wrong try again, go to actual site not some propaganda channel.
even logic dont agreed with you .1 % would would not enough to cover admin cost. also
in 15yrs they make no money, mean their loan worth less than they give out.
@@incognitoadventure I know you wont check it but i help you...
srch "imf loan to sri lanka interest rate"
1) Sri Lanka Keeps Key Rate at 16.5% After Clinching IMF Loan
2) result from top list
What is the interest rate of Sri Lanka debt?
The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 05 July 2023, decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 200 basis points (bps) to 11.00 per cent and 12.00 per cent, respectively.6 Jul 2023
Maybe a Build, Operate, Transfer (to government) ... Infrastructures such as power plants, toll gated hiways or bridges, etc. PROC Banks are not Western Banks...there is no debt restructuring... Default and they will take possession...so just BOT.
What is a debt trap & what exactly does China gain from it?
It’s gonna take control whole port city rest of 99 years 😢😢
@@Travelwithkugan frogs like you in the well have no idea about global scale of Chinese investments, port of Melbourne in Australia is leased to China for 99 years 🤣🤣🤣what more to say, Sri Lanka is just a drop in the ocean for China😂😂
Srilanka is gonna be under china rest of the generation 100% I am sure unless india come help you guys up or no way of coming out China gonna get the whole country lease
Is CNA a mouthpiece for the West?
African and many poor country being in debt traps for many decades from loans by IMF and western countries.
😂 During the 70's 80's ..
U$A to EU : We should not invest in China , bad system , need to punish .
EU : OK , agree
But after that, it is the U$A companies rush into China to make tons of profit , EU so dxmb.🤣
Russia LNG is bad, Usa lng x4 price is good...
EU got no brain
The way the last speaks, sounds like the CCP has something on him that the CCP offered the best deals
Sri Lanka debt 10% to China with low interest, 90% to west and its allies with high interest.
100% true
When countries borrow money from the IMF and World Bank and can’t pay back !! Debt trap 🙄
IMF is the real debt trap , Im Indonesia in 1998 we were screwed by IMF.
This report failed to cover corruption surrounded around chinese projects such as if invested 100 delivered value around 30 according to SL government Auditor General. So its borrowing had bad impact on social value by corrupting whole society. Thats the very reason for bankruptcy. So this report failed to show real reason behind it. I am Sri Lankan that's the ground reality.
can you list out sri lanka debt % ration to china,imf,japan ect
@@jetli740 i can but its big pic difficult to upload. If you asking how China debt impacted SL economy. China gave 6%+Libor almost 10-15 times higher interest rate than imf or ADB or Japan. Which they give 10-15 years concession period as well, most of all no corruption. So 100 spend come to economy at least 95.Other hand if China gave 100 only value to economy 30 and paying higher interest rate for 100 that borrowed. If you believe in ripple effect and degrading values of the society. Then you know what i told. Not only borrowing all other chinese companies came to country after 2005 and for business they gave bribes. So china not only destroyed the economy but most of all made whole society corrupt.
@@ranger77554 list out sri lanka debt % ration to china,imf,japan ect
dont try to skip the question i ask
Are you from china pr?😂😂 you don't show me thug attitude you show to your country people. You can buy media but we live and we know whats happened to Sri Lanka from 2005. Show those thuggery to your own people not us. This is how China behave after giving loans they think they own people also. China is the biggest bilateral lender with around 15%. Calculate with commercial interest rate and corruption around it. We paid for that 15% more than 60% in total. Don't forget you charge 100 for 30 real value.
Bad governance, just like the former president wants to use the government funding to bring some inefficient projects to his hometown instead of a more efficient place. I think this documentary already explains in another word
BRI is a way for china to export its workers and give them employment rather than local people and companies.
@@andyjo8268 what ? 😂😂 ,in BRI projects workers are all chinese .
The USA allies always scream louder than they should be. Look at the false impressions of the USA movies on the Vietnam War.
Let's see from the currency discrepancies between the U.S. allies and non-USA allies
1. USA allies
a. the UK - 1 USD = 1 Pound
b. Europe - 1 USD = 1 Euor
c. Jordan - 1 USD = 0.3 Jordanian dollar
d. Singapore - 1 USD = 1 Singaporean dollar
e. etc
2. Non-USA allies
a. Indonesia (not my country) - in 1969, 1 USD = Rp 7.5, in 1997 - 1 USD = Rp2,000 and when Soros came 1 USD = Rp 16,800. During the Soeharto era, 100% of all Indonesia's economic ministers were either Harvard University or Barkley University. The president was convinced that if the local currency is low, the Indonesia economy would be better off in fact
1. Let's say Indonesia's debts were USD 1 million in 1968. Thus in 1969, its debts were USD 1 million x Rp 7.5 = Rp 7.5 million. In 1997, 1 USD = Rp 2,000. Indonesia's debts became USD 1 million x Rp 2,000 = Rp 2 billion. In 1998 Soros came in 1 USD = Rp 16,800. Thus Indonesia's debts became USD 1 million x Rp 16,800 = Rp 16.8 billion. This is a debt trap. Can you imagine before Soros came, Indonesia's debts were Rp 2 billion and overnight they became Rp 16.8 billion or increased 8 times overnight. No country's cash flow can cover the sudden increase in expenses 7x than before overnight. Thus Indonesia borrowed to the IMF in the USD again with an obligation to buy the USA products at marked-up values.
During the Soeharto era from 1969 into 1998 (29 years), the USD was manipulated Rp 16,800/Rp 7.5 = 2,240 times or on average the USD was manipulated 2,240/29 years = 77 times a year. Hence even though Yuan has covered 0.1-0,2 % a year, the risk of currency is lower than the USD. That's why 130 countries members have joined with China Silk Road Initiative including several European countries and Singapore.
2. Let's say Freeport McMoran in Indonesia pays me a salary of Rp 10 million/month. Hence in 1969, Freeport should prepare Rp 10 million/Rp 7.5 = USD 1.3 million a month. In 1997, 1 USD = Rp 2,000. Thus Freeport McMoran should prepare Rp 10 million/Rp 2,000 = USD 5,000/month. When Soros came in 1998 Freeport should prepare Rp 10 million/Rp 16,800 = USD 595/month. Imagine due to USD manipulation, Freeport's obligation to pay me the salary of Rp 10 million/month has reduced from USD 5,000/month into only USD 595/month or USD 5,000/USD 595 = 8.4x overnight.
b. Iraq. In Saddam's era 1 USD = 0.3 Iraqi dinars. Today 1 USD = 1,400 dinars
C. Venezuela, in 2022 - 1 USD = 2,722 Venezuelan Bolivars today 1 USD = 31 million Bolivars or USD has been manipulated 11,386 times a year.
If your father is living in Venezuela and needs a heart medicine of $1 per bottle per month, how hard has he needed to work just to match with the manipulated USD?
That's why the world has decided to make a competition with the US hegemony.
Imagine India has 2 sons in law and a daughter-in-law. One as the UK's PM. Another son-in-law is the World Bank CEO. The UK has problems with Brexit and no Brits can fix it. Thus the UK cannot do anything if Sunak suddenly sells its US debts. The UK also looted USD 45 Trillion from India. The UK after Japan sold its US debts, the UK became the third largest US debt holder by increasing its ownership towards the US debts. Sunak can ask the World Bank to borrow the UK loans to repay the looted and its economy and sell its US debts. While daughter-in-law, Kamala can help the UK with lower energy prices and low interest rates on loans.
@@basshunterdota625 LOL So how about Japan who lent money to India to create a High-speed train? Has Japan sent no one from their country? Japan has money and expertise, so it is all up to Japan to do what it is best for its business. So does China, the USA, the IMF, European etc.
Is it politically correct to criticize every move from China? I wonder if things would be better without any investments for Sri Lanka. How about the influence from US's currency? Do you have any idea how much damage that creates to the rest of the world, high inflation, etc?
More like belt and rust
Too late to realize.
"Nothing to gain with a debt trap, cant recuperate the money invested" Yah my ass, unless you want to control the country to support the 10-dash line. Ambassadors are better liars than attorneys. 🤣
Donot borrow!
We all knew these years of peace in SEA is because that empire busy in Middle East for 20years.
Empire focus on Middle East , BOOOOM !
Empire focus on Europe , BOOOOM !
Now that Empire focus on Asia ...😨
Aww.. force assigning blame to locals, could be paid journalism. Let's take a case. When Srilanka was fiscally struggling already, its existing ports not even top of capacity, do you think it would have envisioned and voluntarily built/spurced up Hambantota port with multiple hundreds of millions - totally built by Chinese companies and workers - and the debt of it totally will be repaid by Lanka taxpayers for 20 years. Making this country a slave for decades to this economic mistake. You don't see any coersion?? Same blatant projects appears great on paper but zero business sense to recover the investment. Well similar playbook used by British 400 years ago.
Dollar debt trap
"spoiled for choice" 22:17
You’re not solving your debt problem if you are borrowing more (IMF) to temporarily kick the problem down the road…
Now you just have a bigger problem waiting to happen
Singapore's bright future will remain only if Sri Lanka fails. Singapore will do anything to let Sri Lanka down. So this is a Singaporean Channel and the best part is Indian origin reporter. China is not the problem, but the Sri Lankan politicians(UNP, SLPP, SJB, NPP included) and their lobbyists. They are only work for the commission, not for the country. I am not an expert on economics but Port City of Sri Lanka is a big white elephant as the new era of economics would eliminate 70% of jobs that carry out in skyscrapers with AI. So Sri Lanka's future will only remain bright if Sri Lanka invests more in an AI-based economy and AI-driven manufacturing/agriculture systems.
You do know that Singaporeans are ethnically diverse right? Singaporeans are mostly of Chinese, Malay, Indian and Eurasian descent. It's been this way for centuries.
Srilanka is a difficult country and they fight for fighter fish of oceans. And some deep blue whales.
Even Chinese channel using Indian reporter
Yea China is bad, US and western is good. Same game since WW2 ended 😏😏😏