Sri Lanka Trapped in “Belt and Road” Debt Trap, Demands Deferment of Debt Repayment to Communist China

Translated by:  MOS Information Team – Baoliaofen

Sri Lankan President Gotabhaya Rajapaksa of the Indian Ocean island nation, met with Chinese Foreign Minister Wang Yi on January 9th.  Gothabaya asked the Chinese side to consider easing the repayment terms of Sri Lanka’s debt to China and to extend the repayment period.  Sri Lanka’s debt to China is said to be at least 3.388 billion U.S. dollars.

The Chinese Communist Party is promoting infrastructure investments in Asian countries and other countries based on the “Belt and Road” concept of a giant economic sphere.  Among them is Sri Lanka’s ballooning debt to China, which has reached at least $3.388 billion, with the southern port of Hambantota handing over its operation to the Chinese for 99 years due to default on repayments.

Sri Lanka has fallen into a “debt trap” due to the growing influence of the Chinese Communist Party as a result of its ballooning debt to China.

Reference:

Proofread by:  Linda Progress

Edited by:   Linda Progress

Posted by:     Linda Progress

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