new Delhi: China is trapping the poor countries of the world with its tricks. He is giving them a loan of billions of rupees under the guise of his Project Belt and Road Initiative (BRI). According to experts, this can put those countries in serious financial crisis.
Have invested a lot in these countries
China has loaned billions of rupees to many countries like Sri Lanka, Zambia, Laos, Maldives, Republic of Congo, Tonga, Pakistan and Kyrgyzstan through BRI. China has invested a lot in these countries with the help of this project.
This is how China is cheating these countries
Actually, trickster China has shown big dreams of development to these countries. He said that through this project that their infrastructure will be improved, which will help them in economic development.
The project has been done for billions of dollars
The development of ports, roads, railways, airports and power plants was included in the BRI project only after it was controlled by Chinese President Xi Jinping. After this project has become hundreds of billions of dollars.
The project has spread to 70 countries
In the last 7 years, China has spread its work in more than 70 countries. Sri Lanka, after leasing its Hambantota Port Holdings Company to China for 99 years, has clouded concern over many debt-ridden countries.
Which countries have how much debtThe
The list of such countries is quite long. Maldives owes China about $ 1.4 billion. The debt for Maldives is huge, because its GDP is only 5.7 billion dollars. At the same time, according to a study by China Africa Initiative at Johns Hopkins University, China’s total debt to Zambia was about 6.4 billion dollars at the end of 2017.
The CHR Michelson Institute said in a report, “If this figure is true, Zambia could have a total debt of $ 14.7 billion (including state guaranteed loans), with sugar loans at 44 per cent.” On the other hand, the condition of Pakistan is also bad. Apart from BRI, China Pakistan Economic Corridor (CPEC) is also running there.
What do you knowThe
EY’s Chief Economic Advisor D.K. Srivastava says that “China is aggressively lending, especially to poor countries. This creates more problems and challenges for those countries which are involved in BRI.”
Ashwani Mahajan, national co-convener of Swadeshi Jagran Manch, states that, “When we do an in-depth analysis, it shows that all the projects run by China are focused on China. These companies are usually owned by the Chinese government. . “