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From Sri Lanka to European countries, during the Corona period, China is getting caught in the debt trap of small countries


China Loan Strategy: Due to Corona, China is leaving no stone unturned to tighten its grip on the world. Whether there is a conflict on the Line of Actual Control with a big country like India or a tussle on smaller countries like Lithuania, Sri Lanka and Nicaragua. China has intensified its political interests on every front.

The result of irritation from China’s moves is that last week the Foreign Minister of the Eastern European country of Lithuania, Gabriel Landbergis, warned everyone that China is carrying out economic attacks under a well-thought-out strategy. Such an action by China in the name of displeasure with its support to Taiwan is a warning to the whole of Europe. He said that by opening its market, China first makes countries dependent on itself and then by imposing its political agenda, stops the supply line.

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Keep in mind that China froze the products of companies of this European country, closely stifling Taiwan from Lithuania. These restrictions of China have also affected Lithuania’s exports. Obviously this is proof that a country that goes against the wishes and gestures of China will have to bear the brunt.

This is the reason why the island country Sri Lanka, which is adjacent to India, is also under stress. China has a huge debt on Sri Lanka. World Bank figures show that Sri Lanka has a debt burden of more than $ 50 billion. If any one country has the highest debt on the head of Sri Lanka, then it belongs to China. China owes $3.38 billion on Sri Lanka. At the same time, there is pressure on Colombo to repay a large part of this loan this year.

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Obviously, Corona has dealt a big blow to the Sri Lankan economy with a large share of tourism. In such a situation, his income has decreased and his ability to repay the loan has also decreased. In such a situation, China’s effort is to keep Sri Lanka, which is of great importance on the strategic board of the Indo-Pacific, in its court.

Especially in such a situation when the Mahinda Rajapaksa government, which came to power in August 2020, is giving great importance to relations with India. In the midst of economic difficulties, Sri Lanka sent Finance Minister Basil Rajapaksa to India where many issues including the currency swap agreement were discussed.

According to experts, China’s check book diplomacy and its neo-colonial marks have come to the fore. According to former diplomat Anil Trigunayat, China is a big economy which has money. In such a situation, using this money power, he goes to a developing country and gives cheap loans there. On the other hand, when the debt burden increases, it takes over the asset there. Obviously, this is becoming a big challenge for the developing and especially small countries of the world.

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America is taking great interest in the Indian Pacific region. At the same time, it is not shying away from giving importance to the issue of Taiwan. However, China is raising eyebrows on this matter, where Lithuania is turning its eyes. At the same time, it has separated America’s neighbors El Salvador and Nicaragua from Taiwan. In the past, Nicaragua has accepted the One China policy by ending the recognition given to Taiwan. Not only this, the South American country Nicaragua handed over the embassy evacuated from Taiwan to China.

This is a direct message for those countries including America who want to stand with democracy and advise China to follow international rules. These attitudes of China are naturally making the ground for a new confrontation. In such a situation, there are concerns for India as a neighboring country. At the same time, in developing countries with weak economies like Sri Lanka, Nepal, Bhutan, Bangladesh and India’s neighboring countries, the tightening of Dragon’s debt is a matter of great concern.

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