China’s debt-trap policy has hit Sri Lanka’s economy as Colombo was declared bankrupt due to Beijing’s Belt and Road Initiative projects in the South Asian country, according to reports. experts. China’s debt-trap diplomacy has individually affected the basic and human rights of several South Asian countries, including Sri Lanka, experts say.
Speaking at an international conference – China Debt Trap, several prominent members from around the world raised concerns about China’s debt trap, which is deployed under its Belt and Road Initiative projects. in several South Asian countries. “Many of China’s Belt and Road Initiative projects weigh too heavily on underdeveloped countries’ debt,” said Andy Vermaut, Postversa Chairman, Chairman of the Global Council for Public Diplomacy and community dialogue.
“I would like to express my love for all the individuals who have fallen into the trap of rejecting the Chinese debt trap since this is the lie that is now being spread around the world under the pressure of the Chinese propaganda machine,” he said. he said later in the lecture. The conference was organized by the Global Council for Public Diplomacy and Community Dialogue.
Citing the example of Sri Lanka, Andy Vermaut said; “The situation in Sri Lanka raises a new global concern because of China’s global lending to underdeveloped countries. This is a very serious and timely issue. The debt that developing countries owe to China is a significant problem. Many Belt and Road Initiative projects fall too heavily on the debt of underdeveloped countries, and many of these nations are unable to repay their debts. So this is a real problem. Sri Lanka has entered China’s “debt trap” diplomacy and faced its worst nightmare so far It has become a cautionary tale of mismanagement and misfortune as the far-reaching impact of the pandemic destroyed the vital tourism sector.
“Sri Lanka has awakened the world community to this problem. The idea that China is accumulating debt with weaker countries in order to gain power over them and acquire private and public assets is a very sophisticated strategy to rule the world completely,” he told media people. While Sid Lukkassen, author and political philosopher, worried
“An example of this is Sri Lanka, where a huge port was built and financed by Chinese loans. The Sri Lankan government could not meet its payment obligations, forcing it to pledge the port to China until 2116. This means that China has acquired a geopolitical base in the heart of the Indian Ocean. The Belt and Road Initiative is part of this,” he said. declared. “China is investing seven trillion dollars in building a network of transport and energy connections across 64 countries. How many of these deals will ultimately turn out to be ‘Sri Lankan ports’? Also in Europe, China wants to deploy its geopolitical soft power. China has a long tradition in which business and state power are intertwined. But this is not the most profound consequence for the peoples of Europe. Whoever controls capital flows also influences geopolitics. Whoever controls geopolitics influences culture,” he added in the lecture.
Thursday’s conference was attended by various speakers, including Monica Andrei (International Program Manager working for the European Commission), Manel Msalmi (EP Mena Affairs and European Association for the Defense of Minorities, President MR Women Brussels), David Vander Maelen – Hiking for children, Tibet Support Group Belgium and Sid Lukkassen, author and political philosopher. (ANI)
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