Expert: China's debt trap is behind Sri Lanka's bankruptcy

China's debt trap policy is behind Sri Lanka's economic woes, experts have said.

Speaking at an international conference on the China debt trap, several prominent members from around the world expressed their concerns about China's debt trap.

"Many of China's Belt and Road initiative projects have weighed heavily on developing country debt," Andy Vermoe, chairman of the Postversa and World Council on Public Diplomacy and Community Dialogue, told reporters on September 8.

"I want to express my love to all individuals who have fallen into the trap of rejecting the China debt trap, as this is a falsehood that is currently being spread around the world under pressure from the Chinese propaganda machine. I think," he added at the meeting.
The conference was organised by the World Council for Public Diplomacy and Community Dialogue.

Andy Vermaut said: “The situation of Sri Lanka New global concerns are rising as a result of China's global lending to developing countries. This is a very serious and timely issue. The debt that developing countries owe to China is an important issue. Many Belt and Road Initiative projects have weighed heavily on the debt of developing countries, and many of these countries have failed to meet their obligations. So this is a real problem."

Sri Lanka has stepped into China's "debt trap" diplomacy and faced its worst nightmare yet. This has become a cautionary tale of misgovernment and misfortune, as the widespread impact of the pandemic has collapsed the vital tourism sector.

"Sri Lanka This issue has awakened the international community. The idea that China is building up debt with weaker countries in order to control them and acquire both private and public assets is a very sophisticated strategy for total control of the world."

Author and political philosopher Sid Lukkasen, meanwhile, expressed concern.

"An example of this is Sri Lanka, a huge port was built and financed by Chinese loans. The government failed to meet its payment obligations and was forced to pawn the port to China until 2116. This means that China has gained a geopolitical base in the heart of the Indian Ocean. The Belt and Road initiative fits in with this," he said.

"China is investing $7 trillion to build a network of transport and energy connections across 64 countries. Even in Europe, China wants to deploy geopolitical soft power. China has a long tradition of intertwined corporate and state power. But it's not the most far-reaching consequences for Europeans. Those who control the flow of capital also influence geopolitics. Those who control geopolitics influence culture,” he added at the conference.

Thursday's meeting included Monica Andrei (International Program Manager, European Commission), Manel Msalmi (EP Mena Affairs and European Association for the Defense of Minorities, President of MR Women in Brussels), David Vander Maelen – Hiking for Children, Tibet Support Group Belgium and Sid Lukkassen, author and political philosopher. (ANI)