China refuses loans, projects caused crisis in Sri Lanka

Beijing: China defended its massive infrastructure projects and investments in crisis-stricken Sri Lanka on Thursday and said they had ‘boosted’ its economic development, amid US criticism of Beijing’s unproductive plans and opaque loan agreements among the reasons for the country’s bankruptcy “China-Sri Lanka practical cooperation has always been led by Sri Lanka with scientific planning and thorough verification without any strings attached,” spokesman Zhao said. Lijian.
“Chinese projects have boosted the economic development of Sri Lanka and brought tangible benefits to the people of Sri Lanka,” he said when answering a question about criticism of China’s projects and policies towards Sri Lanka. by USAID Administrator Samantha Power. Speaking in New Delhi on Wednesday, Power said India had moved quickly to help Sri Lanka overcome its economic crisis, but appeals to China had gone unanswered. She said China had become one of Sri Lanka’s “biggest creditors”, often offering “opaque loan” deals at high interest rates.
Refuting his claims, Zhao said that “there are multiple components to Sri Lanka’s external debt, where China-related debts take much less share than the international capital market and multilateral development banks.” “Besides…China gives Sri Lanka almost preferential loans with low interest rates and long tenors,” he said.
He also sought to blame US policies including interest rate hikes, unilateral sanctions and massive stimulus policies, saying they had badly affected many developing countries like Sri Lanka. PTI

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