South Asian countries are tying their fortunes to China’s infrastructure schemes

Sri Lankan Prime Minister Ranil Wickremesinghe has acknowledged that Sri Lanka is negotiating a bailout with the International Monetary Fund (IMF) “as a bankrupt country.” Sri Lanka is not the only South Asian country facing an economic crisis that borrowed heavily from China for infrastructure projects, which the Chinese have described as part of its Belt and Road Initiative (BRI). Nepal, Maldives and Pakistan are also going through economic convulsions. Ironically, China, which over the years was quick to offer high-interest loans for infrastructure projects in Sri Lanka, has been quiet during its current crisis. President Gotabaya Rajapaksa – who along with his brother, former Pr

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Last updated : 08 July 2022 clock 08:04 PM

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