No Result
View All Result
  • Login
Friday, August 19, 2022
Afternoon Voice
SUBSCRIBE
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics
No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics
No Result
View All Result
Afternoon Voice
No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Epaper
  • More

Home > World > A brief on China’s role in Sri Lankan crisis

A brief on China’s role in Sri Lankan crisis

anistories@afternoonvoice.com' by ANI
July 15, 2022
in World
A A
0
Representative Image

While Sri Lanka faces its worst economic crisis since independence with food and fuel shortages, China has turned a blind eye to the crisis and shifted the blame to the borrower, a media report said.

Amid the pandemic, the country was trying to rebuild its economy, but the tourism industry was hit badly, an article in the Global Strat View think-tank read. Tourism in Sri Lanka supports 10 to 15 per cent of the economy.

The effect of the COVID-19 crisis, the loss of tourists, high government expenditure and tax cuts depleting state revenues, and the use of money for initiatives with minimal returns have all contributed to Sri Lanka’s economic meltdown. Russia is the third largest market for Sri Lanka’s tea exports.

As a result of the RussiaUkraine war, Russia was blocked from the SWIFT global payments system making the country unable to pay Sri Lanka.

Sri Lanka turned to China for help and asked for USD 1 billion loan to meet repayments, and a USD 1.5 billion credit line to buy Chinese goods, however, no progress was attained even after months of negotiations.

The policies pursued by former Sri Lankan President Gotabaya Rajapaksa and the mismanagement of the economy have contributed a lot to the present crisis in the country, however, they are linked to China.

The country provided aid to Sri Lanka to end the civil war, create infrastructure and ‘convert’ the island nation into another Singapore. China protected Mahinda Rajapaksa and his brother Gotabaya who allegedly were charged with human rights violations during the war with the Liberation Tigers of Tamil Eelam (LTTE) and provided assistance for economic development.

Mahinda Rajapaksa gave his approval for several Chinese infrastructure projects when he was in power from 2005 to 2015.

Citing the example of the Hambantota project, Global Strat View said the port developed with significant Chinese funding had no commercial viability, but China persuaded Sri Lanka to proceed with the project.

As the port struggled to gain momentum, Beijing wanted it as collateral, compelling the Sri Lankan government to hand over management to a Chinese corporation on a 99- year lease in 2017.

Sri Lanka has achieved economic growth through external borrowings for a very long time, and China has been one of the major creditors to the country.

China’s model of economic development adopted for Sri Lanka included a handful of Chinese companies investing in specific projects along with higher interest rates and agreements to govern such investments.

China’s blind eye to the economic and political condition of Sri Lanka allowed the spread of corruption and endemic borrowing, the publication said.

 The country was made hostage to Chinese investments which worsened the structural weaknesses in the economy and contributed to the current crisis.

Tags: ChinaSri Lanka
anistories@afternoonvoice.com'

ANI

Recommended For You

Former US NSA John Bolton calls Doha agreement “big mistake”
World

Former US NSA John Bolton calls Doha agreement “big mistake”

August 19, 2022
Kabul Blast, Zabihullah Mujahid,
World

Afghanistan: Taliban condemn Kabul mosque blast

August 18, 2022
A man was killed by a group of Locals in Delhi due to an argument
World

Japan’s suicide rate spikes due to COVID pandemic

August 18, 2022
20 dead, 40 injured in mosque explosion in Kabul
Top News

20 dead, 40 injured in mosque explosion in Kabul

August 18, 2022
Fire breaks out under railway arches in Union Street in London
World

Fire breaks out under railway arches in Union Street in London

August 17, 2022
Monkeypox. Maharashtra, Mumbai, Pune, monkeypox disease, Monkeypox test
World

Monkeypox can spread to animals from humans, Offical report

August 17, 2022
ADVERTISEMENT

LATEST

Sandeep Dikshit, AAP, BJP, Delhi

Congress backs CBI raids on AAP leadership over excise policy, Sandeep Dikshit says AAP-BJP colluded to damage his party

August 19, 2022
Covid-19, Maharashtra,Mumbai

India logs new Covid cases and sees a single day rise of 15,754

August 19, 2022
CGST, Fraud,

Two proprietors of firms were held for input tax credit fraud worth more than Rs 20 crore

August 19, 2022
Gadkari said 70% work on the 1,350km long Mumbai-Delhi Expressway is completed.

Gadkari said 70% work on the 1,350km long Mumbai-Delhi Expressway is completed.

August 19, 2022
Covid,diseases, Maharashtra covid update

Covid cases jump 25% in a day in Maharashtra, Mumbai tally tops 1,200

August 19, 2022
ADVERTISEMENT
Afternoon Voice

© 2022 Newsmakers Publications Pvt. Ltd. | All rights reserved.

Important Links

  • Disclaimer
  • Privacy Policy
  • About Us
  • Contact Us
  • Support Parallel Media

Follow Us

No Result
View All Result
  • Home
  • Top News
  • City News
  • Nation
  • World
  • Business
  • Entertainment
    • Bollywood
    • Hollywood
  • Sports
    • Cricket
    • Hockey
    • Tennis
    • Football
    • Badminton
  • Editorial
  • Opinion
    • Column
    • Diary
    • Letters
  • Epaper
  • More
    • Editor’s Pick
    • Featured
    • Lifestyle
    • Different Strokes
    • Multimedia
    • Sci-Tech
    • Politics

© 2022 Newsmakers Publications Pvt. Ltd. | All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?