No, they didn’t ‘agree’ on more investment and cooperation, Sri Lanka rather hadn’t any choice as to accept deals whose “specifics […] were not disclosed at the signing ceremony.”
When Sri Lankan President Anura Kumara Dissanayake meets his host, Chinese President Xi Jinping, at the Great Hall of the People in Beijing […], he may be captivated by the charm of Chinese hospitality. Yet, behind the warm smiles and firm handshakes, he is likely to remain mindful of the immense challenges his country has endured. Beneath the surface of cordiality lies a complex equation that Sri Lanka might find daunting to confront […]
The Hambantota Port deal is the most well-known example, where Sri Lanka leased this strategically vital facility to a Chinese company for 99 years. This agreement highlights the risks tied to such investments. […]
China’s involvement in Sri Lanka’s economy began with grand promises of boosting infrastructure. Projects like the Hambantota Port, Colombo Port City and Mattala Rajapaksa International Airport were introduced as transformative initiatives. However, these projects, funded mostly through high-interest loans, soon exposed their hidden challenges […]
Similarly, the Mattala Rajapaksa International Airport [in Sri Lanka], often called the “world’s emptiest airport”, shows the risks of investing in projects with little economic viability. These initiatives have added to Sri Lanka’s debt, with China holding around 10-15 per cent of the country’s external debt. These investments serve China’s strategic interests more rather than meeting Sri Lanka’s developmental needs […]
The government struggled to access foreign currency reserves to pay off debts and import necessary items leaving the economy in ruins. China’s reluctance to restructure its loans during this time revealed the dangers of relying on unclear financial agreements.
For ordinary people in Sri Lanka, this meant soaring prices, a lack of fuel and medicine and growing frustration across the country. […]
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No, they didn’t ‘agree’ on more investment and cooperation, Sri Lanka rather hadn’t any choice as to accept deals whose “specifics […] were not disclosed at the signing ceremony.”
The debt-trap diplomacy seems to work once again.
Sri Lanka’s Dissanayake in Beijing: Why Sri Lanka must look harder at what it’s signing on with China
[Edit typo.]