Lanka’s estimated national debt is $64.9 billion, of which $8 billion is owed to China.
China is arm-twisting Bangladesh to convert soft loans it offered -during President Xi Jinping’s visit to Dhaka last year -to commercial credit (incurring higher interest rates) with apparently no headway into projects for which the amount was earmarked.
Bangladesh, however, has resisted the move to change pattern of loans for the projects which are part of grandiose OBOR project connecting China with rest of Asia, Africa and Europe. Higher interest on Chinese loans could push Bangladesh into a debt trap like Sri Lanka. Read More…
Credit By: The Economic Times
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