China Debt Nepal: Like Pakistan and Sri Lanka, China is taking Nepal on the path of destruction, know the dragon’s conspiracy – pokhra international airport of nepal is now the biggest concern because of chinese loans
not a single flight at the airport
If you believe the reports coming from the Nepali media, then since the time this airport opened, not a single international flight has taken off. Because of this, questions are now being raised that whether this project will also get buried in the soil like other projects going on in the country. Initially, the government officials and the people of the country were very optimistic about this project. But now the way the work is going on here and due to the lack of preparations, the fear expressed by the experts, it seems that it will come true. The operation at the airport is negligible.
Nepal was also given the maximum loan
Like Pakistan and Sri Lanka, China is also the largest creditor to Nepal. This country has invested a lot in infrastructure projects here. In 2017, Nepal took a loan of $215 million from China for the construction of Pokhara International Airport. This loan was given to Nepal on behalf of Exim Bank of China. Everyone was happy when the loan was given by China. It is believed that this loan will contribute a lot in the infrastructure development of the country. However, everyone had expressed concern over the conditions that were kept then.
China’s exorbitant interest rates
Everyone knows that China gives loans at very high interest rates. China’s commercial banks give interest rates ranging from 5.5 percent to six percent, while other countries have fixed the interest rate at around three percent. Higher interest rate means Nepal will have to pay more money in the form of interest for a longer period of time. This will have a direct impact on the country’s exchequer. If experts are to be believed then due to Chinese debt there will be additional burden on the exchequer.
Example of Sri Lanka
Earlier this airport was to be constructed from the Japanese side. The airport was proposed to be completed in phases by the Japan International Cooperation Agency (JICA). The Asian Development Bank (ADB) had also agreed to provide funds in a similar manner. At that time the Government of Nepal wanted to complete this project in one go. ADB refused to fund after this idea. After this, in the year 2018, an MoU was signed with the Export-Import Bank of China (EXIM) for Pokhara International Airport. Many people are now looking at Pokhara International Airport like Uganda’s airport and Sri Lanka’s Hambantota port. Sri Lanka had taken a loan of $1.1 billion from China for Hambantota. But he failed to pay it and today the result is in front of everyone.