Sri Lanka China Debt: Sri Lanka, France, Japan and India trapped in China’s debt trap, preparing to crack down on the dragon
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Emmanuel Moulin, Director General of the Finance Department of France, said that we are ready to coordinate with other creditor countries. He said that the lending countries should start restructuring the debt in a coordinated manner so that transparency can be ensured. Earlier last month, the IMF approved a program of 2.6 billion euros to help Sri Lanka come out of the biggest economic crisis in seven decades.
President Rajapaksa had to flee the country
India has also come forward to help Sri Lanka. Indian Finance Minister Nirmala Sitharaman said that we believe that such cooperation in debt restructuring is important to ensure transparency and equity in the treatment of all lenders. Earlier there were massive protests in Sri Lanka and President Gotabaya Rajapaksa had to flee the country. France, Japan and India are going to start discussions without delay.
The Sri Lankan government is hopeful that it will be able to achieve a deal by May. Sri Lanka has a total debt of 6.4 billion Euros from many countries of the world. China has the maximum debt in this. China’s debt is 10 percent of Sri Lanka’s total foreign debt. Japan’s Finance Minister has said that this initiative of France and two other Asian countries will encourage other creditor countries and talk about Sri Lanka’s debt crisis.
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The Japanese minister said that if China joins it, it would be a very good step. Experts say that China’s personal interest is hidden in its move. China is not helping Sri Lanka in the name of help. China wants to set up a radar station in Sri Lanka by getting trapped in the debt trap, which is a threat to both India and America.
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