Thursday, June 20, 2024
Debt Disaster in Sri Lanka Stokes Controversy Over Chinese Lending

Debt Disaster in Sri Lanka Stokes Controversy Over Chinese Lending

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The crunch opens a window for India to aid off against Chinese impact within the Indian Ocean predicament

China is lending money to Sri Lanka for a $13 billion seafront change hub within the capital, Colombo, among other infrastructure projects.



Photo:

Atul Loke/Bloomberg News

A deepening debt disaster has left Sri Lanka struggling to pay for imports and stoked political controversy over Chinese lending to the South Asian nation as fragment of Beijing’s global Belt and Motorway infrastructure program.

The disaster has furthermore opened a window for India, which offered financial relief to Sri Lanka final week quickly earlier than a $500 million bond matured, to aid off against Chinese impact within the Indian Ocean predicament.

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