Colombo: Experts say that China has trapped Sri Lanka in a debt crisis from which the latter cannot escape in the near future. They also said that it is a lesson for both Asia and Africa. During the time of the pandemic, several world nations had escaped from the natural destruction process but Sri Lanka had fallen into the debt trap of China.
China utilised the fall of Sri Lanka as a nation without production or other sources of income. Instead of lending money, China adopted a strategy of building large scale projects in foreign countries in order to increase their holdings and income.
Experts said that the culprit is the Sri Lankan Government, which trusted China instead of taking loans from international banks.
Usually, all nations will approach international banking systems to overcome their national crisis. It will help the nations to monitor whether the fund is reaching the right hands. Such actions will always boost the development of the nations and the money will go to the people and flow back into the public economy and savings of the people.
In contrast to this, what China did was a massive construction strategy and they also bribed Sri Lankan rulers in order to get constitutional concessions. This made the Sri Lankan Government to arrive in a pathetic situation in which they cannot continue ruling without seeking the help of international agencies.