China sings differently on debt crisis

China sings differently on debt crisis

China has made it clear that the ball is in Sri Lanka’s court, not China’s and it is up to Sri Lanka to come up with a solution.

Sri Lanka has been blamed for not responding to proposals made by Chinese banks.
The spokesman told Daily Mirror China communicated to the Sri Lankan Finance Ministry three months ago about its readiness to discuss how to address the debt issue with the Chinese banks.
China is attempting to get Sri Lanka to discuss with the relevant banks and get the loans restructured which is certainly not in favor of Sri Lanka at this point of time.

“We sent proposals to the Finance Ministry. But, there was no response from them. Also, Sri Lanka insisted that it should complete the agreement with the International Monetary Fund (IMF) first. The ball is in Sri Lanka’s court,” the spokesman said.

Many international analysts point out that China should take responsibility of providing loans to less viable infrastructure projects by cutting out deals with corrupt politicians.
President  Ranil Wickramasingha recently said that China needs singing from same the same hymn sheet. Now certainly China is singing its own.

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