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The head of the US spy agency on Wednesday blamed “stupid betting” in a whole Chinese investment as a factor in the economic collapse of Sri Lanka which triggered a political crisis in the island country. Speaking at the Aspen Security Forum, Head of Bill Burns Cia said the mistake must function as a warning to other countries.
The Chinese have a lot of weight to be thrown and they can create a very interesting case for their investment, “Burns said.
He added that the nation must see “a place like Sri Lanka today – very owed to China – which has made some stupid bets about their economic future and suffer very large, both economic and political consequences, as a result.”
hat, I think, should be an object lesson for many other players – not only in the Middle East or South Asia, but throughout the world – about opening your eyes about such types of transactions.”
China has invested massively in Sri Lanka which lacks money, with reduced foreign reserves, almost spending food and fuel supply. Beijing worked closely with former President Sri Lanka Gotabaya Rajapaksa and landed Colombo in the Dragon Debt Trap.
In 2017, Sri Lanka could not pay back a loan of $ 1.4 billion for the construction of the Hambantota Port and was forced to rent out the facility to Chinese companies for 99 years. This construction was carried out by China Harbor Engineering Company (CHEC) and Sino Hydro Corporation joint ventures.
Located strategic in the Indian Ocean, Sri Lanka continues to receive financial assistance from India, which is seen as Beijing’s rival, and the leader of the state opposition has just appealed to India to continue to help Sri Lanka and its people “to get out of this disaster. “
Meanwhile, Rajapaksa escaped from a country that was hit by chaos last week and resigned in the face of mass protests over terrible economic conditions.
On Wednesday, Prime Minister Sri Lanka six times Ranil Wickremesinghe was elected as the next president. However, Wickremesinghe was seen as part of the ruling elite and his nomination was opposed by many ordinary Sri Lanka people.
The anti-government protesters who forced Rajapaksa to escape from the country and stop demanding the resignation of his successor, Ranil Wickremesinghe. This means that the political crisis in Sri Lanka, which is triggered by the economy, can be deeper.
