Sri Lanka, the first Asian country to become the victim of China’s debt trap - Warning signs for PNG
$12 million Chinese-built Sigiri bridge in Western Kenya collapsed before it was completed. President Uhuru Kenyatta inspected the project two weeks before the collapse. by MANISH SHARMA Editor’s note: All Pacific nations need to read this story and heed the warning before it is too late. One of you could be next. SRI Lanka has been crippled under a severe debt problem. In the last decade, it has invested billions of dollars in building huge infrastructure and most of the projects haven’t yet produced any adequate returns. Sri Lankan Government is now struggling to make payments and hence facing a severe debt crunch. Sri Lanka’s total debt stands at $64bn. About a whopping 95 per cent of all government revenues go towards debt repayment. The debt to China is eight billion dollars. Many local citizens feel the country is being sold to the Chinese. The problem is that money borrowed has been seemingly squandered on infrastructure that shows no sign of turning a pro