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Updated Sep 30, 2021 | 22:52 IST
42 low-to-middle income countries had debt exposure to China exceeding 10% of their GDP.
42 low-to-middle income countries had debt exposure to China exceeding 10% of their GDP.  |  Photo Credit: iStock Images

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  • Research lab AidData's report shows that China has trapped 165 countries with debts of at least 5 billion for BRI projects.
  • Of the 165, 42 were low-to-middle income countries (LMICs) that had debt exposure to China exceeding 10% of their GDP.
  • 35% of the BRI infrastructure projects were involved in corruption scandals, labour violations and environmental hazards.

The Chinese debt trap has now been certified with numbers. 42 low-to-middle income countries (LMICs) have debt exposure to Beijing exceeding 10% of their GDP. All thanks to the ambitious Belt and Road Initiative (BRI) that was launched by President Xi Jinping in 2013 as the "project of the century". And it is not just these 42 countries. According to the casino royale in hindi ,four-year study by US-based research lab AidData, 165 countries owe Beijing a combined debt of at least 5 billion.

cricket powder,When Jinping launched the BRI, he had said that it aimed to China's strengths in financing and infrastructure construction to "build a broad community of shared interests" throughout Asia, Africa and Latin America. But all that it has so far managed to build is a mammoth debt trap that has been systematically underreported to the World Bank's Debtor Reporting System (DRS), as per the data trove released by the research lab based at William & Mary's Global Research Institute. The loans were kept off international scrutiny as the central government institutions in LMICs are not the primary borrowers responsible for repayment. This is through the use of special-purpose and semi-private loans and was “substantially larger than research institutions, credit rating agencies, or intergovernmental organisations with surveillance responsibilities previously understood,” according to AidData. Brad Parks, AidData's Executive Director and a co-author of the report says that "these unreported debts are worth approximately 5 billion and the hidden debt problem is getting worse over time".

tennis zone hr,Among the worst in the underreported debts category was Laos, which had significant proportions of its debt that has been classed by AidData as “hidden”. The China-Laos railway project that is worth .9 billion has been funded entirely with unofficial debt. And this unofficial debt is equivalent to about one-third of Laos’s GDP. In the report, the research lab examined 13,427 BRI projects worth more than 3 billion across 165 countries between 2000 and 2017.

What came tumbling out was a dirty can of worms. Beijing spends a whopping billion annually in its BRI projects, outspending the US and other major powers on a 2:1 basis or more. During the pre-BRI era, China and the US were overseas spending rivals.,one soccer app

And despite all the money “invested” in it, 35% of the BRI infrastructure projects had major implementation problems such as corruption scandals, labour violations, environmental hazards and public protests, according to the report. As compared to this, only 21% of the Chinese government's infrastructure projects outside of the BRI encountered similar problems. Not at that 21% is any number to boast of, but seems like a drop in the ocean as compared to the BRI projects.,ipl match

Further, the BRI infrastructure projects take significantly longer to implement as compared to the similar projects financed by the Chinese government outside of the BRI. The report goes on to add that Beijing has witnessed more project suspensions and cancellations during the BRI era than it did during the pre-BRI era. Projects worth .58 billion in Malaysia have been cancelled between 2013 and 2021. In the same period, projects worth nearly .5 billion have been cancelled in Kazakhstan and more than billion worth of projects have been cancelled in Bolivia.,free slots online free

free game 918kiss,"China has quickly established itself as the financier of first resort for many low-income and middle-income countries, but its international lending and grant-giving activities remain shrouded in secrecy," said Ammar A Malik, a Senior Research Scientist at AidData. The report reveals that since the introduction of the BRI, Beijing has maintained a 31:1 ratio of loans to grants and a 9:1 ratio of other official flows (OOF) to Official development assistance (ODA).

betway tz,Official development assistance (ODA) is defined by the OECD Development Assistance Committee (DAC) as the government aid that promotes and specifically targets the economic development and welfare of developing countries. Other official flows (OOF) are the official sector transactions that do not meet ODA criteria.

1xbet kenya,The LMICs fall in the trap because they are unable to weigh objectively weigh the costs and benefits of participating in the BRI as Beijing is very guarded in disclosing detailed information about its overseas development finances portfolios. And the clutches of the Chinese debt trap are rather strong.

According to the report, Beijing has financed bigger projects and taken on higher levels of credit risk, thereby putting in place stronger repayment safeguards. Nearly 60% of the country's overseas lending portfolio benefited from credit insurance, a pledge of collateral, or a third-party repayment guarantee, as compared to the 31% during the early 2000s.,sports live

There is a saying that China never puts its hand into a jar if there isn't enough honey. The report goes to show that honey is worth several nations’ GDP.,casino royale in hindi

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