Home » 'Opaque' loans from China hurt SL – Samantha Power

'Opaque' loans from China hurt SL – Samantha Power

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"Opaque" loans for “headline-grabbing” infrastructure projects from China were among the factors behind the current crisis that has engulfed Sri Lanka, said Samantha Power, Administrator, United States Agency for International Development (USAID), on Wednesday.

Delivering a speech at the IIT-Delhi, Ms. Power praised India’s “swift” action in response to the emergency in Sri Lanka.

“Indeed, over the past two decades, China became one of Sri Lanka’s biggest creditors, offering often opaque loan deals at higher interest rates than other lenders, and financing a raft of headline-grabbing infrastructure projects with often questionable practical use for Sri Lankans,” said Ms. Power. China, she pointed out, has not answered calls for greater relief to Sri Lanka, and said the “biggest question of all is whether Beijing will restructure debt to the same extent as other bilateral creditors”.

(Excerpts : The Hindu)

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