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About a dozen countries of the world are badly trapped in the debt of China. These countries have a debt of billions of dollars and they are going through an economic crisis. These include Pakistan, Kenya, Zambia, Laos and Mongolia. Most of the foreign exchange reserves of these countries are going to repay the interest of China’s debt. The condition is that they do not have money to run the school, to provide electricity to their people and also for petrol and diesel. Many of these countries have reached the brink of poverty. They have money left for only a few months of imports. China is not ready to forgive anyone’s loan. Also, it is not clear on what condition and how much loan China has given to these countries. Everything is hidden. Because of this other countries are also not coming forward to help these countries.
At least two countries Sri Lanka and Zambia have already defaulted due to Chinese debt. Lakhs of workers working in the textile sector in Pakistan have been laid off. The country is heavily in debt and foreign exchange reserves have almost dried up. For him/her, maintaining power supply in the country and keeping the machines running is becoming heavy. In the African country of Kenya, the government has withheld the salaries of thousands of civil service workers to save money. The President’s Chief Economic Advisor had to tweet that ‘Salary or default. Choice is yours.
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Sri Lanka has already defaulted a year ago. Five lakh industrial jobs have been lost there. The rate of inflation is at its peak and more than half of the country’s population has become poor. Experts say that if China does not soften its stand on loans given to poor countries, many more countries will default. This includes Zambia. This country has taken huge loans from China to build dams, railways and roads. Due to this, the country’s economy got a boost, but now it is finding it difficult to pay the interest of the people. There is no money for healthcare, social services and subsidies in the country.
Earlier in such cases countries like America, Japan and France used to waive the debt. But this is not the case with China. he/she believes in charging every penny. This is the reason why many countries have reached the brink of ruin while repaying China’s loan. China argues that it has helped these countries in times of trouble. Also, he/she claims that he/she has waived the loans of 23 African countries. Although experts say that this loan was more than two decades old and it is only five percent of its total loan.
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BRI is a project about which nothing is clear. Through this, China wants to establish its dominance in the whole world. he/she is giving loans to the poor countries of the world and then capturing their resources. Many countries from Africa to South America are badly trapped in its debt trap. The real purpose of BRI is to weaken the hold of America and surround India from all sides. It is looking to expand its ground reach to Afghanistan and Pakistan as well as Central Asian and European markets. At the same time, it also wants to increase interference in the Indian Ocean region. Through this, he/she wants to put pressure on India. But India bluntly refused to join his/her conspiracy.
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