HomeChinese Debt TrapUSAID chief lauds India’s swift response to help Sri Lanka, slams China...

USAID chief lauds India’s swift response to help Sri Lanka, slams China for opaque loan deals

Source : Asian News International (ANI)

USAID chief lauds India’s swift response to help Sri Lanka, slams China for opaque loan deals
USAID administrator Samantha Power

New Delhi: United States Agency for International Development (USAID) chief Samantha Power on Wednesday lauded India for reacting swiftly to help Sri Lanka by providing humanitarian assistance and added that China had offered opaque deals to the island nation.

“Government of India has reacted swiftly with an absolute critical set of measures. The government of India has already supplied 16 million dollars in humanitarian aid to Sri Lanka. It has exported a hundred thousand tonnes of organic fertiliser to help farmers stave off future food shortages. It has supplied 3.5 billion dollars of a line of credit to the government of Sri Lanka as it attempts to steer the economy out of default,” Power said.

The USAID chief contrasted this to the People’s Republic of China which has been an eager creditor of the Sri Lankan government since the mid-2000s.

“Indeed in the past 2 decades, China became Sri Lanka’s biggest creditor often offering 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 including a massive port that generator little income and was barely used by ships. Equally, a massive airport dubbed the emptiest in the world because it attracted so few passengers,” Power said at IIT Delhi.

She also hoped that the important question would be whether China will restructure its debt to Sri Lanka.

“As the economic condition has soured, Beijing has promised lines of credit and emergency loans, this is critical as Beijing is estimated to hold atleast 15 per cent of Sri Lanka’s foreign debt. The cause to provide significant relief has gone unanswered. The question is whether Beijing will restructure debt to the same same extent as other bilateral creditors,” she added.

Power also highlighted, “It is essential that Beijing participate in debt relief transparently and on equitable terms with all other creditors.” She mentioned in her speech that India has helped countries around the world in times of difficulty.

Power is on a visit to India from July 25 to 27. The USAID is one of the leading aid agencies globally.



Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Aatmanirbhar Bharat


Army gets its first indigenous man-portable suicide drones

New Delhi: The army has got its first indigenous man-portable suicide drones that are designed to target enemy training camps, launch pads and infiltrators...

Defence minister Rajnath Singh Sets ₹50k-cr military export target

New Delhi: On resuming charge as defence minister, Rajnath Singh has set a target to generate military exports worth Rs 50,000 crore on an...

AMCA 5th Generation Stealth Fighter Updates

AMCA to be integrated with sophisticated indigenous Distributed Aperture System (DAS) that making it a formidable air asset for the Indian Air Force

Source : IgMp Bureau India’s Advanced Medium Combat Aircraft (AMCA) is on the brink of a revolutionary transformation with the integration of a sophisticated Distributed...

AMCA to incorporate the best features of both 5th and 6th Generation fighters: ADA sources

Source : IgMp Bureau India's strides toward indigenous air dominance receive a substantial boost with the green signal for the Advanced Medium Combat Aircraft (AMCA)...

Most Popular

Recent Comments

Archive Months


brahmos: Can homemade BrahMos propel India to become Asia’s top defence supplier?

India has taken a significant step towards bolstering its defence exports and achieving self-reliance in defence manufacturing with the delivery of BrahMos supersonic cruise...

Russian arms industry banks on Dubai defense fair to show viability

DUBAI, United Arab Emirates — Tucked away outside, at the very end of the Dubai Airshow’s static display of aircraft, the Russian pavilion of...

DRDO and L&T to develop several Combat Vehicles based on the Zorawar Light Tank Chassis

Source : IgMp Bureau The Defense Research and Development Organization (DRDO), in collaboration with Larsen & Toubro (L&T), is set to embark on a groundbreaking...

Gaza ceasefire talks set to restart in Egypt with hopes for deal

CAIRO: A Hamas delegation has reportedly arrived in Cairo for new talks aimed at reaching a cease-fire in Gaza, where the war between the...
error: Content is protected !!