How China-backed projects made Sri Lanka’s economic meltdown worse

South China morning post ^ | 11th May 2022 | AFP

[Cronos]

-- Sri Lanka borrowed heavily to plug budget shortfalls and trade deficits, but also squandered huge sums on ill-considered infrastructure projects

-- Many of these projects now gather dust in the home of the powerful Rajapaksa clan, which used billions in Chinese loans in a failed effort to transform the area

An airport without planes, a revolving restaurant with no diners, a debt-laden seaport – Sri Lanka’s economic crisis has been exacerbated by Chinese-funded projects that stand as neglected monuments to government extravagance. The South Asian island nation borrowed heavily to plug years of budget shortfalls and trade deficits, but squandered huge sums on ill-considered infrastructure projects that have further drained public finances. It is now in the grip of its worst financial crisis since independence from Britain in 1948, with months of blackouts and acute shortages of food and fuel plaguing its 22 million people.

China’s former central bank governor Zhou Xiaochuan acknowledged at a conference last month there were debt problems in partner countries, but rebutted suggestions that China had a motive in fomenting such crises.

[allendale]

Moral of the story: Old socialists even when posing as capitalists remain socialist at their core and should never be given power.

[No name given]

I’m wondering what else the Chi coms are up to, probably something pure evil.

[ifinnegan]

ChiComs are racketeers.

[Jyotishi]

Related:

Lanka crisis: Def Ministry orders tri-forces to open fire on rioters

Wednesday, 11 May 2022

https://www.dailypioneer.com/2022/world/lanka-crisis—def-ministry-orders-tri-forces-to-open-fire-on-rioters.html

[Worldtraveler once upon a time]

-— “ChiComs are racketeers.”
<P<
All the oligarchs worldwide are racketeers, including ours.

[Socon-Econ]

That country’s socialist government is the bigger problem by far.

[logi_cal869]

“...borrowed heavily to plug years of budget shortfalls and trade deficits...”

---

Sounds like something much closer to home.

And now we’re borrowing to send $$ to Ukraine.

You can pay my share.

[Cronos]

The another usa has sent to Ukraine is less than w rounding error in the budget.

[logi_cal869]

Roll over and say Hi to Nancy.

[SunkenCiv]

the rest of the Belt and Road keyword, sorted:

• Boeing Cargo Jet With Iranian Crewmembers Stuck in Argentina [06/14/2022]
• China has a suicide terror problem in Pakistan [05/03/2022]
• Russia-Ukraine War Accelerates Collapse of China's Belt and Road Global Strategy [04/23/2022]
• Security expert warns China could have a military base in the Solomon Islands in just FOUR WEEKS putting Australia at extreme risk [04/20/2022]
• Cargo Ships Wait Off Coast of Mexico as Supply Chain Delays Worsen [01/21/2022]
• Imports Take "Dramatically Longer" To Reach US As Bottlenecks Bite ("bottleneck problems are worsening") [01/20/2022]
• Shipping Blues! Cass Freight Index Expenditures Rose 43.6% In 2021 While Baltic Dry Index Has Crashed Since October 2021 (Omicron Strikes!) [01/14/2022]
• Port of Los Angeles Announces Dwell Fees for Empty Export Containers [12/31/2021]
• Justice served for China as UAE scraps F-35 deal ---- [12/28/2021]
• Cuba Signs 'Belt and Road' Agreement With China [12/27/2021]
• Escape From LA: More Container Business Flees To East Coast [12/22/2021]
• Biden on supply chain: 'The much predicted crisis didn't occur' (From the oval office across from the Shipping yard) [12/22/2021]
• European environmentalists' insanely stupid plan to decrease shipping pollution(stoopidism) [12/18/2021]
• European environmentalists' insanely stupid plan to decrease shipping pollution [12/18/2021]
• China Is Buying Up The World's Ports...And No One Is Talking About It [12/12/2021]
• The Gwadar uprising | Will Balochistan blow up China's belt & road? [12/05/2021]
• Where in All the Oceans is our Sea Freight? [12/03/2021]
• Laos-China railway to launch as debt to Beijing mounts [12/02/2021]
• Off the grid: Chinese data law adds to global shipping disruption [11/18/2021]
• CEO of American Trucking Association Reveals 37 Percent of Truckers Will Not Comply With Vaccine Mandate -- The Consequences Would Collapse Supply Chains and Civic Society [11/17/2021]
• Ships at California ports are now waiting RECORD 17 days to unload: Supply crisis gets worse after Biden vowed to fix it [11/14/2021]
• U.S. court voids emissions rules for heavy-duty truck trailers [11/12/2021]
• Truckers Warn 'Disastrous' OSHA Mandate Will Worsen Supply Chain Chaos [11/08/2021]
• Get Ready for More Shortages: Truck Driver Shortage Is Getting Worse and There Aren't Enough Drivers to Fix the Supply Chain Problem [11/08/2021]
• Trucking Groups Could Lose 37% Of Drivers Over Biden Vaccine Mandate, Worsening Supply Chain Crisis [11/07/2021]
• Bozell: 'Digital Brownshirts' Attacking MRC Funded by China-Funding Leftist Org [11/02/2021]
• I'm A Twenty Year Truck Driver, I Will Tell You Why America's "Shipping Crisis" Will Not End [11/01/2021]
• California Port Worker Exposes Labor Union for Exascerbating Supply Chain Crisis, 'Keep Cutting the Work' [10/27/2021]
• Shipping Companies at Ports of Los Angeles and Long Beach Will Soon Be Fined for Staying Too Long in Marine Terminals [10/27/2021]
• Kerry Holds $1M Stake in Chinese Equity Fund Linked to Rights Abuses, Uyghur Labor Exploitation [10/25/2021]
• California Drove Truckers Out of Business. Now Store Shelves Are Empty-Democrat regulations are holding the entire economy hostage [10/25/2021]
• Rail-Yard Congestion Holds Down Shipping Volumes [10/24/2021]
• Biden Plays Chicken With Semitruck Drivers [10/24/2021]
• As Expected Containergeddon is Getting Worse -- Biden's Political Solution to Clear The Ships From Los Angeles Ports Only Making Things Worse [10/23/2021]
• Coast Guard crews are monitoring several adrift shipping containers 43 miles west of the Straits of Juan de Fuca entrance. An inbound vessel lost approx. 40 containers when the ship listed to its side due to [10/23/2021]
• Shipping Companies Warn: Biden Vaccine Mandate Will Trigger Holiday Supply Chain Chaos [10/22/2021]
• U.N. Cuts Off Indian Diplomat Criticizing China, Blames 'Mic Failure' [10/22/2021]
• LA shipping terminal operators say Biden's 24/7 edict won't work [10/21/2021]
• Shipping Costs Surge: $17,000 to Ship Container to California from Asia, Up from $3,800 in 2020 [10/21/2021]
• "I Don't Remember A Time When So Many Extreme Events Were Happening In Shipping" [10/20/2021]
• LIVE MAP MARINE GLOBAL SHIP TRAFFIC [10/20/2021]
• Biden Caves to Unions Again, Sabotaging Consumers [10/20/2021]
• What is causing the backlog of container ships off California? [10/19/2021]
• 10 Shortages That Are Getting Worse [10/17/2021]
• China Not Laying 'Debt Trap' in Africa [10/16/2021]
• Nigeria Urges China to Be Honest in Dealing With Africa [10/16/2021]
• United States Secretary of Commerce Gina Raimondo [10/15/2021]
• Biden Appoints US Maritime Administrator With Zero Ship Experience During Worst Ship Crisis In Decades [10/15/2021]
• The California Version of The Green New Deal and an 10/16/2020, EPA Settlement With Transportation is What's Creating The Container Shipping Backlog -- Working CA Ports 24/7 Will Not Help, Here's Why [10/15/2021]
• The California Version of The Green New Deal and an October 16, 2020, EPA Settlement With Transportation is What's Creating The Container Shipping Backlog -- Working CA Ports 24/7 Will Not Help, Here's Why [10/15/2021]
• Global Ship Backlog Just Got Even Worse As New Supply Chain Nemesis Emerges [10/15/2021]
• Florida to shipping companies: Our ports are open [10/14/2021]
• Biden to Announce 24—7 Operations at Port of LA to Clear Supply Chains [10/13/2021]
• 'We Have All the Power': Airline Pilot Warns Biden's Mandate Will Create 'Massive Disruptions' of Shipping and Travel [10/12/2021]
• CNN on Supply Chain Crisis: Consumers Can't Expect to Shop Like Pre-Pandemic 'Before Times' [10/12/2021]
• Why Shortages Are Permanent: Global Supply Shortages Make Fantastic Financial Sense [10/07/2021]
• Dry Bulk Shipping Rates Hit $80,000 Per Day As Buyers Scramble For Coal [10/06/2021]
• China's Belt and Road Initiative Faces Growing Opposition From Participating Countries as Debts Mount [10/06/2021]
• Joint open letter -- Transport heads call on world leaders to secure global supply chains [10/05/2021]
• A Dip In Shipping Rates: The End Of The Nightmare, Or Just The Eye Of The Hurricane [10/03/2021]
• Manufactured Crisis -- A Map Of The Cargo Ships Currently Incoming And In Holding Pattern Offshore Ignored By The MSM (Photos & Video) [10/02/2021]
• Dozens of cargo ships stuck waiting off New York's coast amid port staff shortages and surging demand for goods [09/26/2021]
• Ports Of Los Angeles And Long Beach Test Night, Weekend Hours To Alleviate Congestion [09/19/2021]
• A tangled supply chain means shipping delays. Do your holiday shopping now. [09/18/2021]
• Top Shipper Warns Commodity Freight Rates About "To Go Parabolic" (Dry Baltic Index) [09/16/2021]
• A perfect storm for container shipping [09/16/2021]
• El-Erian Fears 'Not Transitory' Stagflation As Maersk Exec Warns Only "Lower Consumer Demand" Will Fix Broken Supply Chains [09/14/2021]
• China's Global Network of Shipping Ports Reveal Beijing's Strategy [09/13/2021]
• "Capacity Strains" Send Cost Of Transporting Cars Across Ocean To 13-Year High [09/07/2021]
• Industry group backs global carbon price for large ships [09/06/2021]
• US Shipping Port Logjams Likely to Last Until Summer 2022 [09/05/2021]
• Marjorie Taylor Greene is on fire [09/04/2021]
• China Is 'Our Main Partner,' Says Taliban Spokesperson [09/02/2021]
• California's State Pension Invests Millions in Chinese State-Owned Companies [09/02/2021]
• "China is our [Taliban's] most important partner} [09/02/2021]
• California Port Pileup Shatters Record And Imports Still Haven't Peaked [08/31/2021]
• Record number of container ships waiting off California coast [08/31/2021]
• DHL Warns Global Supply Chain Disruptions To Persist Next Year [08/27/2021]
• Good News! De-Googled /e/OS Smartphones is Now Shipping to the US and Canada [08/18/2021]
• China's Top Port Shuttered For Seventh Day As Congestion Crisis Spreads [08/17/2021]
• Vessel Congestion At LA Ports Soars As More Ships Join Queue [08/17/2021]
• China Has a BIG Plan for Post-U.S. Afghanistan -- and It's Worth Billions [08/15/2021]
• Supply-Chains Brace For Collapse: Port Of LA Fears Repeat Of "Shipping Nightmare" As China Locks Down [08/13/2021]
• China coronavirus infection closes shipping terminal at massive Ningbo-Zhoushan Port as container rates soar [08/12/2021]
• "Things Are Just Getting Worse" : Global Demand Isn't Booming, So Why Are Shipping Rates This High [08/10/2021]
• Brace For Astronomical Shipping Costs As China Goes Into Lockdown Mode [08/06/2021]
• US Ports Face Peak-Season 'Gridlock Plus' As Anchorages Fill [08/01/2021]
• Containers Are Being Built At A Record Pace. It's Still Not Enough [07/29/2021]
• The World Will Run Out Of EV Batteries By 2025 [07/26/2021]
• Chinese Nationals Attacked in Pakistan and Mali, Both Related to the CCP's 'Belt and Road Initiative' [07/24/2021]
• COWBOY BUILDERS Roads to nowhere, abandoned railways and half-built bridges -- China's 'debt traps' schemes which cost nations BILLIONS [07/15/2021]
• Bangladesh Cuts Cost of China-Funded Belt & Road Initiative (BRI) Railway Projects; Beijing Withdraws Funding [06/29/2021]
• Rise In Trans-Pacific Spot Rates Is Relentless -- And Accelerating (Ocean Shipping) [06/19/2021]
• Port Of LA Becomes First Ever In Western Hemisphere To Handle 1+ Million Containers In One Month [06/17/2021]
• Maersk Warns South China Port Congestion 'More Significant Disruption' Than Suez Canal Closure [06/16/2021]
• How 'Chaos' In The Shipping Industry Is Choking The Economy [06/16/2021]
• Another shipping crisis looms on Covid fears in southern China [06/15/2021]
• Italy 'Carefully' Reevaluates Its Participation in China's Belt and Road Initiative [06/14/2021]
• Container Ship Orders Surge As Firms Race To Add Capacity (Shipping Rates Have Doubled) [06/11/2021]
• 2021 Supply Chain Chaos [06/04/2021]
• Container Ship Scores 'Off The Charts,' 'Fantasy' Charter Rate: $135,000/day (Panic) [06/03/2021]
• Sri Lanka OKs commission to oversee Chinese-built port city [05/21/2021]
• Flexport: Trans-Pacific deteriorating, brace for shipping 'tsunami' [04/28/2021]
• "It's About To Get Much Worse" : Supply Chains Implode As "Price Doesn't Even Matter Anymore" [04/28/2021]
• Shipping Containers Plunge Overboard as Supply Race Raises Risks [04/27/2021]
• Australia's Termination of Belt and Road Deal with China Explained [04/23/2021]
• China Eyes More Bases in Africa, US Military Official Says [04/23/2021]
• China's finger-trap plan and what we should do: Countries should beware the CCP's "Belt and Road" Initiative [04/15/2021]
• How One Renegade Province in the Pacific Is Standing Up to Beijing's Pressure, Bribes, Belt and Road [04/05/2021]
• Special Report: Money trail from Daphne murder probe stretches to China [03/30/2021]
• Brace, Brace, Brace: Global Supply Chains, Instability and Archegos [03/29/2021]
• Biden Suggests Rival Plan to China's 'Belt and Road' [03/27/2021]
• Israel and the China Dilemma: She will be forced to choose between its most trusted ally -- the US, and a great business opportunity with China. [03/19/2021]
• Australian Belt and Road Deal with China Expected to Be Ripped up in Weeks [02/18/2021]
• Biden's Publicly Stated COVID Agenda Can Be Summed Up In Six Words [01/23/2021]
• The Chinese-funded dam project in Africa may lead to regional instability [01/20/2021]
• Appeasing China [01/05/2021]
• China's Clampdown On COVID-19 Origins Exposed As AP Journalists Tailed, Samples Seized [12/31/2020]
• A United Europe Aligning With China Would Be A Disaster For The United States [12/30/2020]
• The Wuhan Flu, Connecting the dots? [12/30/2020]
• Overstock Founder Patrick Byrne: China is taking us out from within: They Studied Us and Saw That Corruption Was Our Weakest Point [12/30/2020]
• Commie China Inspired Global Lockdowns [12/29/2020]
• The NBA and China Are Arrayed Against America and Hong Kong [12/29/2020]
• Xi Jinping Stresses 'Unbreakable' China-Russia Bond in Call With Vladimir Putin [12/29/2020]
• McConnell blocks vote on $2K checks, signals new package [12/29/2020]
• Meet The 50 Doctors, Scientists And Healthcare Entrepreneurs Who Became Pandemic Billionaires In 2020 [12/29/2020]
• REVEALED: Hillary Clinton Met With CCP 'Undercover Intel Ops' Group While Bill Floated Paid Speeches [12/29/2020]
• Historians Fear Trump's Failed Coup Is a 'Dress Rehearsal' [12/29/2020]
• Wuhan's COVID-19 cases may have been 10 times higher, China's CDC says [12/29/2020]
• Biden's Tweet From 10/25/2019 Suggest That He Knew About The Pandemic Month Before The First Covid-19 Patient Was Reported [12/29/2020]
• Pelosi: $2.3 Trillion Coronavirus Relief and Government Spending Bill a 'Down Payment [12/28/2020]
• How Joe Biden's life 'might unravel over the next 4 years' [12/28/2020]
• YouTube Censors Video by Dr. Ron Paul for 'Medical Misinformation' [12/28/2020]
• Congress's Spending Binge Gifts American Children Longer Lockdowns And An Even Bigger National Debt [12/28/2020]
• This Brave Woman Citizen-Journalist Reported on COVID-19 in Wuhan. China Will Lock Her Up for Years [12/28/2020]
• Dr. Fauci Admits He Has Treated The American People Like Children [12/28/2020]
• Trump Signs Massive Measure Funding Government, COVID Relief [12/28/2020]
• California willing dupe in China propaganda ploy [12/17/2020]
• Maldives Could Relinquish Control Of An Island As Chinese Loan & Pressure Mounts [09/19/2020]
• China's Belt and Road Initiative, Confucius Institutes Could Be Scrapped Under New Australian Law [08/27/2020]
• Brookings Institution Partnered With Shanghai Policy Center Under Scrutiny for Spying [08/14/2020]
• Game of Loans: How China Bought Sri Lanka's Hambantota Port [06/20/2020]
• China: End of the Belt and Road? Growing sense of unease in Beijing over calls to write off debt to stressed African states. [06/11/2020]
• China: End of the Belt and Road Initiative? Growing sense of unease in Beijing over calls to write off debt to stressed African states. [06/06/2020]
• Coronavirus threatens China's Belt and Road Initiative. What happens when it wants half a trillion dollars back? [06/01/2020]
• More Third World Countries May Fall Into China's Debt Trap With COVID-19 [05/24/2020]
• Coronavirus could force China to rein in Belt and Road ambitions [04/18/2020]
• Coronavirus and China: Beijing's Behavior Confirms How Bad the Brand Truly Is [02/06/2020]
• China's dreams of world leadership are fading as its belt and road projects start to sour [02/04/2020]
• Trump admin hits at China with counter to 'Belt and Road' Initiative for Asia [11/22/2019]
• China's belt and road cargo to Europe under scrutiny as operator admits to moving empty containers [08/20/2019]
• Why China's New Silk Road Will Flop [07/02/2019]
• China's Belt and Road Initiative criticized for poor standards and 'wasteful' spending [06/13/2019]
• Orban: Hungary Ready to Promote Development of Europe-China Relations [05/04/2019]
• Germany wants speedy end to China-US trade war [04/27/2019]
• News Summary-Intelligence Report Friday 4/26-Saturday 4/27/2019 [04/27/2019]
• US, EU rightly anxious over budding Italy-China relationship [03/31/2019]
• John Bolton unveils new Africa strategy based on "America First" principles [12/20/2018]
• China, Pakistan have secret plan to build new fighter jets: Report [12/19/2018]
• Chinese 'highway to nowhere' haunts Montenegro [07/21/2018]