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SRI LANKA DEBT CRISIS  AND THE CHINESE ROLE

By Our Reporter.

European organisations have castigated China for human rights violations  and  for taking advantage of  economic crisis in Sri Lanka  to dupe nationals with an exploitative debt trap.

 The international conference organised  by the  European  human rights organisations in the presence of European  Union officials  on September 8, 2022 at Brussels ‘Press Club,  rebuked China for its  dictatorship and human rights violations.

EU organizations including influential journalists from different communities in Belgium  spoke on a panel of high – level speakers under the  theme « China debt trap ».

They also spoke  strongly on the deals with the economic crisis of Sri Lanka as well  as the consequences on the population in a debate moderated by the International Programme Manager at  the European Commission Ms Monica Andrei.  

Razvan Hoinaru, a business minded, Policy consultant ,  who worked for the International Financial Reporting Standards (IFRS), a Permanent Team of the European  Parliament,  evoked the human rights violations that China inflicted upon  the Ughurs.

The official  outlined how the Chinese model of dictatorship and authoritarianism is imposed on other countries like Sri Lanka  that have become dependent on China economically .


But Sid Lukkassen philosopher and former Policy Advisor to the European Union Parliament  believes that ”Complete laissez-faire liberalism cannot resist the aforementioned Chinese strategy.

« What do we do with our money, once other states decide to feel their people first? », he said .

He said « The information economy is a high risk in the long run. A wiser Europe should invest in industrial production capacity, and would equip itself to develop new resources by manipulating elementary particles ».

The US and China are one step ahead of Europe. They understand that currencies are but pieces on a game board of strategy and that money is worthless « 

Andy Vermaut, one of the main organizers of the conference , human rights defender and head of the World Council for Public Diplomacy and Community Dialogue, said the situation of Sri Lanka is raising a new global worry as a result of China’s global lending to under developed nations.

« This is a very serious and timely problem. Clearly, the debt  that developing nations owe China is a significant issue. Many Belt  and Road Initiative projects fall too heavily on the debt of under developed countries, and many of these nations are unable to fulfill their debts » he said.

« This is an actual issue where Sri Lanka has awoken the global community to this problem. The notion that China is accumulating debt with weaker nations in order to gain power over them and acquire both private and public assets, is a very sophisticated strategy to completely rule the globe », he said.

Manel Msalmi, President of the European Association for The Defense of Minorities and International Affairs Advisor to Members of European  Parliament and co-organiser of the conference,  noted the impact of China debt trap on minorities and particularly women in Sri Lanka.

 She mentioned that Sri Lanka found itself obliged to follow the model in return to China’s help adding that Sri Lanka sacrificed the democratic model for the sake of economic prosperity which China promised .

« The human rights violations that minorities witness in Sri Lanka mainly Christians and Muslims is a reminder of the abuses committed by the Chinese government towards minorities. Women are victims of economic violence and poverty as a consequence of the financial crisis in Sri Lanka. », She said.

Mr Paulo Casaca ,founder and Executive Director of the South Asia Democratic forum and former member of the European Parliament, stressed  the significance and the repercussions of the current Sri Lanka socio-economic and political collapse.

He explained the history of debt in relation to the contemporary debt trap debate as well as South Asia situation and how Chinese state investment is present in so many countries which aims at conquering the countries and gaining power in the region.

Mr  David Vander Maelen  co-organiser of the conference and President of – Hiking for Children, Tibet Support Group Belgium,  highlighted that «  Debt Trap and Industrial Espionage it is a real and increasing threat to  academic freedom, economic prosperity and democratic values. 

Report by Ms Manel Msalmi, International Affairs Advisor to Members of Parliament (Meps) at the European Parliment, Brussels.

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