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We’re on a road to nowhere 🎶🎵.
@JKynge: “China has significantly expanded its bailout lending as its Belt and Road Initiative blows up following a series of debt write-offs, scandal-ridden projects and allegations of corruption.” #BRI
@JKynge: “China has significantly expanded its bailout lending as its Belt and Road Initiative blows up following a series of debt write-offs, scandal-ridden projects and allegations of corruption.” #BRI
“The global financial architecture is becoming less coherent, less institutionalised & less transparent,” said Brad Parks,exec director of AidData …“Beijing has created a new global system for cross-border rescue lending, but it has done so in an opaque and uncoordinated way.”
“China has declined to participate in multilateral debt resolution programmes even though it is a member of the IMF. Ghana, Pakistan and other troubled debtors that owe large amounts to China are closely watching Sri Lanka’s example.” @ft
“There are big differences between IMF programmes and Chinese bailouts. One is that Chinese money is not cheap. “A typical rescue loan from the IMF carries a 2 per cent interest rate,” said the study. “The average interest rate attached to a Chinese rescue loan is 5 per cent.”
“White elephants” such as Sri Lanka’s Hambantota port and Lotus Tower are seen as symptoms of the country’s debt crisis, while more than 7,000 cracks were found in an Ecuadorean dam built by Chinese contractors near an active volcano.” #BRI
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