By Joe Bavier
JOHANNESBURG—China is saddling poor nations with unsustainable debt through large-scale infrastructure projects that are not economically viable, the head of the U.S. Overseas Private Investment Corporation (OPIC) said on July 16.
The criticism of Beijing comes as Washington seeks to ramp up development finance in the face of China’s global ambitions.
...
International Monetary Fund (IMF) Managing Director Christine Lagarde in April cautioned China’s Belt and Road partners against considering the financing as “a free lunch.”
And in March, a report by the U.S.-based think tank Center for Global Development, analyzed the risk of debt distress among 68 countries participating in the Belt and Road initiative and concluded that the majority were at risk of going bankrupt from defaulting on Belt and Road projects.
Read the full article here.
