By Eric Wamanji
Alarm bells are ringing in Asia and Pacific countries. Chinese loans advanced under the Bridge and Rail Initiative (BRI) have started to sting.
That is why recently, Myanmar announced that it was scaling down on Chinese loans for its Kyaukpyu deep water port, noting that the project could be unviable and could trap the country in unsustainable debt.
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In March, the think tank, Centre for Global Development (CGD), in a report, Examining the Debt Implications of the Belt and Road Initiative from a Policy Perspective, determined that eight countries (Laos, Mongolia, Pakistan, Djibouti, Kyrgyzstan, Montenegro, Tajikistan and Mongolia) were likely to default on their obligations to China.
This will have far-reaching political and economic consequences, likely to change their histories in the process.
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