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Chinese Debt Trap Escalates Trade Colonialism (India Press Agency)
October 25, 2018
By Subrata Majumder
From the article:
China’s Belt and Road Initiative, later renamed as BRI, is feared to be a cobweb for debt trap for developing and emerging nations. China woos small and weaker nations with infrastructure loans and when their debts are not paid, it captures their land and resources of these nations. There is little room for debt relief under the Chinese terms of development loan. So far, eight countries have fallen prey to debt trap. They are Djibouti, Tajikistan, Kyrgyzstan, Lao, Maldives, Mongolia, Pakistan and Montenegro, according to a study by the Centre for Global Development.
In addition, there are other weaker nations on the way to fall prey to debt trap. They are Nepal, Bangladesh and Myanmar. India is not a party to the Belt and Road Initiative. Even then, it is not far from the ripple effect of Chinese debt trap.