Chinese Foreign Minister's visit to Maldives, Sri Lanka generates fears of deeper debt-trap: Report
Beijing [China], January 15 (ANI): Amid the continuous rise in COVID-19 cases driven by the Omicron variant across the world, Chinese Foreign Minister Wang Yi visited Maldives and Sri Lanka but failed to make gains as nationalist Sri Lankans and Maldivians felt that their sovereignty is being incrementally eroded by China through coercive use of debt-trap diplomacy, said a European-based think tank.
"However, it was not just the different set of pandemic rules for the minister and his privileged entourage that caused eyebrows to be raised, it was also the more deep-rooted concern that nationalist Sri Lankans and Maldivians had for their sovereignty, which they felt was being incrementally eroded by China through coercive use of debt-trap diplomacy," the think tank said.
Despite the warm welcome in the Maldives and the cordial tone of the visit, Wang Yi did not seem to make many gains there.
Maldivian President Ibrahim Solih, who in 2018 replaced the pro-China leader Abdulla Yameen and has since scrupulously reverted to the island nation's traditionally close, symbiotic ties with India, has played his cards well. Solih has tried to limit Chinese influence and debt trapping by interacting more closely with India and other major players, said the think tank.
Further, mounting debt, a currency crisis, and high inflation had raised concerns about a possible sovereign default. Hence, a host of issues, including promoting tourism, investments, and the fight against the COVID-19 pandemic were discussed during Wang's visit.
According to the Center for Global Development, both Sri Lanka and the Maldives are vulnerable to debt distress under China's BRI. The Maldives is considered to be "highly vulnerable" while Sri Lanka is assessed to be "significantly vulnerable", EFSAS reported.
Next Story