- cross-posted to:
- world@lemmy.world
- cross-posted to:
- world@lemmy.world
Vulnerable countries to pay record $22bn this year, mostly relating to loans issued under Xi Jinping’s Belt and Road Initiative
The most vulnerable nations on Earth are facing a “tidal wave” of debt repayments as a Chinese lending boom starts to be called in, a new report has warned.
The analysis, published on Tuesday by Australian foreign policy thinktank the Lowy Institute, said that in 2025 the poorest 75 countries were on the hook for record high debt repayments US$22bn to China. The 75 nations’ debt formed the bulk of the total $35bn calculated by Lowy for 2025.
“Now, and for the rest of this decade, China will be more debt collector than banker to the developing world,” the report said.
The pressure to repay was putting strain on local funding for health and education as well as climate change mitigation.
The American government (I think that’s what you are referencing when using the term CIA) has done a lot of very bad things. I don’t they’ve done anything as bad as the concentration camps and cultural genocide in Xinjiang (in the last ~100 years).
IMF can actually be flexible in some situations and there is measure of accountability. Chinese loans are managed by the CCP; an authoritarian criminal group.
I would like to suggest that you read the Jakarta Method. The CIA is directly responsible for multiple reactionary movements around the world, and those efforts very reliably led to mass murder, in some cases at the direct request of the CIA. The OSS, the precursor to the CIA, overthrew Guatemala’s government because they had the gall to pay United Fruit what they said their farms were worth in tax filings when they nationalized the farms, and they went ahead and re-instated chattel slavery there, as a treat. Dulles apparently did a jig in his socks he was so happy about it.