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Bangladesh ministry refutes ‘China debt trap’ report by FT

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Bangladesh ministry refutes ‘China debt trap’ report by FT

By Global Times Published: Aug 15, 2022 09:22 PM

Photo shows Bangladesh's largest Padma Bridge, built by a Chinese firm, in Munshiganj, Bangladesh, June 25, 2022.(Photo: Xinhua)

Photo shows Bangladesh's largest Padma Bridge, built by a Chinese firm, in Munshiganj, Bangladesh, June 25, 2022. Photo: Xinhua
The Bangladeshi finance minister's clarification of a false report published by the Financial Times demonstrates that the so-called "China debt trap" is a fabrication to disrupt and undermine mutually beneficial cooperation between China and other developing countries, said Wang Wenbin, Chinese Foreign Ministry spokesperson, on Monday.

The comment came after Bangladeshi Finance Minister Mustafa Kamal made a clarification of a distorted report by the Financial Times, which smeared China's Belt and Road Initiative (BRI) loans to developing countries.

Minister Mustafa Kamal in the interview made clear that any project in any country could be financed if it was proven financially viable through rigorous study. He was in no way warning about Chinese loans, the Ministry of Finance of Bangladesh said in a clarification in response to the Financial Times report, following the false report on August 9.

Wang said that over the years, China has provided a large number of concessional loans with low interest rates and long maturities in response to the needs of developing countries to help them improve their infrastructure and people's well-being.

Among the foreign debts of these countries, the proportion owed to China is much lower than that to international capital markets and multilateral financial institutions of Western countries, Wang said.

For example, Bangladesh owes approximately $4 billion to China - a trifling amount compared with Bangladesh's GDP of $416 billion, and its external debt of $51 billion, the Ministry of Finance of Bangladesh said in the clarification.

Facts have repeatedly proved that the so-called "China debt trap" is in fact a "rhetoric trap" fabricated by people with ill motives to disrupt and undermine mutually beneficial cooperation between China and other developing countries, Wang said.

In the face of facts, any absurd remarks smearing the BRI and China's cooperation with other developing countries will collapse, Wang said.

The BRI has received extensive support and active participation from developing countries, and cooperation has yielded fruitful results

Chinese State Councilor and Foreign Minister Wang Yi said on August 7 that China stands ready to promote the greater synergy between the BRI and Bangladesh's development strategies, accelerate joint feasibility studies of the China-Bangladesh free trade agreement, share development and market opportunities with each other, and share advanced experience and technology.

Wang Yi announced that China's grant of zero-tariff treatment for 98 percent of taxable items of Bangladeshi products exported to China will officially take effect on September 1. China welcomes more superior products from Bangladesh to China.

Global Times

 
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China debt is below $8 billion. I believe not exactly the Chinese debt that will cause BD's economic collapse. It is the trade deficit and repayment of borrowed money that will cause hardship.

This fiscal, BD will pay about $2.7 billion to the lenders.

I understand BD has no printing machines that can print out $100 dollar notes at random. BD may ask America, a benevolent country, to send it a few dollar printing machines to avoid defaulting in 2024.
 
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America a benevolent country 🤣🤣🤣🤣

What a brainwashed idiot you are!!!
Do not you have a brain inside your head to know who is feeding BD since 1947/ 1972? America has always been a benevolent country for BD.

Why do you think otherwise? Are you still living on Mars unable to see things on our Earth?
 
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Do not you have a brain inside your head to know who is feeding BD since 1972? America has always been a benevolent country for BD.

Why do you think otherwise? Are you still living on Mars unable to see things on our Earth?

A country that had legally enforceable racial segregation until the late 70s is not benevolent.

A country that has mass gun culture and “stand your ground laws” is not benevolent.

Uncle Sam is terrified that BD will fall into Chinese or Russian sphere of influence.

That’s why they sent warships to thwart our independence struggle.

And that’s why they gave us crumbs.

They give us crumbs so they can continue their hegemony.

As the famous yanky saying goes,

“There are no free lunches in this world!”

Btw, @UKBengali and I have already passed the brain test by graduating from elite U.K. universities.

Also, every time I change jobs I have to attain 80% on a critical thinking test.

So, you stop worrying about us Sylheti bros and focus on your spade and shovel!

And in the name of god!!

Stop watching YouTube!!!

It fries your brain!

Read books by elite academics!

Krugman is my goto guy for economics.

@UKBengali
@Homo Sapiens
@Bilal9
 
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BD is one of the best run developing countries in the world with a leader who is both competent and wants to progress her country.

It will co-operate and take out loans from anyone when it feels there is a benefit to BD.

In fact BD's highest interest loan is also the largest it ever took out and that was for 11 billion US dollars for Roopur Nuclear Power Plant. The benefit of going with Russia is that BD does not get entangled in Western power politics and their technology is around 20% cheaper than that of the West.

Chinese loans are in the middle as they are not really low and not that high like the Russian one either. The real benefit of dealing with China is that their construction companies are very efficient and nearly always deliver on time and budget.

BD will absolutely look at the cost-benefit of Chinese loans and keep taking them out if it makes sense. It needs no foreigners to advise it what it does in terms of making it's own sovereign decisions.

PS - In fact not taking out Chinese loans and so building the necessary infrastructure to propel BD economy forward will actually cost BD more money as then it will slow down economic growth. Not only internal BD economic activities is being propelled forward by Chinese loans but it is also attracting FDI into the country on the back of all these power stations, tunnels and bridges.
 
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BD is one of the best run developing countries in the world with a leader who is both competent and wants to progress her country.

It will co-operate and take out loans from anyone when it feels there is a benefit to BD.

In fact BD's highest interest loan is also the largest it ever took out and that was for 11 billion US dollars for Roopur Nuclear Power Plant. The benefit of going with Russia is that BD does not get entangled in Western power politics and their technology is around 20% cheaper than that of the West.

Chinese loans are in the middle as they are not really low and not that high like the Russian one either. The real benefit of dealing with China is that their construction companies are very efficient and nearly always deliver on time and budget.

BD will absolutely look at the cost-benefit of Chinese loans and keep taking them out if it makes sense. It needs no foreigners to advise it what it does in terms of making it's own sovereign decisions.

PS - In fact not taking out Chinese loans and so building the necessary infrastructure to propel BD economy forward will actually cost BD more money as then it will slow down economic growth. Not only internal BD economic activities is being propelled forward by Chinese loans but it is also attracting FDI into the country on the back of all these power stations, tunnels and bridges.
All good. But, why BD asking IMF, WB, and ADB for bailout money so soon? This year the foreign repayment is only $2.7 billion and it is $4 to $5 billion in 2024.

So, what is your grand plan for a refund? Do you suggest BD print dollars? Not bad.
 
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America may not be perfect but its much better than rest of the world.

You don't disappear in America for insulting a cult leader.

Forget about perfection!

USA is evil!

Always meddling and destabilising countries.

Look at the way they overthrew Imran Khan. And now trying to unseat Hasina.

Vietnam war etc.

Look at the way they shoot unarmed black men.

Mass school shooting.

If you are white and rich you live a privileged life.

The rest live very precarious lives.

40% of black men have criminal records. Mostly for petty deeds like marijuana possession or hawking. Middle class whites consume marijuana at greater proportions but somehow don’t get criminal records.
 
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All good. But, why BD asking IMF, WB, and ADB for bailout money so soon? This year the foreign repayment is only $2.7 billion and it is $4 to $5 billion in 2024.

So, what is your grand plan for a refund? Do you suggest BD print dollars? Not bad.

Dude!

You really need to learn basic economics!

This year I changed job and got a big hike. Which gave me the clout to increase my mortgage and buy a bigger house.

Guess what!

My mortgage repayment has nearly doubled!

Am I in crisis 🤣🤣🤣

Will the bank reposes my house 🤣🤣🤣🤣

Only way BD will face a crisis is if the US succeeds in manufacturing a coup like 1975.

Otherwise, we will weather this storm like covid.

You need to stop spouting Hinduvta lies!

Prove to us that you have not been brainwashed by Hinduvta turd YouTube videos.
 
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That’s what China’s enemies like to say, but consider for yourself.

Imagine you are a poor country and want investment to develop, but other countries will not lend you any money. Then China comes along and says “I’ll build you a container port or a railway and I collect fees for their use. After I’ve recovered my costs, the facilities is your to keep”.

Other countries are not willing to lend money but they are quick to accuse China of exploitation. So, ask yourself this - if it is really so profitable and risk-free, why aren’t these countries making investments themselves?
 
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That’s what China’s enemies like to say, but consider for yourself.

Imagine you are a poor country and want investment to develop, but other countries will not lend you any money. Then China comes along and says “I’ll build you a container port or a railway and I collect fees for their use. After I’ve recovered my costs, the facilities is your to keep”.

Other countries are not willing to lend money but they are quick to accuse China of exploitation. So, ask yourself this - if it is really so profitable and risk-free, why aren’t these countries making investments themselves?

We are piss poor and backward after 250 years of western domination.

They looted our wealth and left us a few shit quality railway lines as gift.

China cannot do worse to us than the west even if it tried.

The west has convinced most third worlders that they are civilised and benevolent.

A tiny bridge here and a few tube wells there - are considered by the likes of @bluesky to be great acts of generosity.

These crumbs make us dependent on them - allowing them to continue their hegemony.

So when China comes and builds mega bridges and tunnels - it blows their mind.

It’s better to take Chinese high interest loans than conditions laden crumbs.
 
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At least we always deliver, when was the last time anything this scale built by any western countries anywhere in the world was delivered? Infrastructure in the west itelf falls apart and they blame China for building infra in the developing countries. China built infras in Africa , south east Asia and middle east can put all western counterparts to shame.

 
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Why do people assume that we will fail to repay $4-5bn, that too few years later. That amount is payable right now. Maybe it will pull some budgetery constraints, but still very much payable
 
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At least we always deliver, when was the last time anything this scale built by any western countries anywhere in the world was delivered? Infrastructure in the west itelf falls apart and they blame China for building infra in the developing countries. China built infras in Africa , south east Asia and middle east can put all western counterparts to shame.


The British left us some shitty railways that can only transport tea. Not resilient to our climate - so maintenance cost is exorbitant.

Yet! They cannot stop gloating about yet.

British exploited us for 250 years and yet did not build bridges to connect our country.

Thanks to China, Korea and Japan - our riverine country is finally connected.

Why do people assume that we will fail to repay $4-5bn, that too few years later. That amount is payable right now. Maybe it will pull some budgetery constraints, but still very much payable

Because that’s what they saw on Hinduvta YouTube videos.
 
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