India’s arch enemy China is now going to build a strategic port in Sri Lanka. This airport being developed by China in the sea can become a big challenge for India. Sri Lankan Prime Minister Dinesh Gunawardena himself has confirmed the construction of a strategic airport by China. Gunawardena said Beijing has offered “assistance to develop” Colombo International Airport and Hambantota Port. Sri Lanka’s Prime Minister said on Wednesday that China has promised to develop the island nation’s strategic deep sea port and the capital’s airport following talks with its counterpart in Beijing.
The Prime Minister said that China is our largest bilateral lender. China will also assist in maintaining a $2.9 billion IMF bailout of Sri Lanka’s external debt. However, Beijing’s position on debt restructuring has not been made public. But Sri Lankan officials have said that China had been reluctant to cut back on its loans, but could now extend the tenure and adjust interest rates. Let us tell you that in 2022, Sri Lanka ran out of foreign exchange to finance essential imports and declared sovereign default on its $46 billion foreign debt.
Sri Lanka forgot India’s help
Let us tell you that in the year 2022, due to the deteriorating economic condition in Sri Lanka, the then President Gotabaya Rajapaksa had to leave the Rashtrapati Bhavan due to months of protests. After this, India remained at the forefront in getting bailout package from IMF and providing foreign aid. India has helped Sri Lanka to the tune of 4 to 5 billion dollars so far, but it is now singing praises of China. Gunawardena’s office said that Chinese Premier Li Qiang had promised that China would “continuously assist Sri Lanka in its debt restructuring process and help Sri Lanka develop its economy”. Now he is helping.
Sri Lanka gave Hambantota port to China for 99 years
The Japanese-funded expansion of Colombo Airport was halted after Sri Lanka went bankrupt. Let us tell you that in 2017, Sri Lanka handed over the Southern Sea Port of Hambantota to a Chinese state-owned company on a 99-year lease for $1.12 billion, raising security concerns in Beijing’s regional rival India. Both India and the United States are concerned that a Chinese foothold in Hambantota on the island’s southern coast could increase its naval power in the Indian Ocean. Although Sri Lanka has insisted that its ports will not be used for any military purposes, New Delhi has objected to Chinese research vessels calling at Hambantota, fearing they could be used for spying. Is.
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