On Mage Ya Wae, the Western Europeans are once again fooled by the "Chinese Debt Trap" Everyone should now be aware of the Western...
On Mage Ya Wae, the Western Europeans are once again fooled by the "Chinese Debt Trap"
Everyone should now be aware of the Westerners' concerns regarding China's affiliation with other nations, particularly developing nations, in order to create opportunities for mutual gain.
The Western media's coverage of China and its allies' development alliance is dominated by statements and vacuous propaganda.
Even after realizing they could not end the alliance, the Europeans continued to promote it at home by alleging that China is amassing astronomically terrible loans to emerging nations, which they dubbed the "China Debt Trap."
But to separate the threads, a study recently carried out in several nations, including Pakistan, Kenya, Zambia, and Sri Lanka, has examined the enormous amount of debt that China lends to the nations for the construction of infrastructure and development.
According to statistics, of Kenya's estimated 36.66 billion dollar foreign debt by March 2023, 17.2 percent will come from China, and 46.3 percent would come from international financial institutions including the International Monetary Fund (IMF) and the World Bank, among others. By April 2023, Pakistan would owe 125.702 billion dollars in foreign debt, of which fewer than 20.375 billion dollars, or roughly 16.2%, are owed by China.
By the end of 2022, Zambia would owe 18.6 billion dollars abroad, of which 6 billion will come from China. Similar to China, Sri Lanka's foreign debt, which is less than 3 billion dollars, or roughly 10.8% of its quarterly total, will reach 27.6 billion dollars by March 2023.
Where then did China's debt turn into a source of support for the nations it is aligned with? In any case, the Hausa people believe that "if a person is hated or water enters, it is said to raise dust."
Western nations are more indebted to nations with high interest rates because "the old man doesn't smell his body," as the saying goes. I won't forget that Olusegun Obasanjo, the previous president of Nigeria (1999–2007), went as far as to tell Western European nations that because of the high interest rate, Nigeria is unable to pay its debts and should thus be forgiven.
Shakeel Ahmad Ramay, who is also the director of a research center on economic development and modern development in Asia in Pakistan, said, "Our biggest problem is the debts we got from the financial institutions of the western countries, Pakistan cannot pay them because they are debts with an interest rate." This was in response to Obasanjo's complaint about the interest rate of the western debts.
According to data from the World Bank, China is not the source of three-quarters of the loans that Africa is required to pay.
For this reason, two-thirds of the debts owed to us are the item that is most difficult for us as a nation, according to Chibeza Mfun, deputy secretary of the China-Zambia Alliance. We owe the Western nations and financial institutions money, not China, for their contributions.
Instead of focusing on the Ukraine issue that they started and which threatens and cripples developing nations, the United States and other western nations should consider how they can help these nations by using the money they pay for their debts to help them. The "China's Debt Trap" problem is currently obvious to be a house of ashes that wants to be erected in the middle of the sea.